PriSim Agency Management Competition Kicks Off!
The first PriSim Agency Management Competition kicks off the first week of February, 2017. During the five-week, online competition, teams from 8 top colleges with insurance programs will compete in a business simulation where they will function as the management team running an insurance agency. The schools include: Appalachian State, Eastern Kentucky , Illinois State, Georgia State, Olivet College, and Florida State.
The competition is an initiative of InVEST, a school-to-work insurance program that works with high school and college educators to create insurance curriculum for their students. InVEST is a 501(c)(3) non-profit arm of the Independent Insurance Agents & Brokers of America, Inc. and is dedicated to improving insurance literacy in students and attracting new talent to the industry.
“InVEST gets students interested in insurance careers and gets them educated about the terminology and dynamics of the industry,” said David Semb, a partner at PriSim Business War Games Inc. and an adjunct professor in the MEM program at Northwestern University. “Teams from each college will compete in a head-to-head battle for market share and profit. They’ll work on their insurance business acumen and they’ll get a super-immersive experience of what it’s like to run an insurance agency. We’ll be running our Agency Challenge computerized business simulation. Let the games begin!”
Strategic thinking is critical to the decisions made in the competition. Students will conduct an analysis of the business environment and then articulate the mission of their company. Each firm will begin the simulation at the same point, on a level playing field, and then will decide how to improve their performance and whether they want to design and develop products to enter new market segments.
The Competition begins the first week of February and wraps-up Monday, Feb. 27, 2017, when PriSim and InVEST will score the competition and announce the winners.