Happening Now at PriSim
We’re always trying to improve our simulations and our skills as we develop our clients’ business decision makers. Below are some of the interesting news and developments we’ve been working on recently.
We’re always trying to improve our simulations and our skills as we develop our clients’ business decision makers. Below are some of the interesting news and developments we’ve been working on recently.
Re-Designed our Brokerage What-If Tool for the Insurance Industry. The tool is run by insurance brokerages and agencies in meetings and training sessions to demonstrate the impact that prospecting, conversion rates, and other production and operating activities have on business results, including Profit, Float, Trust Ratio, and Book Value of Stock.
Customized PriSim’s Post-Round “Newspaper” Report for a Client, moving it online and making the data sortable by value and by competitive round. The report includes specific metrics that are used in the client’s real-world business.
Sponsored a Networking Event with Waukegan to College in which members shared their college success stories. The organization works to help disadvantaged students reach the goal of becoming college graduates.
Ran a 6-Week Virtual Business Simulation Class for a Large Automotive Company with online lectures and weekly competitive simulation rounds. Used an interactive online web portal for documents and downloads, and a LinkedIn Group for communications.
Transitioned PriSim’s Interactive Finance Boardgame Exercise to an online process for virtual courses. Participants work completely online to move simulated money across a gameboard representing an income statement and balance sheet.
The exercise demonstrates the flow of money through a specific scenario such as the sale of a product, the financial impact of Working Capital, or the purchase and depreciation of a piece of equipment, and brings the financial statements and the scenarios to life.
Completed an Aerospace and Defense Program Management Training Course in a Completely Virtual Delivery as our A&D clients continue to put emphasis on accelerated PM development. PriSim’s BizFighter.exe business simulation provides PMs with an opportunity to manage the risks, opportunities and ETCs of simulated programs for 4 years – and then team’s engage in powerful teachable moments regarding what they handled well, and what mistakes should be avoided on actual programs. Read more on LinkedIn.
Sponsoring an Internship project with Waukegan to College. Over the summer of 2020, W2C interns will work on conceptualizing, designing, and producing a series of promotional videos. In addition, all interns will participate in a powerful business simulation competition that further builds the intern’s business and financial acumen.
PriSim has Set Up In-House Virtual Studios in our office in Grayslake north of Chicago, and in our Chicago Loop office to handle increased demand for virtual training.
Conducted 3 Virtual-Delivery Courses for Clients that had traditionally been run as live classes. The courses were transitioned to a virtual format through a combination of live webinars and self-study video lectures, team “Cloudrooms” to run the simulation, and a web-portal for materials. Read more about our business simulations on our website here.
Updated the Employee Benefits Version of PriSim’s Brokerage Challenge Business Simulation to focus on benefits insurance products and dynamics, exclusive of P&C products. The simulation is ready to run “off the shelf”, and focuses on agency-attributes rather than carrier attributes including:
Announced that all of PriSim’s business simulations and classes are now available to run in a virtual setting, as traditional live classes, or as a hybrid of both.
You can learn more about our virtual/hybrid option and about our business simulations on our website here.
Volunteered at Lake County Food Bank, and scheduled shift-time at the Great Chicago Food Depository.
Ran the Third PriSim Agency Management Competition during February, 2020. During the five-week, online competition, teams from 7 top colleges with insurance programs competed in a business simulation where they functioned as the management team running an insurance agency. The schools were: Appalachian State, Middle Tennessee, Howard University, Illinois State, University of North Carolina at Charlotte, Indiana State, and Temple University.
And you can read an overview on PriSim’s website.
For more detail, you can see how the competition unfolded through round-by-round results on our LinkedIn Group page.
And to see what the students were working on each week behind the scenes, take a look at the Competition Web Portal.
Reduced Paper Usage at PriSim Courses by Up To ~75% by using large-format “Placemat” handouts to replace the bulk of our standard course binders. The Placemats are 13″ x 19″ double-sided handouts with summarized lecture content on strategy, finance, and other topics. Our goal is to save a few trees – and lighten the load carried home by participants!
