ATLANTA, Aug. 27, 2020 /PRNewswire/ -- The Life Insurance Direct Marketing Association (LIDMA) is now accepting nomination applications from life insurance industry companies or individuals who seek to earn LIDMA's prestigious 2020 "Innovation Award" for technological and procedural enhancements that are having positive outcomes within the life insurance direct marketing channel.
Selected Finalists will then be required to submit a brief video on their industry innovation no later than October 5, with the winner to be announced following "People's Choice" selection averages being tallied with formal judging scoring at LIDMA's Virtual Mastermind Series slated for October 19-21, 2020.
"The life insurance industry is ripe for engineering. Nearly half of American households have no life insurance in-place, and those that do buy are faced with a buying process that requires extreme patience or extreme perseverance, so the need to modernize is obvious," said LIDMA President, Robert Bland, CEO of LifeQuotes.com. "Our 2020 Innovation Award will identify and honor those entrepreneurs and innovators who are bringing to market new processes than enhance life insurance distribution and consumer education through direct market channels. Please step-up and enter your process or invention and be recognized by the industry leaders who make up the LIDMA membership."
The "Innovation Award" program was inspired by LIDMA's eProcess improvement initiatives which are continually updated by LIDMA-affiliated insurers, service vendors, attorneys, and marketers. LIDMA's eProcess reduces costs for carriers and providers and improves the buying and fulfilment experience for customers.
Last year's winner, Jornaya's Activate Platform, powered by Identity Resolution technology, was chosen from an outstanding group of finalists including IXN Tech, ExamOne, Lincoln Financial, Pacific Life and Insurance Technologies.
LIDMA Innovation Award Criteria and Process
Successful applicants or nominees will have a measurable effect on expanding the market, collapsing cycle times, digitalization of previously awkward processes, or strengthening the consumer relationship with our industry and its noble purpose.
To determine Innovation Award finalists, LIDMA will conduct a thorough review to ensure each applicant's technological or procedural improvement initiative is active or in an advanced stage of development. Finalists will be notified by after application submission with a further requirement that they submit a brief video on their industry innovation no later than October 5. A panel of judges comprised of Founding members of LIDMA and an InsureTech expert will independently submit "blind votes" for the winner. Finalists will be showcased during the LIDMA Virtual Mastermind Series slated for October 19-21, 2020. A presentation of finalists and "People's Choice" voting will be conducted on the LIDMA mobile app during the virtual series. The ultimate winner will be announced at the conclusion of the LIDMA Virtual Mastermind Series.
Applications for the LIDMA Innovation Award are available now at www.lidma.org and will be accepted through September 10, 2020.
LIDMA is the primary association dedicated to supporting businesses and professionals active in direct sales of life insurance products to consumers – the fastest growing sales segment in the life insurance industry. The LIDMA "Seal of Approval," developed by affiliated carriers, vendors, attorneys, and producers demonstrating compliance with articulated process requirements around e-Delivery, e-Signature and Voice Signature, has become a standard-bearer for a consistent approach to process improvement and positioned LIDMA as the leading life insurance organization in e-Process initiatives. The not-for-profit organization is committed to helping members protect more families while boosting their revenues and reducing costs. For more information, visit www.lidma.org.
SOURCE Life Insurance Direct Marketing Association