About this course
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”.
Recent reviews
Very good. Lots to go through in two hours but certainly made me realise the importance of finance for insurance companies. Definitely would like to learn more in the future.
Very informative webinar. Small number of attendees meant you where involved.