The 20 most creative people in insurance

Gregory Bailey
Partner, Insure.VC

LHP: Why insurance? How did you get your start in the industry?
GB: The insurance industry is a wonderful space to make a very big impact. The U.S. insurance industry is approximately a $2 trillion dollar industry. That's larger than the GDPs of Sweden, Switzerland and Poland — combined! There are multiple ways that innovation and technology will help drive the future of the insurance industry.

I've had the good fortune to work in several capacities throughout the insurance industry over the last 20 years. Having started as an agent and selling life insurance at kitchen tables, I have great respect for advisors that help their clients plan for their futures and protect their families. I worked my way up the corporate ladder and was most recently the CMO of a large insurance company in the Des Moines area. Currently, I'm a partner at Insure.VC  a working angel fund that makes investments in startups focused on driving change in the insurance industry.

LHP: Describe what you do.
GB: My work today remains the same as it has been for the past few years: driving innovation and change in the insurance industry. Previously, I've done this from the "inside" by working in leadership roles at various insurance companies. Now, I'm continuing this mission, but from a different vantage point. Insure.VC makes early-stage investments in startups that are focused on driving change in the industry. We like to find investment opportunities where we can lend our domain expertise and provide meaningful industry connections to the entrepreneurs we're investing in. We believe that "InsurTech" (i.e. insurance technology) will be a meaningful growth area for venture capital investments in the coming decade, similar to what FinTech has been to the banking industry over the last decade. One need only mention names like PayPal and Square for industry veterans to realize the massive impact those companies have had on the banking and payments industry. We believe there is similar change on the horizon for the insurance industry.

Additionally, I keep busy with strategic consulting and speaking engagements. I also find time to blog on related industry topics.

LHP: Share an achievement you are especially proud of.
GB: First, I'm especially proud of my family. My wife, Ali, and our two sons have been a wonderful support for me and my career endeavors for many years. I'm proud of the industry relationships that I've developed over the last two decades and the focus I've been able to bring on the need for change in the industry.

There are a few professional endeavors that I look back on with fondness. One of those was working at a large insurance company a few years ago where I was able to help shift the focus from a "building websites for a desktop computer" to building with a "mobile-first" mentality. This sounds simple (and in hindsight it should be), but mobile web and responsive design have become table stakes to driving great customer experiences. Another example I'm proud of is having been asked to speak at several conferences and meetings on topics related to innovation, marketing and technology and the future of the insurance industry.

LHP: Insurance is not widely recognized as a creative industry. How would you define "creativity" as it relates to the work you do?
GB: Some in the insurance industry liken "creativity" to a color palette and developing three-panel product brochures. That's unfortunate. At its core, creativity is about solving problems. I love this definition I once read that says: Creativity is characterized by the ability to perceive the world in new ways, to find hidden patterns, to make connections between seemingly unrelated phenomena, and to generate solutions. I don't think I can say it any better than that. That's what I do.

LHP: What excites you most about the industry today?
GB: There is a burgeoning swell of tech startups that are focused on driving change and innovation throughout the insurance industry. This is an extremely exciting time to be a part of this phenomena and to be a part of the insurance industry. Startups like Zenefits,  Oscar Health,  Melius and PolicyGenius and others are doing great work to drive change and innovation throughout the industry. Startup accelerators like the Global Insurance Accelerator in Des Moines and Startupbootcamp Insurance London are another key part of the global insurance startup ecosystem.

LHP: How do you anticipate the industry will evolve in the next 10 years?
GB: I'm usually not one to make predictions, but if I had to, I'd say the industry will look significantly different than it does today. In particular, the modes of distributing products, the very products themselves and the expectations consumers place on their insurance companies will see large-scale changes in the years ahead. There are massive opportunities for those willing to look out onto the horizon and build to take advantage of these large-scale changes. I'm looking forward to being a part of that ride.

Yaron Ben-Zvi
Co-founder and CEO, Haven Life

LHP: Why insurance? How did you get started in the industry?
YBZ: I come from a FinTech background, having founded two startups prior to Haven Life. However, I first came to the insurance industry as a customer. I was in the market for life insurance after my wife and I had our first child. When shopping for a policy, I was surprised to learn I couldn't purchase one online. There was a huge opportunity to increase accessibility and create a self-directed, technology-centered process for buying life insurance, and that's how Haven Life came to be.

LHP: Describe what you do.
YBZ: At Haven Life, we've transformed the four-to-six week process of purchasing term life insurance into one that can be accomplished entirely online and in about 20 minutes. As CEO, I'm responsible for the overall vision of our company. This means ensuring we continue to deliver a forward-thinking customer experience.

