Brokerage Challenge™ – The Insurance Brokerage Business Simulation!

A Business and Financial Acumen Course for Insurance Brokerages

Does your management team need to be more strategic, financially aware, customer focused, and business savvy?

Leading and managing a successful brokerage is about more than just selling. It also means understanding the needs, wants, and the risks of target customer segments, generating new business, retaining existing business, working with the right carriers to provide the right products, and providing the right level of service.

And it means hiring, incentivizing, and retaining the right staff to get it all done.

As Teams run their company in the Brokerage Challenge class, they analyze customers, competitors, and current operations. They become proficient in interpreting KPIs and statistics including EBITDA, Gain/Lapse/Cancel Ratios, Hit/Conversion Rates, Average Account Sizes, Accounts Receivable, Float, Working Capital, Trust Ratio, Cash, and Distributions.

The Brokerage Challenge course can be run as a live or virtual class over 2-4 days.

Brokerage Challenge Dashboard PriSim’s Insurance Brokerage Simulation Dashboard

  • Staffing and Sales Management: new-hires, experienced hires, skills development, producer activity analysis
  • Carrier Management: carrier appointments, competencies, coverages, commissions, and contingents
  • Customer Management: service-levels, staff training, producer compensation, and advertising/targeting
  • Source Management: by customer type, source demand, lead generation, pipeline efficiency, channel coverage
  • Financial Management: accounts receivable management, working capital, and float
  • Financial Statement Analysis: revenue, expenses, profit, assets, liabilities, and equity
  • Financial Ratio Analysis: production ratio, hit ratio, return on sales, return on assets, and return on equity

Sim Tip Videos Short videos highlighting specific dynamics within Brokerage Challenge

Glossary of Insurance Broker Financial Terms

Glossary of Insurance Broker Terms

“In order to advance in the early part of your career you need to develop expertise in an area to differentiate yourself. In order to advance later in your career you must show that you have the ability to understand and act on the landscape of factors that impacts a company’s ability to grow. PriSim as a platform gives you the ability to learn by doing, test yourself based on measured results, and along the way requires you to debate and discuss with your peers the best path forward. If you are entry level or a CEO, you can take something away from this experience; and our Board did. We valued their professionalism, flexibility, expertise, and humor!”
– CIAB Board Member, May 2017