ICPA Considers Further Change To Court Financial Cos.

Members of the Association of Insurance and Financial Services Conference Planners are considering a proposal to change the group's acronym to better incorporate financial services companies, according to the association's newest president. As mergers and acquisitions in the industry continue, ICPA in 2006 plans to step up member educational events under the direction of a new committee and provide benchmarking data to members, he said.

Michael Burke, president of ICPA and senior specialist of conference and travel services for Allmerica Financial Corp., based in Worcester, Mass., said the board hopes to present a new logo to members at the annual meeting in New York on Nov. 6 that incorporates the proposed name of Financial and Insurance Conference Planners. The group in 2003 changed its name from Insurance Conference Planners Association but kept the old acronym.

"We've included financial company planners as members for quite some time, but we just haven't included them in our branding," Burke said. "It's always been an obstacle to us."

Burke was to become president of the association in November, but took the helms of the group two months early after former president John Touchette left his position as assistant vice president of meeting management for Boston-based John Hancock Financial Services to work for defense contractor Raytheon Co. A new president-elect has yet to be named. Burke has been a member of ICPA for nine years.

ICPA membership increased by 7 percent from last year at this time, Burke said, but the association hopes to increase its ranks even more by reaching out to financial services companies.

"We're not looking to grow to the size of an organization like Meetings Professionals International. We like the intimacy of our association," Burke said, "but we do need to grow to stay viable."

In addition to the brand change, ICPA will reach out to financial services companies by inviting industry-specific vendors to conferences and by holding tailored educational programs, he said.

"A lot of the hotel companies also are looking at the fact that these are really becoming one market, not necessarily two separate markets," he said.

ICPA this year established an education committee and held its first educational Webconference. The discussion centered on the future of the airline industry. Another online educational forum is planned for December and the association aims to hold two to three such events per year, he said.

ICPA in 2006 also will conduct industry surveys, research and provide benchmarking data to members and meeting vendors, Burke said.

"It's important to provide our hospitality partners with the market value of the business that we bring to them so that they are able to go to their leadership to justify sponsoring our events and putting money into our organization," he said. "It's certainly a focus for 2006."

According to an ICPA member survey conducted in April, 78 percent of respondents said they believed the insurance and financial services industry will continue to consolidate in the future. According to the survey, 82 percent of respondents said the needs of meeting planners serving insurance companies were similar to the needs of meeting planners at financial services companies.

The insurance and financial services industries have had a tumultuous past few years of budget cuts and mergers and acquisitions, Burke said. "It's definitely had an impact on our membership," he said.

Though the pace of mergers and acquisitions has slowed, the industries continue to shift, he said.

"Times are different now. Most of us are working for companies that are publicly held," Burke said. "I don't see an end to it."

Many insurance and financial services companies have strict rules about proprietary information and what their employees can divulge about internal processes, but Burke said ICPA members manage to share information and develop best practices.

"It's a very unique association. Our companies may compete, but the membership has a unique relationship," he said. "It's a sharing organization."

One topic that has greatly concerned members recently has been the development of crisis planning in the wake of Hurricane Katrina. Insurance companies in particular have unique needs in the aftermath of a natural disaster, and group travel may increase for a company as agents are called to inspect properties.

Sarbanes-Oxley and other legal issues surrounding the insurance and financial services industries continue to be a concern for ICPA members, Burke said.

"Companies are being much more cautious with how they conduct their meetings and trying to avoid scrutiny and make sure that what they're doing is appropriate," he said.