LHP: Share an achievement that you are especially proud of.
YBZ: Innovation within an industry as highly regulated as life insurance is no easy feat. In the last year or so, I've been incredibly proud of how our small team (we're only at about 14 people) has been able to make such a significant impact within the industry and in such little time.

LHP: Insurance is not widely recognized as a creative industry. How would you define "creativity" as it relates to the work you do?
YBZ: To me, creativity means finding solutions to problems you don't even know exist. Life insurance has been a valuable product to consumers for more than 100 years, and I truly believe it will continue being a vital product for financial security. However, the industry needs to continue evolving and striving for ways to alleviate customer pain points before they even exist.

In my opinion, a self-serve, digital solution for buying life insurance was a long time coming. Somehow, the Haven Life team was able to make it to the gate with the first and only solution for buying a medically underwritten policy online. However, we aren't going to stop there. We're going to keep looking for ways to introduce new and innovative offerings and solutions that are relevant to these tech-savvy consumers.

LHP: What excites you most about the industry today?
YBZ: The financial services industry has been embarking on a huge transition over the past few years. From digital payment solutions like Venmo to robo-advisors like Betterment and Wealthfront and even educational resources like Society of Grownups, the industry has embraced technology and new ways of thinking to better serve today's consumer. We're doing the same at Haven Life, and I think there is much more to come from within the life insurance industry. The outcome of all these efforts is creating empowerment among today's younger consumers to take control of their finances. I think that's pretty exciting.

LHP: How do you anticipate the industry will evolve in the next 10 years?
YBZ: Specifically for life insurance, technology will continue to drive change from how policies are created to how they're issued and modified. One of the biggest changes we anticipate is eventually removing the need for a medical exam altogether. With the access we have to improved underwriting algorithms, consumer medical histories and even health monitoring technology, there are enough resources to render medical exams unnecessary. This would be a huge step forward for the industry, and I think we're almost there.  

Additionally, the way life insurance companies interact with their consumers will begin to change dramatically. We're already starting to see that with John Hancock's Vitality program. More companies will start to adapt rewards and incentives programs to create loyalty and a two-way dialogue with their customers. 

Vince Bodnar
Chief Actuary, LTCG

LHP: Why insurance? How did you get your start in the industry?
VB: I got started as an actuary at a very young age. I was very interested in numbers, but I didn't know I could find a career working in numbers until I got a summer job in an insurance company in the actuarial department. I looked around and I said, 'Hey, I can do this.'

My mother worked at an insurance company, and she saw that there was an opening in the actuarial department, really for a file clerk position, and suggested I apply for it. I never went to college. I think I'm the only actuary in the country that's never been to college. Part of becoming an actuary meant that I had to pass the actuarial exams, which were very difficult exams, so I had to teach myself calculus and probability, everything I needed to learn to become an actuary. It took a lot of persistence, but I did it. That's how I got started. The field picked me, I didn't pick it, but I stayed in it because I saw the value that insurance really can add to consumers. That's what keeps me in it, particularly the line of business that I'm in, which is long-term care insurance. It makes a difference in people's lives. I see what the product does for people who have bought it. It changes their quality of life.

LHP: Describe what you do.
VB: My career has gone lots of places over the last 30 years. Today, I'm Chief Actuary for LTCG. We are the largest third-party administrator for long-term care insurance in the country. As the chief actuary, I have a dual function: I run the company's externally facing actuarial consulting practice, and also help our clients' monitor and manage their business. We also are very instrumental in product development. So we help our clients — and by clients, I mean insurance carriers — design new products. It's very clear that the way the old product was designed just isn't selling anymore. And so we're really trying to figure out some new ways to deliver financial solutions in this space.

LHP: Share an achievement you are especially proud of.
VB: In the spirit of knowing that the long-term care product has to change, I took it upon myself to start exploring what has been done in other countries. Of course, the need for long-term care funding and financing exists in every country in the world, but the way that financial need is met is different depending on the culture, the economy and the government programs that exist. I did a lot of exploration. I visited the United Kingdom because I thought there was a possibility to bring the U.S. product to the U.K., but what I found instead was that there was a product sold in the U.K. that could work here in the U.S. It's called the care annuity, and it's a long-term care product that you buy when you need care. So, it's an underwritten single premium immediate annuity.

I won a project with one of the insurance companies in the U.K. that sells the product to explore bringing it here to the U.S. In the end, they found a partner that they're going to work with to launch the product here; we should see it within six months to a year. All of this was the result of just opening up the lens a little bit in order to see what's being done all over the world. It's one of the things I'm most proud of, particularly with respect to product innovation.

