The World Is Spinning Fast; Where Does Life Insurance Fit?

BALTIMORE -- Target identifies newly pregnant women based on their buying patterns. The top purchases that indicate a pregnancy include lotion and a big handbag.

Target can do this through high-level data mining, explained Jennifer Golbeck, director of the School Intelligence Lab at the University of Maryland.

"For millions of people, Target knows everything they've ever bought at Target for their entire lives," Golbeck said during the kickoff session at the 2019 Life Insurance Conference.

Golbeck was preceded by LIMRA/LOMA CEO David Levenson; Susan Neely, CEO of the American Council of Life Insurers; and Dave Rengachary, senior vice president and medical director, U.S. mortality markets, RGA.

Golbeck's talk focused on how technology invades our lives in ways we are usually unaware. Target was even surreptitious about its pregnancy focused mailers, including several other products along with items meant to entice expectant mothers.

The Target story was not the only fascinating tidbit to emerge from the morning session. Levenson was first up and said the industry needs to focus on service and reaching the uninsured and underinsured.

48% of US households are uninsured or under insured by $200,000 or more total #LifeInsurance #ProtectionGap $12 Trillion #Lifeconf

— Ian McKenna (@ianmckennaftrc) April 2, 2019

"As we think about the world of best interest ... we've got to think about the implications of a family member dying early maybe even before we think about saving for retirement." -- Dave Levenson, CEO of @LIMRA #LifeConf

— INNJohn (@INNJohnH) April 2, 2019

Neely recapped the political headwinds inside the Beltway. In particular, she pointed to a "brilliant" strategy by the Democratic National Committee to require its presidential candidates to get donations from at least 65,000 people in 20 different states to qualify for its initial debates.

"It's an intriguing idea for our industry from an engagement standpoint," she said. "We have to think about how to tell our story. The key for us is to be for things and not to just be against things."

The DOL fiduciary rule is still having an impact even though it was tossed out by an appeals court, says @ACLINews CEO Susan Neely. Many are treating it as a starting point for discussions on standards. #LifeConf

— INNJohn (@INNJohnH) April 2, 2019

Rengachary spent the longest time on stage, a nod to the intense techno-revolution within the health care industry.

Dave Rengachary of RGA discusses evolving liquid biopsy technology. #LifeConf pic.twitter.com/KnzSQLg3Y6

— INNJohn (@INNJohnH) April 2, 2019

New treatments can boost cancer fighting by preventing cancer cells from short circuiting the immune system. #LifeConf pic.twitter.com/JeENT7ga3e

— INNJohn (@INNJohnH) April 2, 2019

Rengachary cited the simple genetic test made famous by Angelina Jolie. The test can be had for a little as $99, he said, adding another audience pointed to a Mother's Day special cuts that cost by $30.

"For less than the cost of a meal, people can go out and get this testing," he explained.

The results can raise any number of previously unknown health issues. The good news is technology is improving treatments as well.

Dave Rengachary speaking at the #LifeConf this morning! pic.twitter.com/qo2zVGxv32

— LIMRA (@LIMRA) April 2, 2019

"It's certainly affecting the way we look at things," Rengachary said. "In the long term, the point is that this will be a great benefit for our industry."

InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. John may be reached at [email protected]. Follow him on Twitter @INNJohnH.

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