The Training Environment For Financial Services
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Understanding General Insurance Finance - remote delivery

2 and 9 March 2021, remote delivery

9:30am to 12:00pm each day.

This course has already taken place click here to view our current courses

Outline & Objectives

This practical course is an antidote to the mystique that surrounds finance. A basic understanding of “the numbers” will help you view the industry and your own firm through the lens of finance: to better appreciate the financial pressures within the insurance business model and better understand the risks and opportunities.

With economic challenges, and with emphasis on prudential management, capital adequacy and Solvency II, financial competence is very much under the regulatory spotlight. There are immense career benefits in being able to understand where the numbers come from and the ultimate measures of business success.

This highly practical course will help you:

  • Understand insurance cashflow and the basic financial concepts
  • Identify the financial characteristics that make insurance unique
  • Examine the financial treatment of premium, reinsurance, claims and investment income
  • Navigate and interpret the technical account and the balance sheet
  • Use the key insurance and performance ratios to measure performance 
  • Appreciate the importance of solvency and liquidity
  • Get to grips with the key terms and  language: translating the jargon

Who is it for?

If you work in a core technical function or a specialism such as Compliance, Marketing or Risk, or are in a Finance function but new to insurance, this course will give you insight into how money moves in the insurance industry and you will go away more comfortable and less fearful of the “the financial stuff”. The Regulators also expect Senior Managers to understand their business model and the risks within it. This means competence in financial processes, awareness of the industry dynamics and an understanding of the financial dependencies.

Training Approach

This programe will be delivered live, online using virtual classroom technology complemented by comprehensive support notes and handouts. Extensive use will be made of case studies and exercises and participant numbers will be limited for quality purposes.

The course comprises 2 x 2.5 hour sessions delivered over consecutive mornings.

Course Tutor

John Constable has over 22 years' training experience with both insurers and brokers. He was Head of People Development at JLT where he engineered a number of critical projects to support the business, including the development and implementation of robust structures, policies and procedures to comply with regulatory requirements for Training & Competence. He now runs regulatory, risk management and financial training, bringing commercial awareness, credibility and pure energy, to open courses, bespoke in-company works and board briefings. In addition, John authors industry on-line learning and his published articles have included several on Solvency II. John has a BA (Hons.) History degree from Kings College London, holds a financial qualification from the Open University, a Diploma in Management from Henley Management College and is a Member of Chartered Institute of Personnel and Development.

Course Programme

Session 1

  • Introductions and objectives 
  • Insurance cash flow and industry characteristics
  • Assets and liabilities
  • The building blocks of finance 
  • Introducing financial statements

Session 2

  • Capital, capacity and premium income
  • Calculating written/earned and gross/net premium
  • Unearned premium provisions
  • The treatment of outwards reinsurance

Session 3

  • Ultimate claims cost: paid, outstanding and incurred but not reported (IBNR)
  • Reserving, prior year release and incurred but not enough reported (IBNER)
  • Management expenses and acquisition costs 
  • The purpose and types of investment
  • Risk and return – asset and liability matching

Session 4

  • Building the technical account/profit & loss and the balance sheet
  • Interpreting the key insurance and financial performance ratios
  • Summary and review learning

This course can be delivered in-house at a time and location to suit your business and tailored to suit your people and organisation. We can also create bespoke training when something very specific is needed.Please contact us to discuss your requirements in more detail and at no obligation.

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