Building on our successful track record of preparing financial services professionals to meet technical challenges, FSAA are now preparing you to think strategically whilst adapting to challenges.
The FSAA General 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.
Dates for 2021/22:
All of FSAA's in-person training is deferred until mid 2022
The FSAA General Insurance Simulation workshop delivered by FSAA is the most engaging and interesting course I have attended in a long time. The one really outstanding aspect is that I feel that it has challenged my way of thinking on areas I hadn’t thought about in my role (other than the financial aspect of insurance). It was really interesting to work in a team represented by different parts of the industry and just to observe the dynamics of how the decisions were being made by the team members was a unique experience. The delivery of the course by the presenters kept all the attendees engaged during the course of the day and the annual feedback provided was insightful.
The FSAA General Insurance Simulation enables FSAA 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 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 their insurance company’s financial statements.
By facilitating the management of an insurer in an authentic, complex environment, the FSAA General 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.
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.
Industry players recognise that the high levels of technical excellence that have delivered historic success remain vital, but are no longer sufficient. Increasingly insurers' success is defined by their ability to thrive in conditions of uncertainty.
Consequently, financial services professionals require the ability to not only address technical challenges by applying well-honed skills to well-defined problems, but also the mental flexibility to work together to exercise effective judgment and decision-making when tackling adaptive challenges that are open ended, messy and ill-defined.
This course offers participants the opportunity to manage insurance companies in an authentic, complex environment.
Participants will work in small teams to devise and execute strategies for a monoline motor vehicle 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 in Australia. 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.
The next course will be held at Karstens, 111 Harrington Street, Sydney on a date to be determined once the COVID19 restrictions are lifted and it is deemed safe to hold in-person training.
Once in-person training is back, you will arrive by 12.30pm on day one to join the group for lunch. Training commences at 1.00pm sharp and concludes at 5.30pm. Further team collaboration will be conducted over informal off-site drinks. Day two kicks off at 9.00am sharp and ends at 12.30pm (approx).
At a cost of just $825.00 per person including GST, this training represents outstanding value. Still not sure? Contact Brian Vowels for more.