Specialty Insurance Simulation
A unique, engaging and insightful simulation where participants are immersed into the world of insurance and risk. In our Specialty Insurance Simulation participants experience the end-to-end insurance process and gain an insight into the dynamics of the insurance market from insureds and brokers, to underwriters and reinsurers. In our simulation, participants are not sat behind laptops. There are no computers to beat or pre-set outcomes. Instead, results are delivered by people working together to make things happen – just like in the real world!
A Simulation Centred Around Risk And Specialty Insurance
In our simulation, participants are immersed into risk and the specialty insurance market. They gain invaluable insights into risk management, industry dynamics, the key functions and processes in an insurance business, and ultimately, how an insurance company makes money. Blended throughout the simulation are short facilitator-led sessions designed to enhance the learning experience further.
An Experiential Business Simulation That’s Tried & Tested
Run over two rounds, participants start by stepping into the shoes of a typical ‘insured’ whose business is facing a number of operational risks. They experience the challenges facing a commercial enterprise, ultimately experiencing what risk feels like as an insured. In year one of the simulation, teams have to retain the risks in the business, aiming to minimise and manage risks where possible. At the end of year one, results are revealed and teams compile a detailed risk register in preparation for year two where they will have the option of placing some of their risks into the specialty insurance market.
Where Learning Builds In A Logical, Easily Digested Flow & Format
Drawing on their experience from year one of the simulation, teams have the option of retaining or transferring the risks in their business in year two. However, in order to place risk, via a broker, they need to be able to recognise, minimise and articulate all aspects of risk in order for it to be transferred at an acceptable price in the market. Teams then run their business for year two and at the end of year two, results are revealed alongside the underwriter’s performance whom took on the risks (and also ceded some of the risk), exploring typical insurance industry performance indicators and the concept of reinsurance.
A Great Solution For Early Careers That Explores…
What Risk Is...
What risk is, the language used to identify risk, how risk is measured and how risk impacts business results
Insurable Risk...
Insurable risk and how insurance products help resolve the issues that insureds face when confronting difficult situations
Insurance Industry Performance KPIs...
Insurance industry performance KPIs, how an insurance company makes money, and the returns expected by key stakeholders such as investors
The Roles, Functions and Processes In Insurance...
The roles, functions and processes in insurance including: Insureds, Brokers, Underwriters, Claims, Reinsurance, as well as the key role that business support functions play in the mix such as finance, technology and HR
...As Well As Helping To Develop A Range of Interpersonal Skills...
As well as helping to develop a range of interpersonal skills such as: critical thinking, problem solving, working effectively as a team and effective communication