Another thing that I'm proud of, as an actuary, is helping companies identify problems with their long-term care blocks and then assisting them as they take corrective actions. 

LHP: Insurance is not widely recognized as a creative industry. How would you define "creativity" as it relates to the work you do?
VB: Creativity just means thinking outside the box, thinking outside the traditional way we deliver solutions. In today's insurance space, companies react to what their distributors say might sell. And agents can get stuck in their own world view, too. They're out selling a particular product and they realize that, "Hey, if there's this additional feature, I can sell more of it." I think that's the extent of creativity in the insurance space today.

I think we need to pick up our gaze and look elsewhere. We need to say, "Wait a minute. What industries are parallel to us? Where did they go, and what can we learn from them?" If it worked for them, then that same thing might very well work for us. We also need to look beyond our borders, look globally. How have other countries solved these problems? What's different about their perspective that makes a certain product work there?

We need to think across multiple generations, too. The customers that we have today aren't going to be the ones we have 20 years from now. Think about the way the younger generation thinks, and design products that would be appealing to them, as well.

LHP: What excites you most about the industry today?
VB: Insurance is something we will always need. It's an in-demand industry. Even if people don't know they need it, they do need it. Success is simply a matter of showing them why it works for them and why they should buy it. There will always be this industry.

LHP: How do you anticipate the industry will evolve in the next 10 years?
VB: I think that the whole design of long-term care has to change. Today's long-term care insurance product looks like an old defined benefit pension plan, where the employer funds a liability that's going to happen 30 years from now and longevity and interest rates are completely unknown. This is why the long-term care product is almost uninsurable for carriers.

In the pension plan space, we saw the emergence of 401(k)s, where people now have their own money in an account that they can see and they have control over. When they retire, they are able to decide when and how they want to use it. I think long-term care will have to move to something like that, as well, where it becomes more of a savings plan. I'm preaching that message to some of the carriers and it seems to be resonating, but to get to that point a lot of things have to change: tax policy, distribution, regulations. Just the way we think about it has to change. It's a work in progress.

I think the industry is going to look a lot different in 10 to 20 years than it does today. It is exciting to be part of a movement that's trying to redesign it. I don't know if I'm part of that movement per se, but I'm certainly out there pushing it. I'd love to see one of these ideas stick and do really well. It's exciting to be in the industry at this time when it really does need to transform itself. I want to be part of that transformation.

Mitchell H. Caplan
CEO, Jefferson National

LHP: Why insurance? How did you get your start in the industry?
MC: I got my start more than three decades ago, working with a strong and talented team. We have a proven track record of challenging the status quo to really disrupt distribution and drive innovations that create greater consumer value. At TeleBank, we were one of the first to help change the way people bank. At E*Trade, we made it our mission to democratize online investing. And now, at Jefferson National, we've pioneered a whole new approach to tax-advantaged investing.

LHP: Describe what you do.
MC: Jefferson National was built from the ground up to serve RIAs and fee-based advisors. It's the foundation of everything we do. At the intersection of insurance products and the market of RIAs and fee-based advisors, we see a tremendous opportunity to create more products and services to meet their unique needs — and invent new ways to help them sit on the same side of the table as their clients.

We have worked hard to understand everything about RIAs and fee-based advisors — how they advise, how they invest, how they manage their practice. We feel privileged to be one of the few to really gain their trust, successfully become part of their practice, and build critical mass in a highly fragmented market. We are committed to serving them with products and solutions that are simple and transparent, with more choice and greater value.

LHP: Share an achievement you are especially proud of.
MC: I take great pride that, at Jefferson National, we launched a whole new category of Investment-Only Variable Annuity (IOVA), and pioneered an unprecedented tax-advantaged investing platform. Jefferson National's Monument Advisor is the industry's first no-load flat-fee IOVA that has been re-engineered to meet the unique needs of RIAs and fee-based financial advisors. Our flat-fee IOVA has been ranked one of Barron's Top 50 Annuities for three consecutive years. We have been called the "Industry Gold Standard" for serving RIAs and fee-based advisors. Our company has won over 45 industry awards, including DMA Financial Services Company of the Year.

LHP: Insurance is not widely recognized as a creative industry. How would you define "creativity" as it relates to the work you do?
MC: I have always believed that creativity is that unique ability to recognize problems and to find new ways to solve them. So often, it starts with asking the question "Why not?" It's about finding ways to serve those who are not being served. It's about taking the risks that no one else is willing to take, defying preconceived notions, exceeding expectations and building something from the ground up that no one else imagined you could build.

