Course Introduction

This course is very wide and top-level in the area of risk and insurance management. It discusses all kinds of structure, reasoning, and process. Although this course may look very long and condensed, it’s rather customizable to the delegates’ level, area of expertise in the insurance industry. In addition to the technicality of the course some business, financial, management and strategy concepts have been considered too. Most managers, CEOs, and senior managers need to consolidate and integrate these two domains together; insurance and risk vis-à-vis strategy and technical knowledge. This course is not traditional and requires high abilities and levels.

Course Objectives:

• How and why insurance contracts are designed as they are
• Enhancing the ability to critically analyze various risk-management issues that arise in financial planning.
• Apply the standard models of risk assessment          
• Understand agency problems between insurance companies and policyholders
• Construct written work which is logically and professionally presented
• Assess ethical and social considerations in problems in the insurance industry, e.g., insurance fraud

Target Audience:

Managers, senior managers, directors, executives, financial controllers, senior accounting and finance personnel, and auditors.

Target Competencies:

• Communicating
• Leading
• Motivating
• Risk planning
• Risk identifying
• Risk assessing
• Risk reviewing

Course outlines:

Day (1)

• Define different types of risks, hazards, and perils, and explain the adverse effect of risk on economic activity
• Define the basic statistical principles of insurance and identify the situations where insurance may be used as a risk-sharing or risk-transfer device
• Differentiate between private and social insurance and recognize the respective needs for each
• The structure of the insurance industry and the unique facets of an insurance company, including its financial operations
• The annuity contract and understand the various uses of annuities today

Day (2)

• The need for disability income insurance and the provisions of the disability income policy
• Identify the various types and appropriate uses of medical expense insurance contracts
• Review the concept of the current Social Security system, including the coverage it provides, the soundness of the program, and proposals for future changes
• Workers Compensation and Unemployment Compensation programs
• The concept of estate planning and discuss the various tools, which are used to minimize estate shrinkage

Day (3)

• The unique characteristics of group insurance and identify the types of group insurance most frequently used
• Pension plans and other retirement plans and outline the requirements for pension plans established under the Employee Retirement Income Security Act of 1974 (ERISA)
• The concept of property insurance with a particular emphasis on the various forms of Homeowners and Inland Marine insurance policies
• The legal concepts of negligence and identify methods of dealing with legal liability
• Nature and need for automobile insurance, the types of automobile coverage, and a review of the computation of auto insurance costs

Day (4)

• Commercial property and liability coverages available for businesses
• The principles behind surety and fidelity bonding
• The need for regulation of the insurance industry, explain the methods by which the industry is currently regulated and discuss proposals of future regulation
• Strategy development, business planning, and performance management underpinning value-based business decision-taking
• Value chain management balancing investment throughout the chain from access to decommissioning

Day (5)

• Internationalization, portfolio management, and asset trading; securing the right deals to achieve strategic corporate outcomes
• Contracts, asset valuations, negotiations with partners and governments, new country entry, joint venture and partner management consistent with commercial agreements
• External affairs management including government relations and reputation management
• Joint ventures, commercial agreements, and partnering
• Portfolio management, mergers and acquisitions and negotiations