President’s message
Barb Fitch
President, ICAE
Barb Fitch, ICAE President (National Life Group) provides insight as she welcomes attendees to the 2009 Exchange.
I want to thank everyone who participated in our highly successful 2009 Insurance Consumer Affairs Exchange in St. Louis. It was a great meeting, with a theme and a venue both appropriate to these times.
Meeting as we did virtually in the shadow of the Jefferson National Memorial Arch, the “Gateway to the West,” got me thinking about the concept of new frontiers. In fact, our industry is being challenged by new frontiers on several fronts.
Last year, when our 2008 Exchange was underway in Williamsburg, Virginia, the news breaking hour-by-hour was about desperate efforts by the U.S. Congress to pass a financial rescue bill aimed at preventing the collapse of the global financial system. As a part of the financial services industry, we knew there would be impacts on the insurance industry. As it happened, those impacts had more to do with broad-brush perceptions and a reduction in public trust given to the financial services industry as a whole, rather than the actual collapse of any major insurance carriers. Our industry was and remains financially sound and has done a good job managing risk. However, there is no doubt that perceptions of all financial services players have taken hits.
Now we face the new frontier of another unprecedented challenge – proposals that could forever change how health insurance is provided in the U.S. That challenge is also giving rise to suggestions that the McCarran-Ferguson Act allowing insurers to share loss data and enabling a robust system of state regulation may itself come under review.
In times such as these, I can think of few industry efforts more relevant or necessary than the give and take that goes on between regulators and insurance companies during ICAE events such as our St. Louis Exchange. Given all the uncertainty in our business and across the financial services spectrum as a whole, our concerted and dedicated response to the concerns of insurance consumers has never been more important.
During my association with the ICAE, including my term as President, I have been proud to be associated with an organization whose sole purpose is sharing ideas and best practices aimed at one overriding goal – improving our industry’s response to consumers. I want to thank everyone associated with that effort, from our ICAE Executive Committee members who guide the organization to the many participants who have contributed so much to the ICAE’s mission with their honest ideas and input.
Speaking of new frontiers, this will mark my last message to the ICAE as its President. I am moving on to an exciting new leadership opportunity within my company, but one that will make significant demands on my time and attention. At the end of my Presidential term in 2010, I will be stepping away from the ICAE to focus on my new responsibilities. However, I will always remain a strong supporter of this exceptional organization.
To say I do so with mixed emotions is an understatement. I have been enriched both personally and professionally by the friendships I have made during my association with the ICAE. I will miss my close association with the group, but I can assure you that I will be keeping up with developments and activities of the ICAE in the years ahead. The work you do is important to consumers, regulators and companies alike.
So, once again, thank you for the friendships, experiences and insights you have given me over the years during my association with the ICAE. I know that whatever new frontiers challenge our industry in the years ahead, this group will lead the way in the exploration of best practices that will enhance this industry’s ability to deliver what matters to the people who matter most – our customers.
Contact info:
Barbara Fitch
2nd VP – Market Conduct & Compliance
National Life Group
802.229.3112
bfitch@nationallife.com
www.nationallife.com