LHP: What excites you most about the industry today?
MC: What is most exciting about our industry is the tremendous opportunity for serving RIAs and fee-based advisors. In recent years, it's the fastest growing segment of the market, with no signs of slowing down. Investors' lives are not getting any simpler. The more complex things are, the more opportunity there is for an expert advisor to add value. And as the number of RIAs and fee-based advisors grows, we see a tremendous opportunity to create more products and services to meet their unique needs.

LHP: How do you anticipate the industry will evolve in the next 10 years?
MC: The intersection of technology, wealth management, and the RIA and fee-based distribution channel is driving the evolution of our industry. The most successful advisors of the future will crack the code to combining digital solutions with human capital to achieve greater scale in their practice and create greater value for their clients.

Technology continues to disintermediate every step of the value chain. Recently, in our inaugural Advisor Authority study of more than 500 RIAs and fee-based advisors nationwide, we learned that top advisors are "tech-obsessed." Advisors who manage more AUM spend more on technology — and use more technology — to make their job more seamless.

In fact, for today's most successful advisors, the only thing more expensive than adding technology is not adding technology. Technology empowers advisors with greater capabilities to analyze and understand the state of the market, the state of their practice, and the state of a client's assets more accurately than ever before.

But technology is no replacement for holistic financial advice. As clients begin to build wealth, as our financial lives becomes more complex, the need for guided advice grows. The demand for independent unbiased advice continues to grow. And in the end, people still want to talk to people. They still want the human touch. Technology is important, but I'm still betting on advisors and the value of guided advice.

Kevin Coleman
Head of Research & Data, HealthPocket, Inc.

LHP: Why insurance? How did you get your start in the industry?
KC: I was an executive at a technology start-up founded by Dr. Glen Urban, the former dean of the Sloan School of Management at MIT. Our company produced financial decision support tools for consumers. During this time, Glen received an information package from Medicare regarding the upcoming Part D prescription drug benefit. He found the material confusing and said, "If an MIT professor can't make sense of this, what will this be like for the average consumer?" We realized that we had found an exciting business opportunity that could help a vulnerable senior citizen population, so I immersed myself in Medicare regulations and product data and became the conceptual architect of a commercial insurance exchange for Medicare drug plans and Medicare Advantage health plans. The exchange became the core of our business and led to a successful 'exit' as a start-up.

LHP: Describe what you do.
KC: I'm the head of research and data at HealthPocket. My department produces unbiased studies on the American health insurance market, from Affordable Care Act and Medicare plans to dental plans, Medicaid, and the term health insurance market. I also work to generate online content that will engage consumers and produce traffic resulting in advertising revenue. 

LHP: Share an achievement you are especially proud of.
KC: I'm very proud of the success I've had in producing unbiased market research. I've worked on studies that have been cited by both political parties and helped inform contemporary health reform debate. I'm also very proud that HealthPocket has been able to serve as an industry watchdog. Our analyses have identified bad actors in the insurance field, as well as the government inflating its ACA enrollment numbers by including stand-alone dental plans. 

LHP: Insurance is not widely recognized as a creative industry. How would you define "creativity" as it relates to the work you do?
KC: Not creative? The only way HealthPocket receives consumer attention is by earning it. I work very closely with an immensely talented team on identifying ways we can empower consumers to make better insurance decisions through previously unperformed research and the development of online tools. As a team, we are constantly examining new data sources and asking ourselves, "Can we leverage this information in a way so people can spend less on healthcare while receiving higher quality."

LHP: What excites you most about the industry today?
KC: The Open Data Initiative championed by the department of Health & Human Services is extremely important and we are only beginning to reap the benefits of more researchers and companies having access to health data to identify inefficiencies and propose improvements. 

LHP: How do you anticipate the industry will evolve in the next 10 years?
KC: Bracketing continual advances in medical technology and services, much of the evolution of the healthcare industry will be affected by political developments in the next decade. As a country, we've expended an enormous amount on health reform initiatives that have not addressed the fundamental problems driving healthcare costs: 1) the type and velocity of healthcare usage in America, and 2) the cost of delivering that care. I've attended various events where state and government officials discuss their plans for future healthcare reform and, sadly, these matters seem quite low on their priority list, if present at all. My hope is that both parties can find ways of collaborating on these matters before healthcare costs swell beyond sustainable management. 

Adam Cufr
Principal, Fourth Dimension Financial

LHP:  Why insurance? How did you get your start in the industry?
AC: Insurance is a fascinating tool when you consider its impact on families and communities. The very concept of risk-sharing and positive financial leverage allows for outcomes that transcend what any individual can accomplish on his or her own. That alone should cause people to take an interest and look beyond common preconceptions.

