Property and casualty insurance management simulation
Course description
Target group
Course participants hold middle management positions and have a minimum of five years' experience. They wish to gain a comprehensive overview of insurance management processes and to strengthen their knowledge related to the effects of strategic and operational decisions on financial statements. This course may also be of interest to managers of supporting units within insurance companies. It will appeal most to those who enjoy teamwork.
Training goals
Within Swiss Re Academy’s computer-based simulation tool of an insurance market, participants determine various internal and external factors that influence the course of business in order to optimise the market position of a fictitious insurance enterprise. In teams, they develop and execute a strategy and a business plan, periodically revising decisions to reflect current economic conditions of a given cycle, all based on simulated sets of financial statements.
Benefits
Upon completion of this course, participants should be able to grasp the fundamentals of executing a business strategy and should be better prepared to understand and communicate how management decisions affect financial results. The practical nature of the workshop promotes “big picture” thinking.
Content
- Multicultural team-building
- General aspects of a business strategy
- Effective management communications
- Company financial health assessment
- Introduction to investment strategy formulation
- Impact of strategy on growth and profitability
Special background requirements
To attend this course, participants should have basic knowledge of non-life insurance company operations, marketing, product distribution and financial statement analysis.
Within each team, participants have to assess themselves and discover their preferred role or roles. Throughout the simulation, participants will assume different corporate roles, even if they have not had any prior experience in them. They will, in effect, manage a company.
