Insurance Business Simulation – Insurance Challenge!™

A Management and Leadership Development Course for the Insurance Industry.

Ready to run an insurance carrier AND a broker network? Teams in the Insurance Challenge class need to do both – and do it well to win the competition!

Great products and underwriting at the carrier will mean little if they don’t also develop an excellent distribution channel to actually get their products sold.

As they lead and manage their carrier, competing Teams define their target markets, innovate and manage insurance products, price and define coverages, set commissions, choose reinsurance, manage claims, and develop an investment approach.

Concepts and metrics such as Combined Ratio, Loss Ratio, Loss Tails, Expense Ratio, Net Written Premiums, Solvency Ratio, Premiums to Surplus, Policy Count, Invested Assets, and IBNR come to life and inform their decision-making.

At their brokerages, Teams focus on generating sales – but it better be profitable sales! Hiring Producers, setting commissions on new and renew business, business development, sourcing leads, and training are key to success. All in partnership and in alignment with the goals of their carrier.

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

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Learn by Doing

At the center of this course is the Insurance Business Simulation – Insurance Challenge™. In Insurance Challenge, participants will be immersed in a learning activity unlike any they have experienced before. Over a period of several simulated years, teams will be challenged to manage a struggling Insurance Carrier and Agency Network, and compete for customers and qualified employees (producers, underwriters, support staff).

At the end of each decision period, teams receive performance feedback in the form of financial and industry reports. Participants will learn how to use these performance barometers to grow the business and improve bottom-line performance.

Overview video of PriSim’s business simulations for the Insurance Industry.

“This is an amazing program. I enjoyed the learning opportunities, the competitive moments and the interaction. I was very impressed with your program and the training. I have experience in underwriting, sales, marketing, subrogation and claims so I had a good background coming into the class. However, I learned so much more and the impact my daily decisions have on the other functions in our business.”
CPCOE Large Loss Territory Manager, Insurance Carrier

Our Course is Specific to Your Industry

Hands-On Insurance Business Simulation Dashboard

Insurance Challenge™ Business Simulation Dashboard

  • Corporate Support: carrier competency development, investment strategy, and IRIS Ratios
  • Product Development and Management: rates, coverages, value-added service levels, marketing, and new products
  • Customer Analysis: customer sensitivities and growth rates
  • Underwriting: underwriting activities, agency commissions/GSC, and reinsurance
  • Customer Service and Claims: service levels, claims payment speed, and claims payment approach
  • Financial Statement Analysis including profitability, expenses, invested assets, deferred policy acquisition costs, claims, and surplus
  • Financial Ratio Analysis including reserves, loss ratio, underwriting expense ratio, combined ratio, return on equity, premiums to surplus, and return on sales

“PriSim’s business simulation course was that ‘ah ha’ moment times ten for our leadership team. The course was like no other that our leadership team had gone through before and engaged our leaders to think outside their normal daily way of thinking. It forced them to think as business owners. This course helped being the transition for some managers to leaders.”
Human Resources Manager, Insurance Broker

Equip Your Team for ALL the Challenges of Insurance Carrier and Agency Network Management!

Participants Will Learn:

  • A “Total Insurance Perspective” on decision-making
  • To apply proven business and management concepts to insurance operations
  • To think strategically
  • The importance of customers and their “lifetime value”

 

  • To read and interpret financial reports (Income Statement, Balance Sheet, Cash Flow Statement)
  • How decisions in each department impact other departments and the entire business (integrated decision-making)
  • The difference between management and leadership

“Everything about the PriSim experience has been first rate. Designing and developing a custom simulation can be a nightmare, but they made the process painless. The design team was well organized and extremely efficient. PriSim’s facilitation of the custom simulation is flawless. The insights and perspectives the instructors bring to the program enhance the participant’s learning experience. The instructor’s professionalism, expertise, talent and sense of humor are reflected in the product they deliver.”
Vice President, Insurance Company

Sample Lectures

Financial Statements for Insurance Companies

Financial Metrics and Ratios for Insurance Companies

“Most small business owners and future leaders are not privy to advanced business acumen courses unless they had the opportunity in college, so the course was very valuable for our group. The simulation is impressive because it combines critical leadership skills into a learning forum that is so different from what anyone has ever experienced before. The simulation is sophisticated so it is impossible to leave without critical, implementable takeaways. It is hard to keep people engaged for 2.5 days, but PriSim was uniquely superb.”
Vice President, Insurance Broker

PriSim® conducted a “mega” laboratory for National City’s Officer’s Conference. Twenty-five teams competed to prove that they best knew how to run a mortgage operation. This exercise provided National City with a hands-on learning experience that set an energized tone for the remainder of the conference.