I entered the industry after working as a procurement manager for a Fortune 500 company. Building multi-million dollar chemical plants was certainly interesting, but the lure of an entrepreneurial venture was too strong for me to resist. I sought out a number of opportunities and eventually chose to work as a Registered Representative with a large mutual insurance company. While far removed from the experiences of helping build chemical facilities in South America, the process of engaging people on a very personal level while applying a host of analytical skills through the lens of financial security proved very fulfilling, albeit incredibly challenging.

The amazing thing about a career in insurance and financial services, as compared to procurement, was the shared need for effective and repeatable processes to get the best results. Without a process, there is too much left to chance and the client may not receive our best work. 

LHP: Describe what you do.
AC: I own and operate a Registered Investment Advisory (RIA) firm, Fourth Dimension Financial Group. Focused on serving those who are nearing or in retirement, we offer a comprehensive financial planning experience to those who desire a holistic approach to their retirement and financial security planning. The vast majority of our clients are between the ages of 55 and 75, while we also serve their children in order to provide multi-generational solutions. Utilizing insurance solutions (life, long term care, annuities) and investment management, we take great pride in solving myriad needs for our clients, while working closely with other professional advisors to build a team around the families we serve.   

LHP: Share an achievement you are especially proud of.
AC: While thriving in our industry is achievement enough, the opportunity to author my retirement planning book, "OFF THE RECORD, Secrets To Building a Successful Retirement and a Lasting Legacy," gave me occasion to articulate the philosophy of our practice as well as equip our current and future clients with the information that allows them to become more educated in retirement planning.

Similarly, having the privilege to write a monthly column for Retirement Advisor magazine is a great source of pride for me. It allows me to give back to my fellow advisors by sharing some of the lessons hard won over the last 14 years in our industry.

LHP: Insurance is not widely recognized as a creative industry. How would you define "creativity" as it relates to the work you do?
AC: As strange as this may sound, I have long felt that our industry could benefit from more artistry. As a performing drummer for over 30 years, I look at every note, every stroke of the stick as an opportunity for artistry, for expression. If we take a much closer look at each touch point we have with clients, there is so much room for artistry and creativity. As a result of this approach, we choose to write a beautiful print newsletter to our clients, we host client events that feature beautiful themes and design. In fact, everything we do has an element of creative design in it. Why not surround our clients with beautiful things? Additionally, the message we use to educate and inspire clients to engage in the highest level planning possible is best achieved with a creative voice. As advisors, we know how the financial and insurance tools function, but how can we make them more beautiful and more interactive? That's where "creativity" can really set you apart from your peers who may simply focus on the mechanics and product details.   

LHP: What excites you most about the industry today?
AC: With the loss of corporate pensions and threats of reduced security from governments and markets, people need us more than they ever have. They're looking for solutions that only we can provide as insurance professionals. This ushers in an era that's ripe for the most creative people in our industry to innovate and inspire others in a way that is very unique to this generation. How can we not be excited about that?

LHP: How do you anticipate the industry will evolve in the next 10 years?
AC: The dramatic revolution in technology will cause commoditization in many areas, including investment management and insurance product development. This means advisors and agents will have to adopt a more planning-focused approach in working with clients. Whereas at one time we held the keys to all of the information and we could force the public to bend to our desires, those days are almost gone. The most effective professional advisors will develop processes and strategies to help clients navigate the sea of sameness by offering exciting and engaging planning processes. Those who insist on simply "selling" will wonder where the good old days went … even though they're right here, right now.

Maria Ferrante-Schepis
Managing Principal, Insurance and Financial Services, Maddock Douglas

LHP: Why insurance? How did you get your start in the industry?
MFS: I fell into insurance by accident in 1984. I had a rough transition during my first year in college. I decided to take a breather, and I needed a job in the interim. I got an interview for a job as a file clerk in a small life insurance company. However, when I arrived, the job was filled. There was an entry-level opening in the marketing department for an "Illustration Clerk." I was happy to learn it was not an artist job, but one that required math and computer aptitude. I was given the job, at The North Atlantic Life Insurance Company of America. The company was small and all the different disciplines worked closely together, so I learned a ton. And being 18 years old, I was not afraid of computers (even though back then they weighed more than I did). My boss, Jack Salerno, gave me an instructional book that I will never forget. It explained the origins of life insurance, and how the concept of pooling money together helps protect people better than they could on their own, which made so much sense. Eventually, I decided to go back to school locally at Hofstra University for a marketing degree. I attempted to quit, but Jack offered me a part-time job while I studied, and then he offered me a full-time job when I graduated. I always thought I would try something else, but I never did. I am grateful because I would not have met my husband Jim if not for staying in the industry. Since North Atlantic, I've worked for three other insurance carriers prior to getting into my current role. These include Bankers Life of NY, Prudential and Guardian.

