If you were there, or if you've been reading the online news, you may have a fair idea of what went on at this year's ACORD LOMA Insurance Systems Forum, but if you've read this blog at all, what you're really after is the underlying trends, secret murmurs and inside scoops that swirled about the conference in Las Vegas. Not being one to disappoint, I will be happy to share.
For some time, I have been reporting on the obvious schism that exists between the worlds of ACORD (a data standards organization that leans heavily toward property-casualty efforts) and LOMA (an educational body that grew out of the life insurance community)--who nonetheless have committed to running a joint conference. Why they continue to do this baffles me. An apt comparison might be combining a convention for neurosurgeons with a gathering of hospital candy stripers. Sure, they're both involved in healthcare, but it's doubtful that either group would have much to say to the other.
Nowhere were the differences at ACORD LOMA more evident than in the opening remarks of the groups' respective leaders. In short, the content of their speeches showed few, if any, commonalities between the organizations--a fact that did not go unnoticed by audience members in my immediate vicinity. That being said, both groups did a fine job of advancing the causes of their own very different audiences in the educational sessions. Those sessions I looked into (not including my own, of course) were generally informative.
The divide between ACORD and LOMA was also evident on the exhibit floor, where one booth denizen told me he was really glad that he "didn't get stuck on the LOMA side of the floor." I wasn't aware that such a segregation existed, but in trade shows as in many areas of life, perception is reality. Indeed, when I wandered near the LOMA booth, the atmosphere did seem more placid than that in other parts of the exhibit hall.
Several exhibitors commented on what they believed was a high ratio of vendors to customers--a complaint that has arisen in previous years with regard to this conference. Of course, that ratio wasn't a problem for vendors whose customers are other vendors, but for many, such was not the case, and these folks said they weren't getting the sales leads they needed.
Other exhibitors complained that traffic on the show floor was light, with some attributing the difference to what they felt were inadequate exhibit floor hours. An ACORD spokesperson told me, however, that the total attendance (2,400+) at ACORD LOMA was slightly up from last year's figure (2,350). This year's totals included representation from 200 insurance companies and 175 vendors, the spokesperson added. Not bad for an economy that is at least flirting with recession.
Another trend that emerged during this conference is the proliferation of consultants. Of course, the usual suspects (Gartner, Celent, Tower) were on hand, but I also noticed a couple of newcomers vying for the business. This was not at all surprising, given the large number of technology vendors in our space and the resulting confusion that must beset firms who want to make sure they buy the best products. In fact, newly-minted consultant Wendy Corman told me after the conference that the demand for consulting services regarding technology in insurance today is "huge."
So, what are your thoughts? Were you there? Feel free to post your comments here!