Insurance Business Simulation – Insurance Challenge!™
A Management and Leadership Development Course for the Insurance Industry.
Over a period of several days, course participants will be introduced to the fundamental business tools needed to achieve long-term profitability and competitive advantage in the insurance industry. Participants will be challenged to apply these tools in a business simulation (a “virtual” Insurance Carrier/Agency) where their performance will be evaluated by a marketplace that has been created by competing teams.
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.
“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
- 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
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’s expert teaching combined with a realistic simulation solidifies key business topics through running your own company to achieve profitability while competing with other teams. The dynamic teaching of PriSim’s professors lays the business knowledge of R&D, product development, manufacturing, sales forecasting, marketing, pricing, finance, market forces, and their interdependencies. The competitive simulation and decision making hammered home these concepts by enabling us to put them into practice and view how our decisions affected our company’s products, sales, profitability, market dominance, and preference vs. the competition.”
– Northwestern Student, December 2012