Thirty years: by insurance industry standards, any organization that young shouldn’t be taken seriously. However, at this year’s National Association of Independent Life Brokerage Agencies (NAILBA) Annual Convention (the 30th, by the way) that will not be the case.
In the “short period” that NAILBA has been in existence, wholesale brokerage has become a force to be reckoned with. The production numbers alone prove that. NAILBA agencies represent 100,000 producers who deliver more than one billion dollars in first year life insurance premiums annually. However, production numbers are just a small part of what wholesale brokerage has brought to the insurance industry.
A small group of independent entrepreneurs banded together to bring the industry a more contemporary approach to selling insurance. Granted, a decade passed before this legion’s influence and efficiency caught on, yet it did prevail.
Today you will see many of the most prominent life insurance company represented at NAILBA’s annual convention (and it wasn’t long ago that many of those companies avoided brokerage distribution like the plague).
In three short decades this association has set the industry standard for education, legislative influence, charitable activities and so much more. We salute NAILBA for establishing a code of ethical standards that has influenced the entire insurance industry! [SAC]
LIMRA recently celebrated its 95th anniversary. Here’s a little history course about what LIMRA stands for.
In 1916, a group of life insurance executives met in Chicago and voted to establish an organization focused on training and development for the life insurance industry. They called it the Association of Life Agency Officers (ALAO).
In 1921, the Education Committee of the ALAO established what eventually became the Life Insurance Sale Research Bureau (LISRB). This organization conducted independent research for insurers. Thirteen charter member companies underwrote a budget of $7,000. That year, the first selection and statistical reports were published and distributed to members.
Fast forward to 1945, the ALAO and LISRB merged to become the Life Insurance Agency Management Association, which had 160 members when the merger took effect.
In 1971, the organization’s name changed to Life Insurance Marketing and Research Association (LIMRA). The membership had grown to 304 companies in the United States, 60 in Canada, and 176 international members in 39 countries.
A little more than a decade later (1982), the name was changed to LIMRA International in an ongoing effort to recognize its international members, and in 1994 Life Insurance Marketing and Research Association was dropped.
In 2008, LIMRA International merged with LOMA under the umbrella of LL Global, and in 2010, LIMRA International dropped “International” from its name.
Robert Kerzner, president and CEO of LIMRA, LOMA and LL Global, said, “At a time when so many things are fleeting, LIMRA has endured and grown to meet the ever-changing needs of our members. We look forward to supporting our members for many years to come.”
3in4 Need More Bus Tour Ends
Marion Somers, PhD (Dr. Marion), official spokesperson for the 3in4 Need More campaign, completed her cross-country long term care awareness tour on August 26, in Irvine, CA.
Dr. Marion had this to say about the final ceremony: “The tour’s last stop was in Orange County at Monarch Healthcare. Tony Prince coordinated a lovely gathering, where people were honored for their contributions to senior care…
“Nine weeks is a long time to travel and be away from family and friends. Having said that, I am still looking forward to the next bus tour. I know how important the impact of this knowledge can be on individuals, families, communities, and our state and federal government.”
Established in 2010, the 3in4 Need More campaign provides an opportunity for all LTC insurance specialists, insurance carriers, industry vendors, policyholders, financial institutions, politicians, employers and associations to come together to educate the public that long term care will affect 3 out of 4 of us.
For more information about the organization, go to www.3in4NeedMore.com.
