What is AGILE Insurance Simulation? The AGILE Insurance Simulation is a fantastic interactive course aimed at insurance professionals from all areas of the business (not just accountants). The course focuses in on the drivers of insurance and asks participants to make strategic decisions over three simulated underwriting years in an effort to become the strongest insurance company in the group. This fun but intensive course is run over 2 half days so you have a chance to solidify your learnings overnight, bringing fresh perspectives to your decision making the following day.
The AGILE insurance simulation enables participants to bring their technical learning to life by managing a simulated insurance company in direct competition with companies managed by other groups of learners. Over a period of three underwriting years, participants make key decisions on strategic pricing, operations, marketing and segmentation of the portfolio.
Participants receive annual feedback during the course on the quality of their analysis and decision-making and revise their strategies in response to how they are performing. Harnessing their evolving insights into how the market place is developing, participants simulate various financial scenarios based on a set of assumptions around key inputs that drive an insurance company’s financial statements.
By facilitating the management of an insurer in an authentic, complex environment, the AGILE insurance simulation provides a helicopter view of insurance while offering the springboard for participants to develop the fresh insights necessary to thrive in conditions of uncertainty.
What to expect on the day?
Participants will work in small teams to devise and execute strategies for a monoline P&C insurer in direct competition with companies managed by the other participants. Peers around the world report that this develops a rich understanding of the drivers of insurance performance and brings participants' technical skills to life.
Participants will manage their companies through three simulated years of decision making using a web-based simulation that has proven effective for learners from over 70 countries around the world but which FSAA is making available to Australian/Australasian companies. The annual decision cycles allow time for practice and experimentation. The decisions taken by participants will allow an insurance cycle to become manifest.
Participants will receive feedback on the quality of their analysis and decision-making on an 'annual' basis and revise their strategies in response to how they are performing. One-click forecasts of how their technical and strategic decisions might perform help participants refine their thinking, as do a full P&L, balance sheet and suite of key performance indicators.
In the buzz of competition, participants experience joy, surprise and many other elements that cement learning, while having fun and forging new relationships with peers and other FSAA Members.
Who should attend?
Insurance professionals who have worked in the industry for more than two years, including actuarial, underwriting and claims teams, to provide valuable insight on how their day-to-day decisions impact the overall performance of the entity.