An Overview of the Life Insurance and Annuity Business Simulation
An engaging, competitive learning experience that includes a behind-the-scenes view of the inner workings and interdependencies unique to a Life Insurance and Annuity company. Teams of 3-5 participants each are challenged to drive premium, deposits, and fee income to meet the needs of policy owners, shareholders, and regulators. The winning team has competed successfully on common Life Insurance and Annuity key indicators including:
|· Capital adequacy||· General account management|
|· Fund return||· Lapse rate|
|· Gains in the portfolio||· Persistency and more!|
Over several rounds of the simulation, teams are challenged to deal with issues like digitalization, rating agency reviews, fiduciary compliance, expense control, acquisitions, and financial advisor transitions while managing and developing key talent and maintaining an eye on customer persistency and growth. Additionally, teams compete in a live marketplace for employer group customers, winning only if they can compete on the factors their customers value.
Key Lessons from the Life Insurance and Annuity Simulation
- Analysis of life and annuity company performance; key decisions and their outcomes
- The role of people in the performance of a life and annuity company
- Big picture perspectives of leadership teams, life insurance and annuity profitability and growth, decision making, and more
Who is it best suited for?
Mid-career and mid-level life insurance and annuity managers; those with functional responsibilities including product development, sales, operations, compliance, and marketing.
How long is the learning experience?
The simulation is best experienced as a classroom seminar facilitated over one or two days and includes 6-8 hours of hands-on learning.
How is it delivered?
Simulations from IndustryMasters are web-based, online learning experiences requiring only a laptop (one per person for this simulation) and internet connection. We have skilled facilitators who can conduct the session, we can collaborate with your company leaders, or we can train your team on our technology. Your learners can be co-located in one room or we can accommodate remote participants.
What if I have specific scenarios or KPIs I want included?
While the Life Insurance and Annuity Business Simulation is ready for off-the-shelf use, we are happy to create a more tailored or even fully custom solution for your use.
How is this solution different from your competitors?
The Life Insurance and Annuity Business Simulation offers critical insights around:
- Product design and launch
- Business development of new accounts
- Management of the company’s general account portfolio
- Decisions related to industry specific issues including digitization, mergers/acquisitions of books of business, and more
No other business simulation focused on this industry provides a behind-the-scenes view of such critical decision opportunities.
What does it cost?
Pricing varies depending on the following variables:
- Number of licensed users (block purchases are available)
- Facilitation, train-the-trainer sessions
- Tailoring of specific scenarios, KPIs, or other simulation components
- Custom development of simulation components
We would be delighted to present a proposal of estimated costs once the above variables are known. We will work with your needs and budget to create an ideal solution.