Hall of Fame Laureate Spotlight: Larry Zimpleman, Former President, CEO and Chairman, Principal Financial
What is the biggest challenge facing the industry in the next decade and the greatest opportunity?
I have always taken great pride in what the insurance industry does for our customers. We help people to deal with some of the biggest challenges they face—whether it is a premature death, a loss of income or making sure you have enough assets to retire at an appropriate level of income. Our biggest challenge and our biggest opportunity is that the “protection gap” and the “income gap” continue to widen. We must find ways to raise the awareness of these issues among our customers and make solving these issues easy for our customers. I am very hopeful that new technologies along with new ways of reaching customers and prospects like social media will help to close these gaps over time.
The income and protection gaps are not just issues for people in the US; indeed these are global issues. I feel fortunate to have been able to help customers in several countries to first, understand these gaps and to then take concrete steps to close these gaps over time. I can only encourage those in the industry today and to those that will come into the industry over time to embrace this challenge and opportunity to improve people’s lives.