LHP: Describe what you do.
MFS: My role is to inspire leaders in the insurance industry to make positive change, and shape the future of their companies and the industry versus having it shaped for them by outsiders. I am employed by Maddock Douglas, Inc, which is an innovation consultancy in the Chicago area, and works with Fortune 100 brands in many industries to help them figure out what's next and build toward it. I also am a partner and investor with Ring Leader Ventures, which is affiliated with Maddock Douglas, and helps find new startup companies with new capabilities that can accelerate the launch of new products, services and business models. I am grateful to have found this creative group of co-workers, and an elite list of insurance executives to work with on a variety of innovation challenges. 

LHP: Share an achievement you are especially proud of.
MFS: I am especially proud of having co-written the book "Flirting with the Uninterested; Innovating in a 'Sold Not Bought' Category" with Mike Maddock. This book is the byproduct of many years of observations and inspirations to positively impact the industry, and intersect innovation with insurance. Writing a book is not only hard, but it makes you very vulnerable. I remember worrying quite a bit about how readers would react to it, and even if anyone would read it. What happened was the opposite. Thousands of copies have been sold, the reviews have been terrific and it has been in the No. 1 spot on the Amazon bestseller list in its category. I often run into people in the industry that tell me that their copy is written in, dog-eared, highlighted and sticky-noted all over, and that they use it as a reference guide. That makes me really happy because it means people are using it to change some aspect of their work. 

LHP: Insurance is not widely recognized as a creative industry. How would you define "creativity" as it relates to the work you do?
MFS: I have my own personal definition of creativity that is on the back of my business card. It is "the ultimate solution to discomfort." Think of an irritating grain of sand in an oyster and how it creates a pearl. I know that insurance is not considered creative, mostly because of constraints of regulation, complex math, anti-selection and other prickly attributes. However creativity can actually be fueled by constraint, if we are uncomfortable enough with the present state. I recall having to be super creative in my early days in the industry because I worked for small companies with significant budget constraints in addition to the other constraints. The only way to cut through and stand out is to leverage any and all talents of yourself and your team, within the constraints. Or, to change the constraints if it makes sense to do so. And yes, it is possible. Disruptors change the rules of the game all the time. However, I am not a fan of creativity that jeopardizes the true intent and purpose of insurance, or finds unintended loopholes. To me, that is just icky and perpetuates negative perceptions.

LHP: What excites you most about the industry today?
MFS: I am most excited about the innovation pipelines of some of the insurance companies we have been working with over the last few years. There are some super creative and different ideas that have tested well in consumer quantitative tests, and map to future trends we have been tracking. Among those trends are digital/mobile (of course), aging in place, mortality/morbidity, technology-assisted advice, quantified self, the sharing economy and others. New innovations take a while to develop and launch, so the things we were working on four or five years ago are just coming to fruition now, and the things we are working on now will come to fruition in a few more years. It is also nerve-wracking because execution is key, and the insurance industry isn't accustomed as much to learning from mistakes in market. More often, if something isn't executed well, or doesn't have immediate success, the plug gets pulled too quickly. So I am excited in a way that people at NASA get about their space missions, or a parent is about their kid's first day of school. There is risk, but it is imperative to (wisely) take it even if it means having some failures. 

LHP: How do you anticipate the industry will evolve in the next 10 years?
MFS: My prediction is that many companies will become better at innovation and at finding and partnering with or acquiring startup companies with emerging technologies that will enable the insurance experience in new ways. The pace of change is faster than ever before, and new startups are popping up everywhere that have intentions of disrupting the business. There will be higher levels of transparency demanded by consumers that will be delivered by new kinds of interactive technological platforms versus static disclosure and forms. I also believe that there will be a mainstreaming of models that enable self-selecting groups to start their own insurance pools versus buying into traditional insurance companies. Finally, and this may be 20 years out there, but I believe that some life insurance companies will get in on the game of extending the human life span, and begin offering their customers ways to access technologies that enable this versus just paying out money after a death. If that were to happen, the 'sold not bought' paradigm would be completely flipped, and life insurance would take on a whole new meaning. 