WE ALSO Reduced Printing and Paper Usage EVEN MORE by Adding the Capability to View PDF Reports On-Screen to all PriSim simulations. This function has minimized the amount of printing needed onsite during our classes.
Included an Auto-Advance Function to PriSim’s simulations that allows us to manage our simulations remotely and more efficiently from one location.
Hosted a Waukegan to College Event at PriSim’s offices. W2C Alumni Board members described their successes and challenges in achieving a college degreen. W2C’s mission is to create brighter futures for students, families and the community by helping students prepare to enroll in and graduate from college.
Updated PriSim’s Team Room Setup Video-Guide on our website. The guide describes 3 different room-configuration options and the ideal “T-Shaped” table arrangement for computers, monitors, peripherals – and for 4-6 teammates!
Streamlined and Improved PriSim’s Cloud Architecture for Large-Scale Competitions that are run in the cloud. Increased file-transfer speed and improved reliability.
Planning for the 3rd Annual PriSim Agency Management Competition. During the month-long online event, teams from 8 top colleges with insurance programs will compete as management teams running an insurance agency business simulation. The event is an initiative of InVEST, a school-to-work insurance program that works with high school and college educators to create insurance curriculum for their students.
Created New Large-Format handouts to replace PriSim’s course binders. Instead of multiple-page printed sections on strategy, finance, and other topics, participants in PriSim’s courses will be given single-page 13″x19″ sheets with summarized lecture content. The initiative will reduce the amount of paper used in PriSim’s classes – and the weight carried home by participants!
Customizing PriSim’s Financial Ratio and KPI Tracking Wall Charts to include client-specific ratios/KPIs. At PriSim’s courses, we hang “ratio tracking” wall charts prominently on a wall during the course showing each team’s financial results for each competitive Round (profit margin, ROE, Combined Ratio, etc.) Our updated process includes the teams’ performance on the specific ratios/KPIs that our clients track in their real-world business.
Sponsoring the Big-I’s Education Convocation in Savannah, Georgia this September 11-13, where we’ll be highlighting PriSim’s Insurance-Focused Business and Financial Acumen business simulation courses. Get the details here!
Held the 9th Annual PriSim Tailgate BBQ at Northwestern University, co-sponsored by the Master of Engineering Management Program (MEM).
Ran Two Classes Using PriSim’s new Program Manager Version of our BizFighter Simulation for a Top-5 Aerospace and Defense Company. The primary focus of the courses and the simulation are on program-level execution. In the competition, participants run 3 contracts and make EAC (Estimate At Complete), program-level, and corporate decisions.
Revised PriSim’s Pop-Quiz Format to a “narrative” story-line format. The new approach leads attendees through a structured “treasure-hunt” for specific data on each of the business simulation decision-screens used in the class. The new format was inspired by a suggestion from one of our clients. We value your feedback – please keep it coming!
Completed the Second PriSim Agency Management Competition. During the month-long online event, teams from 8 top colleges with insurance programs competed in a business simulation where they functioned as the management team running an insurance agency. The event is an initiative of InVEST, a school-to-work insurance program that works with high school and college educators to create insurance curriculum for their students. This initiative is also being sponsored by the Big “I” Diversity Task Force.
Read more about it in Property and Casualty 360 here…
And from the winning team from Indiana State here…
Here Comes the 7th Annual MEMPC PriSim Business War Games Competition, an online simulation competition between Masters of Engineering Management (MEM) students at Northwestern, Dartmouth, Cornell, Duke, USC, Purdue, and Johns Hopkins.
Launching a new Program Manager Version of our BizFighter Simulation, focused mainly on program-level execution as opposed to corporate business decision-making. Participants will manage 3 existing contracts over a 4-year span of time, making both EAC (Estimate At Complete) calculations first, and program and corporate level business decisions second.
Planning for the 7th Annual MEMPC PriSim Business War Games Competition, an online simulation competition between Masters of Engineering Management (MEM) students at Northwestern, Dartmouth, Cornell, Duke, USC, Purdue, and Johns Hopkins.
