Insurance Challenge!™ Product Details
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. Participants will be challenged to apply these tools in a computer-simulated environment (a “virtual” insurance conglomerate) where their performance will be evaluated by a marketplace that has been created by competing teams.
At the center of this “Learn by Doing” course is the Insurance Challenge! exercise. 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.
“Working with the PriSim organization enabled (us) to build seamless alliances both within and outside the (organization.) Their approach to building the Insurance Game simulation tapped into subject matter experts and resources within (our company) at some of the highest levels of management. They worked closely with our agency network, and our strategic partners in reaching the end user of our product – the insurance simulation game.”
VP of Training
Major Insurance Company
Equip Your Team for ALL the Challenges of Insurance Management!
Participants Will Learn:
- A “Total Insurance Perspective” on decision-making
- How to apply proven business and management topics to insurance operations
- How to think strategically
- How to analyze complex business issues
- How to use sound judgment in decision-making
- How to develop effective business plans
- The importance of the customer and their “lifetime value”
- How to read and interpret financial reports (Income Statement, Balance Sheet, Product Contribution Report)
- How decisions in each department impact the complete business & other departments (integrated decision-making)
- How to measure success using financial & operational ratios (hit ratio, loss ratio, combined ratio)
- How to establish effective group decision-making roles and processes