Why do we use simulation?
Participants can learn more because they are involved in the learning process
Participating in the learning process means more than just hearing someone talk about topics such as strategy, finance and business planning. When trainees engage in this way, information retention jumps from 20% to nearly 80%.
The skills required in today’s business world cannot be developed only through traditional teaching methods; It must be gained through experience.
The consequences of the risk are reduced Since trainees are making decisions that may be new to them, they are bound to need some practice. When trainees are placed in the real-world business environment that the simulation provides, they can practice those decisions and gain on-the-job experience without the risks and implications of making those decisions in the real world.
Look at the big picture The wide range of business challenges encountered in the simulation will increase the business acumen of the trainees. Trainees will be more prepared to apply the lessons learned from the simulation, and to improve their performance, when they return to the real world and make real business decisions.
Insurance business strategy simulation techniques
Techniques to simulate insurance business strategies is a model based on programming the operations of insurance companies, their vitality and their interaction with reality, where the training programs supported by simulation techniques are one of the best ways to learn about business and finance.
The information used to design simulations for training programs is taken from real companies operating in the actual market. We use this information to create the basis for the strategic, financial, and operational relationships that participants observe in simulations and financial reports.
The simulation technology is only a representation of the work of real insurance companies operating within the market in order to develop the skills of the trainees as an effective business decision maker in the future for their companies
- IMPROVE BUSINESS ACUMEN
- Understand the “whole” business and see the big picture (eliminate silo-thinking)
- Develop cross-functional decision-making skills
- Recognize the impact of actions on company performance (intended and unintended consequences)
- PRACTICE STRATEGIC THINKING AND BUSINESS PLANNING
- Engage in Strategic conversations
- Identify long term strategy, focus, differentiation, and positioning
- Develop business plans that are aligned with company Mission and Objectives
- INCREASE FINANCIAL UNDERSTANDING AND CONFIDENCE
- Increase financial acumen
- Interpret financial statements
- Analyze quantitative data
- Interpret key performance indicators (KPIs)
- BUILD LEADERSHIP AND TEAMWORK
- Transform managers into leaders
- Improve group decision-making
- Enhance team dynamics
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.