The Underwriting DNA Simulation introduces participants to the core elements of underwriting.
This simulation was originally developed to be a core element in the underwriting training programme of a leading London market insurer for new and inexperienced underwriters. It has since been adapted for other London market insurance clients, including the addition of classes of business, such as cyber risk; though the original underlying objective of improving participants underwriting skills, and their ability to analyse internal and external information so as to take better informed decisions remains core.
Participants are set business objectives within the simulations, such as maintaining solvency and customer satisfaction.
Download the brochure from the link below to see the an overview of the experience and the benefits of simulation based learning.
The Training Experience
Participants work in teams of 4 or 5 members.
Each team are responsible for planning and implementing the underwriting strategy
The main objective is to build a balanced portfolio of risks that provide opportunities for profitable growth throughout the insurance cycle
At the end of each decision round, the tutor reveals and discusses the comparative team results and draws out the key learning points
After the final decision period, each team has time to reflect on their performance, and report in plenary on what worked, what would they have done differently, and what are the key learning outcomes to transfer to their real world work environment
A successful team is judged against both financial and non-financial performance measures (customer satisfaction, renewal rates), and where appropriate the winning team is announced at the close.
This simulation provides an effective, hands-on and immersive training experience.
By the end of the workshop, attendees will be able to:
Demonstrate knowledge to make improved underwriting decisions combining rates, deductibles, limits, and risk appetite
Explain the use of different reinsurance treaties within the insurance market to provide capacity and mitigate risk
Manage expenses to improve combined ratios within the insurance market
Collaborate with teammates to evaluate and improve business KPIs including market share, ROCE, and renewal rates