Management and Leadership Development Courses for the Insurance Industry

Accelerate your Managers’ financial and business acumen! PriSim’s insurance-specific courses and simulations will improve their strategic decision-making, their understanding of finance, and their leadership and teamwork skills. And will make them even more valuable to your company!

Over a period of several days this fun and engaging exercise immerses your team in a complex business case study in which they either run an insurance conglomerate or an insurance agency in competition with other teams. Key business learnings will be driven by a computerized business simulation, content lectures, and group discussions.

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Insurance Challenge

Carrier/Agency simulation includes:

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

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Agency Challenge

Agency-specific simulation includes:

  • Staffing and Sales Management including skills development, producer activities analysis, new-hires, and experienced hires
  • Carrier Management including carrier appointments, competencies, coverages, commissions, and contingents
  • Customer Management including service-levels, staffing training, producer compensation and advertising/targeting
  • Source Management and analysis by customer type, source demand, lead generation, pipeline efficiency, channel coverage, and by “hit-ratio” from each source
  • Financial Management including P&L, balance sheet, accounts receivable management, working capital, and float

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“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. The participants learn from doing, have a strong discussion around strategy. The course plays beautiful to the ego of any quality employee willing to participate, want to win and have fun in the process. Our clients were also impressed by the combination of presentation/lecture with teamwork/simulation work. It is hard to keep people engaged for 2.5 days, but PriSim was uniquely superb.” – Vice President, MarshBerry, August 2014

Participants Will Learn

  • A “Total Insurance Perspective” on decision-making
  • To apply proven business and management topics to insurance operations
  • To think strategically
  • The importance of customers and their “lifetime value”
  • To develop effective business plans
  • To read and interpret financial reports (Income Statement, Balance Sheet, Cash Flow Statement)
  • How decisions in each department impact other departments and the whole business (integrated decision-making)
  • The difference between management and leadership

“I learned a lot! Last week I was in a meeting with [a senior leader] and he was sharing an update on our strategy and I was able to see the impact of high level strategy more clearly.” – Service Center Manager, Auto and Liability

Sample Agenda

Throughout several rounds of the simulation, participants will be challenged to manage their business and compete for customers, market share, and profitability.

At the end of each decision period, teams will 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.

schedule

“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.” – CPCOE Large Loss Territory Manager, Insurance Carrier