Completed Phase 2 of our Chicago “urban office” design. Stop by for a tour – and pick up some Garretts popcorn, of course!
Delivered the First “Grow Your Book of Business” Insurance Brokerage Sales Training Course using our new What-If tool in partnership with the CIAB.
Developing a Customized Program Management Simulation for a Top 6 Aerospace and Defense Company based on a hybrid model that combines PriSim’s BizFighter business simulation and EAC Tool (Estimate At Complete).
Developed and Launched an Insurance Brokerage What-If Tool as part of a new “Grow Your Book of Business” sales training program working with the CIAB. Find out more and register here for the next course coming up in October in Denver!
Sponsored the Big-I’s Education Convocation for the Independent Insurance Agents and Brokers of America.
Held the 8th Annual PriSim Tailgate BBQ at Northwestern University, co-sponsored by the Master of Engineering Management Program (MEM).
Ran 2 BizFighter courses as part of a core Leadership Program at a top-5 U.S. aerospace and defense company.
Worked with Harley-Davidson u to deliver a “Retail Readiness” event using PriSim’s Redline simulation, a customized version of our Test Drive business simulation.
Conducted the 6th Annual MEMPC PriSim Business War Games Competition, with Northwestern coming in first with the winning manufacturing companies. Read more about it on the competition Facebook page, on PriSim’s website, and on Northwestern’s, Duke’s, and Purdue’s websites.
Supported 7 Agency Challenge Classes with a Large U.S. National Insurance Company with the simulation running completely in the cloud.
Contracted with a Large U.S. National Insurance Company to run PriSim’s Agency Challenge business simulation for the company’s new agency owners.
Conducted a Multi-Team Live Class and Competition Running the Simulation Completely in The Cloud for an insurance carrier utilizing Amazon’s AWS cloud architecture.
Ran PriSim’s Insurance Challenge Course for the Big-I of Wisconsin (The Independent Insurance Agents of Wisconsin) and we are talking with other Big-I state associations as well. Read more about PriSim’s offering for Big-I state associations here.
Ran the 2017 National Broker Smackdown for the CIAB. Winners from the previous 4 regional competitions met to battle for “Best In The World” status! Congratulations to BancorpSouth Insurance Services, Inc. and AmWINS Group.
Preparing New and Updated Versions of PriSim’s Business Simulations for deployment in 2018!
Held the 7th Annual PriSim Tailgate BBQ at Northwestern University, co-sponsored by the Master of Engineering Management Program (MEM).
Re-Designed our What-If Tool for the Insurance Industry that demonstrates the impact that an insurance company’s underwriting, claims, and other operations have on business results, including Gross Written Premiums and Combined Ratio.
Hosted an Open-House at PriSim’s Downtown Chicago Office getting attendees hands-on with insurance-industry simulations including Board Games, What-If Tools, and Business War Games and discussed best practices in experiential learning.
Presented at the Society of Insurance Trainers and Educators (SITE) Conference in San Antonio in a Learning Lab titled Learning with Insurance Simulations – Putting the Fun Back in Business and Financial Acumen!
Created a New Board Game Add-on to Model the Flow of Money in an Aerospace and Defense Company through the Income Statement and Balance Sheet. Read more here… and see what happens to the financials and to Earned Value Management (EVM) metrics when you sell a wire-guided missile! We’ll also be demoing the board game during our Open House in Chicago on August 10 – let us know if you can attend!
Congratulations to the Winning Team of the CIAB’s Broker Smackdown West Regional Competition! The cross-agency team of Acrisure LLC, Allied Insurance Brokers, and IOA Insurance Services won the competition and will head to the National event at the Broadmoor in Colorado Springs.
Finalized the 5th Annual MEMPC PriSim Business War Games Competition. Kudos to Dartmouth and Northwestern for their first-place ties running competing manufacturing companies. Read more about it on the competition Facebook page, on PriSim’s website here, and in Duke University’s blog.
Completed the first PriSim Agency Management Competition, an initiative of InVEST. And the winner is…Olivet College! The school’s team ran a simulated insurance agency in competition with teams from Appalachian State, Eastern Kentucky, Illinois State, Georgia State, and Florida State. See more on the competition Facebook page and on our website here.
