Client: Top-10 Insurance Carrier and Independent Agents
Simulation Used: Insurance Challenge™ (enhanced version 201)
Specific Business Need: The sponsoring insurance carrier’s success is heavily dependent upon the success of their independent agent partners. The carrier seeks to ensure that its own branch-plans align with the plans of its agents, and that these plans position both businesses to best meet customer needs and expectations.
Solution: PriSim® designed and built a customized insurance conglomerate simulation that models both the carrier and the agency aspects of the business. Decision-making in the simulation involves the following areas:
- Carrier Product Development and Management
- Carrier Underwriting and Loss Control
- Carrier Customer Service and Claims
- Carrier Staffing and Development
- Carrier Finance
- Agency Production and Sales
- Agency Sourcing and Lead Generation
- Agency Staffing and Development
- Agency Finance
This solution is truly innovative in that Carrier and Agency partners team-up to run the best “conglomerate”. Decisions for one business (i.e., the carrier or the agency) can dramatically impact the performance of the other business partner. The teams’ goal is to run the most effective and balanced conglomerate.
At various times throughout the competition, the partner teams are asked to step outside of the simulation to analyze and plan for their own real markets. They complete SWOT analyses and identify one to three strategic objectives that they want to achieve to help them to better meet customers’ needs and expectations. Specific plans and tactics are then developed to accomplish these objectives.
Participants return from this experience armed with specific, actionable plans to improve their business. They have a much better understanding of the dynamics of the insurance market and a greater appreciation of their agency partners’ perspective on the business. The client tracks each partner team’s plan for several months after the competition and documents performance improvements by market.