LL Global Inc, the world's largest and oldest member-owned trade association for insurance and financial service companies, has announced the launch of LIMRA LOMA INDIA (LLI) with an objective of bringing the products and services of LIMRA and LOMA closer to the Indian customers and to deliver greater value to the insurance sector in Indi as a whole.
While LIMRA conducts research and benchmarking to provide members with the information and insight they need to make informed decisions about products, marketing and distribution, LOMA offers a wealth of outstanding education programs to develop member companies human capital.
Gary Aluise, Senior Vice President and Managing Director, International Operations LIMRA, LOMA said, “With this agreement, we now have a strong presence in India that will enhance our reach in the insurance segment and allow better communication with our members, - domestic trade associations, governmental offices, and the Indian financial services industry as a whole.”
“On behalf of LL Global, the parent company of LIMRA and LOMA, we look forward to a long and successful relationship with Infinium and hope we can find new and exciting opportunities to build business and better serve our members in India in the future,” he added.
LIMRA and LOMA are quite bullish about the long-term growth of the Indian Insurance Sector and believe that the Indian Insurance industry is poised for further growth both qualitatively and quantitatively. As per the market maturity model of LIMRA, India falls under an Emerging Market, which is fast evolving into the Integrated Financial Services market. With the increasing number of insurers looking towards profitability, the complexity of the business is bound to increase.
This is where LIMRA's research and products step in to deliver value in the areas of increasing productivity, multichannel distribution effectiveness, improving compliance & quality of service.
According to Girish Malhotra, Executive Director, LIMRA LOMA India & Director, Infinium, “This partnership is one of our prime moves to provide sustainable and long term value to the Indian Insurance Market. As the market in India matures, insurers are increasingly looking to enhance their productivity, persistency, create distribution efficiencies and boost their bottom-line. This is where LIMRA’s extensive suite of productivity enhancement services and products step in to deliver value.
Vijay Raghavan, Executive Director, LIMRA LOMA India & Director, Infinium, stressed on the growing need of the frontline sales in the industry to develop their skill sets to go beyond their natural market. LIMRA’s world renowned assessment and chartered development programs help identify the right people for the right insurance job and has the potential to support the development of the 3 million strong insurance sales force in the country. In India through the partnership with Infinium, we intend to deliver the entire suite of LIMRA-LOMA's products & services and enhance our ability to serve the members in India.”
LIMRA has 14 members comprising mainly of Life Insurance companies in India, while LOMA has about 40 members mainly from the IT & ITES industry -LIMRA and LOMA together with their combined knowledge and expertise intend to take this membership significantly higher and escalate their service in the areas of productivity consulting, Assessment Solutions, Training and Compliance services.
LIMRA’s assessment and recruiting tools help companies identify people who possess the skills, abilities, and personal characteristics necessary to standout in their respective organizations. LIMRA also consults companies and supports implementation of ideas and practices that have consistently delivered success. LIMRA & LOMA work with Life insurance companies and their people to help them become market leaders.
LOMA’s education programs are known worldwide as the benchmark for developing top notch talent in the “back office”.