With priorities ranging from influencing public policy to enforcing the technological efficiency of underwriters, insurance industry associations will try to help insurance companies prosper in 2004 as they face a range of challenges, including changing market conditions, a spurt in mergers and acquisitions and a whole host of regulatory pressures. Here are some of their priorities for 2004.
Pearl River, N.Y.-based ACORD will continue its efforts to facilitate the development and use of standards in 2004. In addition to its efforts to promote life and annuity, property and casualty and reinsurance standards, the organization will focus a large part of its efforts on the actual implementation of standards. "It's not enough to build a standard if no one is going to use it," says Denise Garth, vice president, membership services, ACORD. "In 2004 ACORD will focus a lot of activity around developing services to enable companies to drive the implementations of standards internally."
Such services may help carriers to combat major business challenges, which, according to Garth, include troubles associated with legacy systems, the support of multiple distribution channels, regulatory pressures and mergers and acquisitions, as well as underwriting systems. For the first time, ACORD and LOMA will jointly host their annual conferences together in Las Vegas, May 23-25, 2004, at Paris/Bally's Hotels.