Updated PriSim’s Test Drive Equipment Dealership Business Simulation with a New Look and Feel for 2017, including a new banner screen that improves navigation by utilizing “flat” design elements.
Celebrated PriSim’s 20th Year in Business developing and delivering business simulations and business-acumen training classes at leading companies worldwide…and also our 20th year teaching at Northwestern University!
Ran a “War Room” Competition for the CIAB in Washington D.C. for 150+ Insurance Agents and Brokers at the CIAB’s Legislative Summit. Teams in 3 “industries” competed in a mini-version of the Broker Smackdown course. The Summit featured several notable speakers including John Thune, Heidi Heitkamp, and Lyndsey Graham.
Sponsoring the 5th Annual MEMPC PriSim Business War Games Competition, a five-week, online business competition. Teams from Northwestern, Cornell, Dartmouth, Duke, USC, and Purdue will run an automotive business simulation, competing for market share and profit.
Kicking off the first PriSim Agency Management Competition. During the month-long online event, teams from 8 top colleges with insurance programs will compete in a business simulation where they will function as the management team running an insurance agency. The event is an initiative of InVEST, a school-to-work insurance program that works with high school and college educators to create insurance curriculum for their students. The schools include: Appalachian State, Eastern Kentucky, Illinois State, Georgia State, Olivet College, and Florida State.
Conducted a Professional Dealer Education Session at the Associated Equipment Distributor’s AED Summit Event, titled A Financial Perspective on Dealership Operations. The session featured PriSim’s heavy equipment finance board game to help bring the financial statements to life and immerse attendees in the actual details of several dealership transactions. Participants left with a better understanding of how the financials reflect the performance of their dealership.
PriSim Conducts the First National Broker Smackdown for the CIAB. Winners from the previous 4 regional competitions met at the Broadmoor Hotel in Colorado Springs to battle for “Best In The World” status. More to follow when the results are made public…!
Seats Still Available for PriSim’s Online Test Drive Class November 9-15, 2016. The course is run completely online without ever leaving the comfort of your own dealership! All for only $2,500 per team of 4 participants. Read more here.
Added as Clients The World’s Fourth Largest Confectionery Company, running PriSim’s Mini-MBA business acumen development course for supply-chain managers, and the Ninth-Largest U.S. Property and Casualty Insurer, running PriSim’s Insurance Challenge course for emerging leaders within the company.
Conducted a Virtual Competition using PriSim’s Test Drive Heavy Equipment Dealership Business Simulation Course Online. Ran the simulation on virtual servers, and used on-demand video lectures and live online team-coaching. Results from teams within the simulation included an 86% increase in Customer Satisfaction, 4X Growth Rate, and a high Net Margin of 5.89%
Modifying Our Insurance Challenge Simulation to Include Solvency II and Risk-Based Capital (RBC) Metrics so that participants can see the impact of their decisions on financial risk, their capacity to underwrite more business, and their overall performance. Read more about Solvency and RBC metrics here.
Conducted PriSim’s First Course to the No. 1 Power Tool Brand in Australia, the U.S., and Canada in electric drills, screwdrivers, saws, and other power tools.
Updated and Enhanced PriSim’s Data-Driven Team-Scoring Sheet used at the end of our classes to calculate the winning team(s) in the competition.
Holding the 6th Annual PriSim Tailgate BBQ at Northwestern University, co-sponsored by the Master of Engineering Management Program (MEM). For details and to register for the event, click here.
PriSim Featured in a Rough Notes Magazine Articledescribing the CIAB’s three-day “Broker Smackdown” competition for emerging leaders with less than five years of leadership experience. Read more in Rough Notes here.
Updated the World-Famous PriSim Class Timer with new functionality including the ability to add your own company logo and one of your photos as the background. Give it a try by downloading it here.
Launched a New Employee Benefits Insurance Simulation designed in conjunction with the CIAB and several insurance agencies and brokerages. The product is a more service-intensive business simulation based off our current Agency/Brokerage Challenge simulation.
