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Edition

Chairperson's Corner

Chairperson's Corner

By Juliet Sandrowicz

I would like to report on the hard work that the council has been doing for the Marketing and Distribution section members over the last couple of months.

We completed the Product Development Process Survey–The first of hopefully many cross sectional initiatives. A task force, lead by Jeanne Daharsh, conducted phone interviews with 24 companies this past summer and fall. Information about the product development process (es) was gathered from actuaries and non-actuaries who are heavily involved in the product development process. (The definition of the product development process is the process of taking a product from the idea phase to being ready to issue the first policy.) The detailed results were distributed to each of the participating companies. Van Beach, along with representatives from LIMRA and Deloitte who have each completed surveys of the product development process for life and annuity companies, presented the survey results at the April Life Insurance Conference and will present similar information at the June 2007 Product Development Symposium and the October 2007 Annual Meeting.

Steve Konnath and Nancy Manning with the SOA staff, completed the Archive Project work to make available on-line all articles published in 'NewsDirect' over the past five years plus a few selected articles written prior. The articles are now available on-line.

We have been busy planning and sponsoring continuing education sessions for the 2007 Life Insurance Conference, the SOA Spring Meeting, the Product Development Symposium, and the 2007 Annual meeting. Be sure to check out sessions on Marketing and Distribution as well as general Actuarial and Product related topics.

The Marketing and Distribution Professional Community–section council, friends of the council, and subject matter experts—will continue to focus on distribution of products, as well as the processes by which the delivery of products is accomplished. Of particular interest to the section are U.S. and international emerging and innovative distribution and underwriting techniques and technologies of all products, as well as the Worksite, Direct Response, Association Group Markets, Pre-need and Bank distribution systems. To undertake and cover such a broad range of topics, we continue to keep an updated list of Marketing and Distribution subject matter experts to serve as speakers, provide recommendations for speakers, and submit articles related to our expended focus. If you would like to join our expert community and/or participate by submitting suggestions, a newsletter article, or speak at one of our sessions, please contact Van Beach, or anyone on the council.

Juliet Sandrowicz, FSA, MAAA, is actuary for New York Life Insurance–Tampa. She can be contacted at 813.288.5668 or juliet_sandrowicz@nylaarp.newyorklife.com