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

“The PriSim program is excellent in that it provides a safe, yet realistic way, for participants to test their hypothesis of running a business in a simulated environment. The course provides good insight into the complexities of running a business and the many competing factors leaders must consider to achieve success. I highly recommend this program for both experienced and novice leaders.”
– Market President, IMA Insurance Agency, Brokerage Challenge Course, February 2018