Insurance Business

This course aims to provide in-depth knowledge about the insurance company's business activities; this business is traditionally considered the underwriting function only.

On the contrary, the underwriting function is part of an entire process that also includes, among other functions, the Claims, finance, reinsurance, and compliance functions.

Target Audience:

Anyone interested in financial matters with Suitable university degree.

Objectives:

By the end of this training, participants will be able to:

  • Understand the structure of the insurance industry.
  • Understand the management of insurance businesses.
  • Understand the main aspects of corporate governance.
  • Understand the role of the various functions within insurance organisations.
  • Understand accounting principles and practices and their application.
  • Understand accounting standards and insurance company accounts.
  • Analyse businesses using financial ratios.

Assessment Strategy:

  • Pre and Post training test to measure knowledge and learning levels.
  • Engage trainees in exercises and group activities.
  • Evaluation form to be filled by trainees.

Module 1: Understand the structure of the insurance industry

  • Explain the different types of insurance company.
  • Describe the Lloyd’s and London Market.
  • Describe the global perspective of the insurance market.
  • Explain the different types of stakeholder and their interests.

Module 2: Understand the management of insurance businesses

  • Describe the role and responsibilities of the board of directors and other senior executives.
  • Describe the key roles and responsibilities of managers, supervisors and non-managerial staff.
  • Explain the importance of business planning.
  • Explain the importance and use of management      information and management reporting.

Module 3: Understand the main aspects of corporate governance

  • Describe the corporate governance framework and the incorporation of businesses.
  • Describe the statutory reporting requirements.
  • Describe how risk can be managed within the corporate governance framework.
  • Explain the importance of accurate record keeping and reporting.
  • Explain the importance of the management and protection of confidential data.

Module 4: Understand the role of the various functions within insurance organisations

  • Explain the role and significance of insurance related functions within insurance organisations, including:
  • Underwriting, including delegated authority.
  • Claims.
  • Risk management.
  • Compliance.
  • Actuarial, solvency and capital modelling.
  • Sales and marketing/customer service.
  • Investment.
  • Finance and treasury.
  • Strategic planning.

Module 5: Understand accounting standards and insurance company accounts

  • Outline the main accounting standards that affect insurance company accounts.
  • Explain the importance of accurate claims reserving.
  • Describe insurance company reserving method.

Module 6: Analyse businesses using financial ratios

  • Discuss the general uses and benefits of financial ratios.
  • Interpret general accounts through the use of financial ratios including:
  • Profitability.
  • Productivity.
  • Liquidity.
  • Activity, including turnover.
  • Gearing.
Experience Level:
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Code: INS2181
Language: English
Duration: 3 Days