NAILBA Perspectives - July/August 2014 - (Page 39)

BGAs Leading Technology Through Connections The strategic unknown that should be top of mind for BGAs is "technology." As changes in the insurance market, the U.S. economy, and the impact of agent transformations take center stage, behind the scenes key decisions have to be made on what technology to invest in. BY KEN LEIBOW ou may be hearing about the latest technology trends regarding Big Data, mobility, Cloud computing, eCommission statements, sales tools, eSignature, voice signature, eApp, eTicket, ePolicy Delivery, licensing tools, pending case status, and exam ordering. BGAs are learning that it is important to partner and collaborate in the industry to acquire the necessary information on insurance technology trends and to drive innovation. The BGA's goal is to reduce agency back office costs, provide valuable service to agents, generate more business, and increase profitability. It's clear that eTools and data highways are critical to achieve these goals. Y Where can a BGA go to find the latest insurance technology trends? Technology is evolving at a rapid pace, opening up opportunities for innovation and competitive advantage. The landscape in which a BGA needs to lead and partner has widened. Let's start with the Life Brokerage Technology Committee (LBTC). In 2009, LBTC was formed with equal representation from BGAs, carriers, and vendors. Its purpose is to provide a non-competitive forum where participants can exchange information about technology-related systems and services, with opportunities to identify and implement best practices for process improvement to reduce inefficiencies and unnecessary expense. LBTC has subcommittees for BGAs to participate in and sponsors a detailed technology survey completed by NAILBA members, which it presents at the NAILBA Annual Meeting each year. As a member of LBTC, BGAs have the opportunity to lead by discovering new technologies and putting them into practice to benefit their agency. Several other organizations are working on similar technology goals that BGAs should be aware of and involved in directly or indirectly: ■■ E-marketing organizations like BRAMCO, LifeMark Partners, and The Marketing Alliance work to improve workflow through technology and host meetings covering technology. ■■ ACORD leads insurance data standards and standard messaging, which has moved from implementation guides to a much more robust document, "Transaction Specifications." In 2014, ACORD is knocking out the Transaction Specifications at a record pace. ■■ The Insurance Retirement Institute (IRI) Operations and Technology Committee has been driving Straight Through Processing (STP) for annuities for the last seven years. ■■ The Securities Exchange Licensing Association (SELA) has vendor representatives who provide products/services and technology efficiencies to meet licensing and compliance requirements. www.nailba.org 39 http://www.nailba.org

Table of Contents for the Digital Edition of NAILBA Perspectives - July/August 2014

NAILBA Perspectives - July/August 2014
Contents
Chairman’s Corner
CEO Insights
Social Skills
NAILBA 33 Preview
NAILBA Charitable Foundation
Life Happens
The Remote or Virtual Office
Member Profiles
Mooers Award Nominations
Agency Successor Networking Group
Agency Resources
BGAs Leading Technology Through Connections
Reading Ahead
Calendar of Events
Index of Advertisers

NAILBA Perspectives - July/August 2014