Preparing For Takeoff

Abstract

According to Robert R. Googins, executive director of the Insurance Marketplace Standards Association, life insurers have found a way to rebuild the industry's tarnished reputation and gain consumer confidence in the wake of market conduct scandals, but insurers must make a long-range commitment to making internal changes if they wish to succeed. Googins says IMSA is on track to sign up 150 to 200 life insurers as members by next April 1, the organization's first anniversary. Additionally, about 300 life insurers have sent more than 500 employees to 5 separate IMSA training sessions this year. To comply with the IMSA program, insurers must adopt 6 principles of ethical market conduct and maintain systems that produce accurate and clear advertising and sales material, ensure honest and "customer-focused" sales practices, guarantee fair handling of complaints and support ongoing supervision and review of marketing and sales.