Description
Insurance is a notorious silo industry, prompting expert but all too narrow knowledge and skill development. There is also a reluctance attached to “finance” and often this results in a vital business competence being overlooked until (too) late in a career.
Rather, the earlier in a career that development begins, the better. Gaining some insight into the insurance industry characteristics, how money moves through an insurance company, and how financial information is presented is a good place to start. It is also a springboard to encourage further personal development in what is now becoming a career enabler.
The webinar is delivered as two 50-minute sessions, with a 10 min break midway.
What you will learn
Course Objective
At the end of the course delegates will be able to:
- Explain the purpose and structure of key financial statements, and the key ratios they reveal
- Explain the basic financial concepts which underpin insurance finance.
- Summarise the economic characteristics of insurance: what it makes it unique.
- Describe the insurance cash flow cycle.
- Explore the treatment of the elements the produce a syndicate’s profit
Course Content
- Business finance basics
- The financial characteristics of insurance and cashflow cycle
- Recognising revenue: the financial treatment of premium
- Estimating claims: ultimate claims cost, claims incurred, case reserves and IBNR
- Acquisition costs and management expenses
- Factoring in reinsurance
- The role of investment income
- Interpreting the technical account and the balance sheet
- Three key ratios
Approach
This is a simple and straightforward introduction. It is participative, interactive and over 2 hours dispels many of the myths associated with “understanding the numbers”.
01525 850086
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