Register Exclusive: Des Moines to host insurance symposium

December 31, 2013 by Matthew Patane

Organizers want experts, executives to discuss issues facing industry

Insurance and economic development leaders are building on Iowa’s reputation as an insurance industry hub to attract the world’s leading insurance officials to Des Moines for a two-day event next year.

Iowa Insurance Commissioner Nick Gerhart will announce today the inaugural Global Insurance Symposium. The symposium is intended to bring insurance experts, regulatory authorities, corporate executives and industry leaders from around the world to Des Moines to create and further a dialogue about the issues facing the insurance industry.

“I think it would be a unique opportunity to bring these people together and discuss these issues,” Gerhart said in an interview.

Jay Byers, CEO of the Greater Des Moines Partnership, said the event’s organizers looked toward the success of the World Food Prize as inspiration for the symposium.

“When we looked at the World Food Prize and what it has done for the ag sector, we wanted to do the same for insurance,” Byers said. “We thought that putting together a signature event for the insurance industry in the spring would be a very nice bookend for what the World Food Prize does in the fall.”

The event’s organizers said the number of insurance companies in Iowa and Des Moines’ reputation as an insurance industry “powerhouse” make the city the perfect place to hold such a forum.

Gerhart said Iowa’s insurance sector made up 7.8 percent of the state’s gross domestic product in 2011. It was the third-highest contribution that insurance made to a state’s GDP in the nation that year, behind Delaware, which had the highest, and Connecticut. He also said the state’s 213 insurance companies employ more than 41,000 people.

The symposium will be held at the Des Moines Marriott Hotel on May 21 and 22.

The Iowa Insurance Division is working with the Partnership and the Iowa Economic Development Authority to develop an agenda.

Details are still being finalized, but Gerhart said it is hoped a formal agenda and list of speakers will be ready by early January.

Gerhart said that the event is estimated to cost between $80,000 and $120,000, assuming a couple hundred people attend, and that it will be fully funded through registration fees and sponsorships. He said no state money is being used for the event.

If all goes well in 2014, Iowans may see a lot more traffic from insurance executives and industry officials in the years to come.

“My hope is that a lot of people look at this as an industry event,” Gerhart said, adding that he would like to see the symposium occur, if not annually, at least every other year.

Byers said that while it is not the symposium’s top priority, another benefit would be promoting Iowa to insurance companies elsewhere as a place to expand.

“If we have insurance execs outside of Iowa and they get to know our industry leaders and get to know our regulatory staff, get to know the region, as they’re making future decisions in terms of expansion, we would like to have them consider Iowa,” Byers said.

One company that has chosen to move to Iowa because of its insurance-friendly environment is Fidelity & Guaranty Life Insurance Co. The firm, which was based in Baltimore, began operating under Iowa regulations last month.

Paul Tyler, a spokesman for Fidelity, said the company was drawn to Des Moines, in part, because it already has an existing insurance infrastructure and workforce. Fidelity is relocating its headquarters to Des Moines, and Tyler said the company expects to have 50 employees here within three years.

“There’s an enormous amount of insurance talent” in Des Moines, Tyler said.

“As we grow, we want to be able to pull on the best and brightest in the business.”

Tyler said he had not heard of the planned symposium, but thought it would be a good opportunity to have a conversation among those in the insurance industry.

One issue insurance companies are facing, he said, is how to explain their business to younger generations looking for coverage.

“I think we as an industry need to have a shared vision as to how you communicate our products and services to a younger generation,” Tyler said.

Tyler also said the city’s reputation as an insurance industry leader has “advanced significantly” in the last five to 10 years, making Des Moines one of the best places for this type of event.

He added that he did not know of any other state attempting to hold a similar event.

“For Iowa to do this, the state’s really showing remarkable leadership in this area,” Tyler said.

http://www.desmoinesregister.com/videonetwork/2956358345001/Iowa-business-community-What-s-coming-in-2014- Iowa business community: What’s coming in 2014?: Register business editor, Lynn Hicks, and Greater Des Moines Partnership CEO, Jay Byers, talk about what Des Moines can expect in 2014, including an insurance symposium that the Partnership hopes will be a must for industry executives.

Jay Byers / Register file photo.

Nick Gerhart / Christopher Gannon/The Register

Originally Posted at The Des Moines Register on December 27, 2013 by Matthew Patane.