Life Office Management Association
LOMA, (formerly the Life Office Management Association) and LIMRA (formerly Life Insurance Marketing and Research Association) under the umbrella organization LL Global[1] is one of the largest trade associations in the U.S. insurance industry.[2][3]
LOMA offers an employee training and development program used by the majority of American life insurance companies,[4] and by life insurance companies in over 70 countries worldwide. The president and CEO of LL Global is David Levenson.[5]
LOMA administers a series of designation programs. The Fellow, Life Management Institute (FLMI) designation program, awards the FLMI designation to individuals who pass a series of 10 examinations; these insurance-focused examinations cover insurance, accounting, marketing, information systems, finance, law, management, and computers.[6] Brokers also use the LOMA educational courses to count towards the continuing education (CE) requirement needed to maintain their license in good standing with regulators.[7]
LOMA's board of directors is made up of insurance industry chief executive officers, presidents and vice-presidents, lawyers and other industry professionals.[8][9]
History[edit]
The National Life Office Management Association "in the early nineteen thirties was one of the first management societies or trade associations to assign an increasingly prominent role to some kind of selective records preservation in the programs of their annual meetings and in the work projects of their research groups."[10]
LOMA developed a series of merit rating scales for clerical employees based on traits and behavioral elements, published in 1950.[11]
Designations and examinations[edit]
As of 2018[update], below are some of the designations offered by LOMA, as well as their associated courses/exams.[12]
| Designation | Papers | Theme |
|---|---|---|
| Level I | LOMA 280 or LOMA 281 | Principles of Insurance |
| LOMA 290 or LOMA 291 | Insurance Company Operations | |
| Associate, Life Management Institute (ALMI) | All papers in Level I | |
| LOMA 301 or LOMA 302 | Insurance Administration | |
| LOMA 307 or LOMA 308 | Business and Financial Concepts for Insurance Professionals | |
| LOMA 320 or LOMA 321 | Insurance Marketing | |
| Fellow, Life Management Institute (FLMI) | All papers in ALMI | |
| LOMA 311 | Business Law for Financial Services Professionals | |
| LOMA 335 | Operational Excellence in Financial Services | |
| LOMA 357 | Institutional Investing: Principles and Practices | |
| LOMA 361 | Accounting and Financial Reporting in Life Insurance Companies | |
| LOMA 371 | Risk Management and Product Design for Insurance Companies | |
| Fellow, Secure Retirement Institute FSRI® | SRI 111
SRI 121 SRI 131 SRI 210 SRI 220 SRI 230 SRI 240 SRI 500 |
SRI 111 — Retirement Fundamentals
SRI 121 — Retirement Plans, Accounts, and Annuities SRI 131 — Planning for a Secure Retirement SRI 210 — Successful Retirement Outcomes SRI 220 — Retirement Marketing and Business Acquisition SRI 230 — Retirement Administration SRI 240 — Profitability in the Retirement Business SRI 500 — Transforming Retirement Security |
Customer service[edit]
| Designation | Requirement | Papers | Theme |
|---|---|---|---|
| Associate, Customer Service (ACS) | Compulsory - must complete all the papers | ACS 100 or ACS 101 | Foundations of Customer Service |
| LOMA 280 or LOMA 281 | Principles of Insurance | ||
| LOMA 290 or LOMA 291 | Insurance Company Operations | ||
| Elective - complete two out of three | LOMA 301 or LOMA 302 | Insurance Administration | |
| LOMA 307 or LOMA 308 | Business and Financial Concepts for Insurance Professionals | ||
| LOMA 320 or LOMA 321 | Insurance Marketing |
References[edit]
- ^ https://www.limra.com/globalassets/limra-loma/about---limra-loma/in_a_snapshot.pdf [bare URL PDF]
- ^ Ray, G.; et al. (2004). "Capabilities, business processes, and competitive advantage: choosing the dependent variable in empirical tests of the resource‐based view". Strategic Management Journal. 25 (1): 23–37. CiteSeerX 10.1.1.139.6941. doi:10.1002/smj.366.
- ^ Gavin, James F. (August 1973). "Self-esteem as moderator of the relationship between expectancies and job performance". Journal of Applied Psychology. 58 (1): 83–88. doi:10.1037/h0035416.
- ^ Fan, Chiang Ku; Cheng, Chen-Liang (September 2006). "A study to identify the training needs of life insurance sales representatives in Taiwan using the Delphi approach". International Journal of Training and Development. 10 (3): 212–226. doi:10.1111/j.1468-2419.2006.00255.x. S2CID 145634549.
- ^ "Executive Profiles". LL Global, Inc. Retrieved 24 June 2019.
- ^ "Business Definition for: Life Office Management Association (LOMA)". Barron's Educational Series, Inc. and AllBusiness.com, Inc. Retrieved 21 December 2012.
- ^ "Independent Financial Brokers, Educational Opportunities for Financial Services Professionals". Independent Financial Brokers. Archived from the original on 7 March 2013. Retrieved 26 December 2012.
- ^ "APPOINTMENT: Les Herr". Canadian Life and Health Insurance Association Inc. Retrieved 26 December 2012.
- ^ "LL Global adds board members". LifeHealthPro. A Summit Business Media publication. Retrieved 26 December 2012.
- ^ LEAHY, EMMETT J. (July 1949). "Modern Records Management". American Archivist. 12 (3): 231–242. doi:10.17723/aarc.12.3.52344260u1064020. Archived from the original on 21 December 2013. Retrieved 21 December 2013.
- ^ Ferguson, Leonard W. (June 1950). "The L.O.M.A. Merit Rating Scales". Personnel Psychology. 3 (2): 193–216. doi:10.1111/j.1744-6570.1950.tb01696.x.
- ^ "LOMA Education Catalog" (PDF). LOMA. Retrieved 25 Feb 2018.
| International | |
|---|---|
| National | |
