At a disability insurance sales conference in Minneapolis in 2001, Milliman USA released the results of its actuarial study of disability insurance for the period from 1975 to 2000. Among the findings was the exit of carriers from the disability insurance business. The industry went from a one-time high of 545 insurance companies underwriting disability insurance to only 26 in the year 2000.
In response, a white paper titled "The State of Disability Insurance in America -- 2002" was distributed to insurance commissioners, life insurance company executives, educators, and a number of providers. The concern and interest led to the formation of an organization whose purpose would be to revitalize the disability insurance industry.
The International DI Society (IDIS) was formed on July 1, 2005. The founders determined that the organization needed to be recognized and supported by the entire industry, not just one of its components. Therefore, its membership includes insurance regulators, insurers, educators, and providers. Instead of creating an organization that deals only with concerns of a component of the industry, an industrywide organization was created where the diverse interests of the members could be debated in an environment of friendship and teamwork.
Mission and membership
The mission of the DI society is to assist in joining the segments of the industry --producers, insurers, regulators, and educators -- to the common cause of best serving the disability insurance consumer.
Members of the Society come from a variety of disciplines. The 2005 annual conference attendee profile was:
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The founders also recognized that disability insurance is crucial in any valid financial plan and that an adequate amount of disability insurance is essential for the well-being of everyone. DI has long been sandwiched into other segments of the insurance industry. Consequently, disability has suffered a lack of attention and intensity, hence its neglect. The Society contends that disability insurance should be a stand-alone industry with the goal of insuring consumers.
Benefits of membership
The cost of membership is $250 per year for individuals and $3,000 for a corporate membership (which includes an exhibit booth at the annual conference and five individual memberships).
At present, a disability education training course and professional designation are under development. In addition, a mentoring program will be introduced at the upcoming conference scheduled for October 22-24, 2006 at the Hyatt Regency, Lake Las Vegas.
The Society publishes a newsletter twice per month. The Web site includes interviews with industry experts, career opportunities, membership enrollment and convention registration information, a who's who in the industry, and a library of information on the many aspects of disability insurance.