Amy Florian
CEO, Corgenius

LHP: Why insurance? How did you get your start in the industry?
AF: In the early 80s, I began working with my dad, a worthy mentor who was inducted into the Iowa Insurance Hall of Fame. My primary work involved teaching general agents how to sell what was then a brand new type of product, universal life insurance. My appreciation for life insurance was dramatically confirmed when I was left a 25-year-old widow with a seven-month-old baby boy. My grief and survival was immeasurably easier because we had adequate life insurance.

In my 25+ years of facilitating support groups, I've heard countless horror stories from people without enough coverage. I always thank insurance and financial professionals for ensuring their clients and families are protected. I'd like the horror stories to stop. Insurance is the way to do it.

LHP: Describe what you do.
AF: I am a thanatologist — an expert in grief, loss, and transition. I teach financial professionals how to communicate with and support clients through all the transitions of their lives.

So often, especially in the tragic times (i.e. death, divorce, dementia, serious or terminal diagnosis), financial professionals know how to handle their client's financial needs, but are much less skilled when it comes to knowing how to communicate with them in their grief.

In this increasingly relationship-centric field, professionals need to know what to do and say financially AND non-financially. I teach them what their clients wish they knew, what they wish they'd say, and how they want to be treated. I teach them to stop perpetuating the mistakes they've picked up across the years from others and instead effectively work with their clients. These skills help on a personal level, while also facilitating wise financial decision-making.

LHP: Share an achievement you are especially proud of.
AF: My book, "No Longer Awkward: Communicating with Clients Through the Toughest Times of Life", was among the first to shine a light on a topic that has been largely overlooked in industry circles. It is the guidebook that professionals keep on their desk for ready reference.

Yet more than any award, more than the book and the articles I've published, more than the high ratings I enjoy, I am thrilled that I make a difference in people's lives, both personally and professionally, especially during their toughest times when they need it most. Simultaneously, I make an impact on the bottom line, enabling professionals to retain business across generations while gaining business from others who don't know what they know. I can't think of a greater privilege than to inspire and educate in ways that have such deep and broad significance.

LHP:  Insurance is not widely recognized as a creative industry. How would you define "creativity" as it relates to the work you do?
AF: Who would ever have imagined that an expert in grief would be so vital to the financial industry? I am the pioneer who saw the need and created training that combines grief studies and financial business principles, pushing the boundaries and challenging professionals to think about themselves and their clients differently. Others are getting the message and are developing programs, yet my training remains unique and uniquely valuable.

LHP:  What excites you most about the industry today?
AF: While there has been a good bit of bad press about the financial industry since 2008, there is also a growing recognition of the need for financial services. The popular press is filled with stories about the priority of saving for retirement, the necessity of long-term care and disability policies, the consequences for families if there is no life insurance, and the importance of solid professional guidance to avoid mistakes. There has never been a time more primed for growth in this industry, and I'm excited to help professionals take advantage of that by distinguishing themselves as truly comprehensive, caring professional guides.

LHP: How do you anticipate the industry will evolve in the next 10 years?
AF: This industry will continue to move away from a focus on sales. Clients do not want to be sold commodities; they want to achieve life goals and leave behind a legacy. That means the successful financial professional will offer more holistic service focused on relationships, deep communication, and transition management. The skill set will shift from the ability to describe products in compelling ways to the ability to understand and support clients through whatever life throws at them in financial and non-financial ways. Solid financial products, services, and skills will increasingly be the entry stakes. Relationship with the client and family across the lifespan will determine success.

Stephen D. Forman
Senior Vice President, Long-Term Care Associates, Inc.

LHP: Why insurance? How did you get your start in the industry?
SF: In my family it's a rite of passage. At 13 you have your Bar Mitzvah, at 16 you get your driver's license, and at 18 you get your insurance license. Some of my fondest childhood memories are the business trips I took with my dad as we crisscrossed the western states selling long-term care insurance. I was just a kid, but he'd take me into the homes with him during his sales calls.

By high school, I remember how the entire family would gather to put out direct mail — we'd do the copying, folding, stuffing, labeling and stamping each time my dad needed to drop a 3,000 piece mailing. We had a regular assembly line! If my dad needed me to get on the phone and help him set appointments, I'd do that, too. I'm 46 now, and when people ask how long I've been in the insurance business I'll typically give 1991 as my start, since that's when I graduated college and returned home to work with my family. But a more accurate date would be since the early 70s, as my brothers and I grew up side-by-side with the LTC industry.

