We’re joining the Life Insurance Marketing and Research Association (LIMRA) and Life Office Management Association (LOMA), ready to join our life insurance compatriots.
Of course we’re joining in time to make it to the LIMRA 2022 Annual Conference Oct. 16 through 18 in Chicago, so if you’re also going to be in the Windy City, be sure to say “hi” or, better yet, book a meeting and see us there!
If you’re thinking “but AgentSync isn’t a life insurance carrier, MGA, agency, or producer,” you’re totally correct. We may not sell insurance (of any kind, not just life insurance), but we’re still very interested in the work of LIMRA and LOMA (LL Global, if we’re going to be quite current). Their work aligns very closely with our mission of connecting the insurance industry to power growth, increase efficiency, and reduce risk.
LIMRA’s history as an industry data hub
The name says it all: Life Insurance Market Research Association. But LIMRA’s insurance data goes well beyond just measuring the pulse of the life insurance market, and digs in on nichey questions that don’t get attention anywhere else.
The company has been operating under various names and angles for more than a century. As connoisseurs of good data ourselves, we’re excited for our writers, leaders, and product people to have access to additional insights to better understand this side of the industry and apply that knowledge back to helping our customers solve their distribution problems.
Already, our people are geeked out because LIMRA has insight into life insurance data points around:
- Consumer habits
- Uncovered needs
- Product-specific developments and sales metrics
- Carrier behavior
- Agency behavior
The LOMA history of standardizing life insurance practices
The Life Office Management Association for 98 years has helped the back end of the industry standardize practices for better training and connectivity across life insurance, a practice that yields better results for consumers and industry folks alike.
Bringing efficiency and a sense of community together around some of the minutiae of the insurance industry is certainly a value we can get behind here at AgentSync. Every day, we hear about the pain points of process and compliance across the industry, and having access to teams who’ve been working to solve them with collaboration and best practices brings a thrill to our pedantic little hearts. While it’s easy to poke fun at how tedious this side of the business is, it’s also incredibly true that this unseen, unsexy work is foundational to the accuracy and trust that make life insurance – any insurance, really – worth buying.
If you’re interested in joining us as we tackle the hairy back-office challenges of the industry, hit us up with questions or schedule your demo today.
What is LIMRA?
The Life Insurance Marketing and Research Association, known as LIMRA, is an organization dedicated to examining consumer, market, and industry trends in the life insurance space, from product-specific data to industry employment trends to economic outlook indicators. Members can access in-depth research and data points.
What is LOMA?
The Life Office Management Association, known as LOMA, is an organization that has maintained dialogue in the life insurance industry about trade processes and back office procedures like employee training. It provides consultation and education to make company operations efficient and streamlined.
What is the difference between LIMRA and LOMA?
LIMRA is an organization that historically has focused on market research for life insurance, while LOMA has historically focused on back-office questions in the industry. The two merged in 2007 under the umbrella of LL Global, but their nearly century-long respective histories prior to the merger continue to define the branches of this industry powerhouse.