Bailey then asked attendees of the session to think about the problems that the industry has right now and how they could solve them. He urged the audience to use the Stanford Business School process for solving complex programs, which follows these steps:

Empathize
Define
Ideate
Prototype
Test

The attendees, who were divided into teams, provided some thoughtful conclusions:

Be open-minded. Realize that technology is going to change everything, including our culture.
Technology can enable and empower life insurance distribution.
Advisors should focus on building relationships and provide localized marketing strategies.
In order to have more engaged customers, life insurance should be transparent and easy for people to understand.
Bring financial education to the younger generation through gamification, or by creating opportunities for students to shadow financial experts in their day-to-day roles.
Provide value-added mentorship programs for agents who have been in the industry for less than two years, to foster agent retention

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Brainstorming ideas on fixing the industry

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