LHP: Describe what you do.
SF: For the longest time, LTCA's phone number was one-digit off from the Bellevue Public Library's Information Desk, so we often got their calls. As fate would have it, I've taken on the role of Information Desk to the LTC industry. People need to know they can turn to "that guy" when they have questions, and, through the years, I guess I've become "that guy." Because I do a great deal of number-crunching, analysis and reporting, and stay current on LTCI news and trends, LTCA's producers use me as a daily resource for their toughest questions.

If that sounds a little vague, let me add that just about anything written that leaves our office passes through my desk. This would include advertising and marketing, publicity, articles and all online commentary and social media. Likewise, I'm LTCA's focal point for the media who conducts our interviews and goes out on speaking engagements. And of course, as co-owner, I'm involved in the day-to-day operations and decision-making of our company.

LHP: Share an achievement you are especially proud of.
SF: Even though I've been writing for a long time, there's nothing quite as satisfying as having finished an entire book. In my case, that'd be "The Advisor's Guide to Long-Term Care." To be fair, I co-authored it with Jeff Sadler, and if he hadn't first laid the groundwork it would've been an entirely different proposition, so I'm very grateful.

But it still required an enormous amount of work after-hours and on weekends at a very diligent pace to enter a club whose membership I have a newfound appreciation and respect for. Since its publication I've met so many colleagues who've volunteered wonderful reviews and told me how much they've learned. That's so heartening.

LHP: Insurance is not widely recognized as a creative industry. How would you define "creativity" as it relates to the work you do?
SF: There was a time not too many years ago where I was a bit "burnt out" and had trouble finding the motivation to get out of bed and come into the office. I know we all do, from time to time, no matter what we do for a living. That's when I knew it was time to redefine my job. And, funny you should mention it; creativity was at the heart of the problem.

You see, I wasn't a business school guy — I graduated from UCLA with a degree in Film & Television. What does that have to do with insurance? Exactly. But it's a testament to the fact that I tend to gravitate to the arts, and can't function unless I have an outlet for my creativity. So a few years ago I picked up the pen and began writing for work.

I gave myself two criteria. First, I never wanted to write one of those boring me-too stories like, "According to the Dept. of Health and Human Services, 70 percent of adults over the age of 65 will use some long-term care services. Long-term care is the kind of help we need when we can't perform activities of daily living." I must see this exact article once a day. Dear Lord, make it stop.

My second requirement was that I only do topics that no one had done before. And so far, after authoring nearly 40 essays, I'm doing pretty well!

LHP: What excites you most about the industry today?
SF: There's so much upside. "Past results do not predict future performance." Everyone knows this … until it comes to LTC's LIMRA numbers, then they can only imagine that next year will be worse than the last.

The American people are aware of the need — and thank goodness the media is covering the issue much more frequently and fairly now. LTC has become a part of life, so much so that it's now routinely written into TV shows and movies and no one bats an eye. Public programs — no matter how well-intentioned or what shape they'll take — must include the partnership of private insurance, so they're invested in our success.

Personally, I'm always excited to build a better sales mousetrap. The "buyer" is a tough nut to crack! And yet, there's an ever-growing list of techniques we haven't even tried yet. I must have 50 marketing ideas saved up. It's like anything else though — we only have so many hours in the day.

LHP: How do you anticipate the industry will evolve in the next 10 years?
SF: Well, I'd like to imagine LTCA will be a driver of some of this change. After all, we helped pioneer some of the earliest products back in the 1970s. Over a dozen years ago, we initiated the "split model" in the world of LTC sales. Then, we were among the earliest adopters of online sales followed by a proprietary system that abandoned reply card leads in favor of an online appointment setting system. So yes, I do have some ideas where the industry is going, but I'm going to play it close to the vest.

However, on a macro level, it's not out of the question to imagine Medicare will become increasingly means-tested and that Medicaid reform will gather more steam. Couple this with a rising interest rate environment and rising minimum wages flowing throughout the economy and things could look good. One could even imagine increased competition in LTCI, which exerts a downward pressure on rates.

But what will the cost of care look like? That will impact the price of LTCI. And that's dependent on the supply and demand of providers and beds vs. an aging and disabled population. I can imagine some progress being made towards Alzheimer's — certainly not a cure, but what if we merely delayed its progression? Would that lengthen claims? Or delay them? Will we finally get a Section 125 (Cafeteria Plan) tax break? And if so, will this spur carriers to re-invest in their group plans to capture a younger, healthier book of business? Will combo sales (or life insurance itself) completely erode traditional LTC insurance? Or cause a complete reinvention of the product we recognize? Or will something occur within the next 10 years that utterly changes the combo market?

My gosh, it's hard enough forecasting the year ahead, let alone the next ten. When you think about it, we're talking about 2025 — shouldn't we have flying cars by then?