Wrapped up the 4th Annual MEMPC PriSim Business War Games Competition. Congratulations to Duke for first-place in Industry 1 and to Stanford and Northwestern for the first-place tie in Industry 2. Read more about it from some of the participating schools: Dartmouth, Stanford, Duke, and Northwestern; and take a look at some of the learnings that students took from the experience.
Produced Two Videos Based on Exercises We Run During PriSim’s Classes. Take a look at the videos on YouTube – the MOST strategic planning framework here and a Moments of Truth example and exercise here.
Running an Insurance Agency Leadership Program in Conjunction with MarshBerry, in a live, 2-day event. Working within a team of other future leaders, participants will manage a simulated Insurance Agency, making the strategic and tactical decisions that agency principals make each day.
Delivering a Business Law Business Simulation and Class on February 27 for Northwestern University students and alumni. In this 3-hour workshop, students will gain a foundation in business law specifically for managers of technology.
Sponsoring the 4th Annual MEMPC PriSim Business War Games Competition, a five-week, online business competition. Teams from Northwestern, Cornell, Dartmouth, Duke, USC, MIT, and Stanford will run an automotive business simulation, competing for market share and profit.
Began 12th Year of Teaching IEMS-402 Class at Northwestern University, the required gateway class to the Master of Engineering Management Program (MEM). Read more here…
Taught PriSim’s First Course in Milan, Italy for Harley-Davidson’s Dealership Operations group.
Ran PriSim’s Test Drive Dealership Simulation Course Entirely Online, utilizing virtual servers, on-demand video lectures, and online team-coaching.
Developing a Business Law Simulation and Class for Northwestern University to be run in the Fall of 2016.
Conducted PriSim’s Agency Challenge Course at the CIAB’s “Broker Smackdown” Kickoff to a 3-part competition in 2016 leading to a National Championship event at the CIAB (Council of Insurance Agents and Brokers). Read more here…
Held the 5th Annual PriSim Tailgate BBQ at Northwestern University, co-sponsored by the Master of Engineering Management Program (MEM). Read more here…
Improved the Security of PriSim’s Simulations when running in the cloud.
Began Working With a Major Global Aerospace and Defense Contractor, to run PriSim’s BizFighter business simulation for leaders within the company.
Judged Student Presentations at the Future Business Leaders of America Leadership Conference. The FBLA is a nonprofit education association with a quarter million students preparing for careers in business and business-related fields. Visit their website to learn more.
Taught International Courses in 7 Different Countries including PriSim’s first class in Russia and second class in India.
Producing Online Videos of Our Industry-Specific Boardgames, which PriSim runs as add-ons to our classes to highlight specific financial concepts. Watch a video of our equipment dealership finance boardgame here.
Updating All of PriSim’s Business Simulations with “Flat” Design Elements. See an example of our updated Insurance Challenge business simulation here.
Winners of the 3rd Annual MEMPC PriSim Business War Games Competition Announced. The four-week, online competition fostered strategic management skills in future MEM graduates.
Sponsoring the 3rd Annual MEMPC PriSim Business War Games Competition again, a four-week, online business competition. Cross-university teams from Northwestern, Cornell, Dartmouth, Duke, USC, MIT, and Stanford will run a business simulation of an auto manufacturer, competing for market share and profit.
Moved into New Office Space on Route 66 in downtown Chicago.
Launched a What-If Tool for the Insurance Industry to demonstrate the impact that an insurance company’s claims service approach can have on business results, including Gross Written Premiums and Combined Ratio.
Created a New Boardgame Add-on to Model the Flow of Money in a Manufacturing Company through the Income Statement and Balance Sheet. Read more about our boardgames here…
Expanded PriSim’s Operations to New Office Space in downtown Chicago.
Hosted PriSim’s 4th Annual Tailgate Party at Northwestern University before the Wildcats football game on September 20. Click here to read more…
Administered a Live Course Entirely Through the Cloud at a client’s Japan location.
Taught Courses Internationally in 4 Countries including PriSim’s first courses in India and the Philippines.
