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Concepts Presented by Round
The Simulation is a hands-on learning exercise that includes group strategic decision-making, implementation concepts presented in lecture form, analysis of results and strategy refinement. The delivery method includes an initial group analysis of a current situation resulting in the development of a proposed strategy that is presented to the other participants in the form of a press conference. It then includes three rounds of hands-on implementation of the articulated strategy using computer models and simulated operating results. These results are analyzed and used to reinforce the intended learnings and combined with addition information presented in lectures to refine the strategies. The simulation is designed to maintain the participants' interest by creating a competitive environment without threatening the learning experience.
The significant points on the learning path are as follows:
- Strategize - Case Study
| Input: |
Lectures and discussions around insurance concepts, markets, products and distribution channels. |
| Activity: |
Develop business plan for life insurance company and present. |
| Learnings: |
Put the concepts together, experience strategy development and identify additional concepts that need to be learned. |
- Implementation - Round 1
| Input: |
Business plan plus lectures and discussions of reserves, product pricing and profit definitions. |
| Activity: |
Use computer models to implement business strategy by setting product prices and marketing expenditures. |
| Learnings: |
Understand embedded value and how it is driven by market share, product profitability and capital investment. |
- Management - Round 2
| Input: |
Discussion of prior round's results, product and accounting lectures. |
| Activity: |
Use computer models to modify business strategy by responding to marketing demands including new product introduction. |
| Learnings: |
Understand multiple accounting systems and how they must be managed, the need for capital management and the operating conflicts of a multiple product environment. |
- React - Round 3
| Input: |
Discussion of prior round's results, other teams' strategies and review of accounting statements. |
| Activity: |
Use computer models to respond to changing market demands, competitor activities and internal capital constraints to maximize value. |
| Learnings: |
Understand the basic cause and effect relationship inherent in a successful implementation of an insurance company's business. |
- Optional - Round 4
| Input: |
Discussion of prior round's results, other teams' strategies and the complexities of interest sensitive products. |
| Activity: |
Use computer models to respond to changing market demands, competitor activities and internal capital constraints to maximize value. Opportunity to focus on client company's issues such as reinsurance or non-medical versus medical underwriting. |
| Learnings: |
Understand the basic cause and effect relationship inherent in a successful implementation of an insurance company's business with special emphasis on client company's issues. |
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