ReAction
Reinsurance Simulation

"The Business Simulation segment of the programme continues to be very highly rated by our clients and this is thanks to your management and facilitation of the exercise. Once again you did a great job for us, thank you!"

 

Director at a major London broker

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Introducing the State of Adversity!

ReAction is a world-class strategic simulation designed for reinsurance training. In the simulation participants are introduced to The State of Adversity, a fictional country exposed to a range of risks, where they work on behalf of an insurance company to manage the reinsurance programme. Participants work as both cedants and reinsurers to place and underwrite reinsurance business.

 

The simulation was originally developed to be a core element in the reinsurance training development program for an international client. It has since been enhanced and updated for use by other clients globally.

 

Participants learn and practice the key principles of reinsurance underwriting in an engaging simulated real-life environment, focussing on capacity, profitability, negotiation, and reflection.

 

The core objectives of improving participants understanding of reinsurance skills, their ability to analyse the placing process, relationship management, and negotiation skills remain at the heart of the workshop.

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The Training Experience
  • Participants work in teams of 4 or 5 members.

  • Each team of underwriters runs a mid-sized domestic insurer and are responsible for planning and implementing the underwriting strategy for up to five classes of business, followed by designing and placing reinsurance programmes to promote their strategy.

  • Each team accepts inward insurance on behalf of their AA rated parent company. The tasks are to provide reinsurance advice, capacity to clients (other teams) and to underwrite new reinsurance business across the market

  • Their main objective is to build a balanced portfolio of risks which provides opportunities for profitable growth throughout the reinsurance cycle. Reinsurance customers seek financial strength, stability, and a strong focus on customer benefits

  • Teams are judged against both financial and non-financial performance measures (customer satisfaction, renewal rates), and where appropriate the winning team is announced.

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This simulation provides an effective, hands-on and immersive training experience.

 

By the end of the workshop, attendees will be able to:

  • Demonstrate knowledge about reinsurance treaty structures, such as Quota Share, Surplus, Per Risk XoL and Catastrophe XoL 

  • Describe and understand the roles of cedant, broker and reinsurer 

  • Confidently manage and analyse underwriting and operational information, including historical data, risk profiles, exposures, PML scenarios, claims experience and profitability by line of business.

  • Make effective decisions based on information analysis, including the competitive environment and market trends.

  • Explain the reinsurance cycle, the placing process, relationship management and negotiation skills.