Rolled Out Client-Run, Licensed PriSim Courses for a leading U.S. insurance company. Client-staff were trained by PriSim to conduct courses using PriSim’s simulation and methodology. This is the third rollout of client-led courses, with the first in the aerospace and defense industry and the second in the insurance-agency business.
Signed Max Hernandez, an Experienced Developer, Lecturer, and Business Consultant, as Vice President. Max will contribute to simulation development at the firm and will help deliver training classes worldwide. He is fluent in both English and Spanish and will increase PriSim’s ability to localize its learning laboratories. Mr. Hernandez will also help advance PriSim’s social media efforts. Click here to read the press release.
Sponsored This Year’s MEMPC PriSim Business War Games Competition again, a four-week, online business competition. Cross-university teams from Northwestern, Cornell, Dartmouth, Duke, USC, MIT, and Stanford ran a business simulation of an auto manufacturer, competing for market share and profit. Click here to read more.
Wrote a Featured Article in Training Magazine’s Online Magazine about converting the potential energy of emerging leaders as they transition from management into leadership roles. Click here to read more.
PriSim Will be Speaking About Customer Lifetime Value at the 2013 Associated Equipment Distributors’ Leadership Academy at the Disney Institute in Orlando, FL.
Published an Article in the November 2013 Edition of Construction Equipment Distribution on the concept of “Biznertia”; that companies that ignore changes in their market (aka: stay are rest), or those that continue with old strategies (aka: stay in constant motion), put their futures at stake and risk becoming irrelevant. Click here to read more.
Enrollments Now Being Taken for our only Open Enrollment course of the year, happening this October 1-2 in Oak Brook, IL. We’ll be running our Test Drive business simulation in partnership with the Associated Equipment Distributors. Read all about it here and sign up for the class!
Developing a Board of Advisors of University professors, industry experts, technology gurus, and Instructional Designers. The Advisory Board will provide cutting-edge input to PriSim as we develop new courses and simulations and modify our existing ones.
Hosted PriSim’s 3rd Annual Tailgate Party at Northwestern University before the Wildcats football game on September 21. Over 190 students, alumni, and faculty attended and consumed 160 burgers, 60 hot dogs, 2 large mustards, a few carrots, and a keg of Miller Lite.
Testing Virtual Desktops and The Cloud – virtual-desktop technology to run our simulations, and the cloud to reduce hardware and software requirements onsite at our courses.
Net Present Value, Break-Even, and Internal Rate of Return Tool. We did a lot of NPV analyses in our previous lives. So we’ve put together a handy spreadsheet-gadget that will help you determine if your investment projects make economic sense.
Click here to check out a beta-version
Re-designed PriSim Course Introductions to better fit the “app generation” that increasingly makes up the participants in our classes. We have sped-up the time it takes to get participants into the simulation and the competition.
Sponsored the first MEMPC’s PriSim Business War Games Competition a four-week, online business competition. Cross-university teams from Northwestern, Cornell, Dartmouth, Duke, USC, MIT, and Stanford ran a business simulation of an auto manufacturer, competing for market share and profit. Click here to read more.
Customizing a Business Simulation that Models Exclusive Agencies for one of our clients, a national insurance carrier.
Utilizing the Dropbox Application as an online “transfer-drive” for file-sharing and processing simulation decisions and results during our courses.
Developed a Customer Lifetime Value Calculator, a handy calculation-gadget to help you estimate the value of your customer relationships. Turns out that not all customers are created equal.
Click here to check out a beta-version
Developing Online Pre-work Modules to augment our course kickoffs and better prepare our students for our class-content.
Distributed Class Conducted over a 4-week period between cross-university teams from Northwestern, Cornell, Dartmouth, Duke, MIT, and Stanford. The entire event was run virtually and online including the kickoff webinar, the business simulation and competition itself, and the debrief and awards.
Running classes virtually, or at least portions of them, is a growing trend at our clients. And we’ve begun to incorporate more virtual elements into our classes including pre-recorded webcasts and videos, live webinars, and even offline competition-rounds. More on this from PriSim soon…