Virtual Insurance Immersion
Course Type: Instructor-Led, Virtual Classroom
Topics: Life Insurance
Want to learn more about life insurance products, annuities, and insurance company operations without leaving your desk?
Virtual Insurance Immersion offers similar industry and product knowledge through instructor-led sessions in our virtual classroom. Learn from industry experts and network with industry peers as you use virtual classroom communication tools to participate in discussions and activities. Virtual Insurance Immersion is delivered in eight two-hour sessions.
Content focuses on the U.S. insurance industry.
Virtual Insurance Immersion Company-Hosted and Custom Content
We can conduct Virtual Insurance Immersion sessions exclusively for your employees, customized for your company. Led by a skilled facilitator and expert instructors, these sessions are delivered using web-conferencing technology, featuring communication tools and virtual breakout rooms so participants can interact frequently with each other and the session leaders.
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Virtual Insurance Immersion Learning Objectives
Session 1: Insurance Industry Overview and Term Life Insurance Products
- Describe the financial services industry and the unique role of insurance companies
- Discuss the primary regulators of insurance and the complex nature of multiple regulatory authorities
- Demonstrate an understanding of the importance of compliance and the role that compliance programs play in an insurance organization
- Briefly describe solvency and profitability for insurance companies
- Identify the features and types of term life insurance
Session 2: Cash Value Life Insurance Products
- Distinguish between term and cash value life insurance
- Identify the features of whole life insurance
- Identify the features of universal life insurance
- Describe the operation of universal life insurance
- Discuss the features of variable universal life insurance
- Identify some of the customer needs that can be met by universal and variable universal life insurance
Session 3: Annuities
- Define the term “annuity” and identify the participants in an annuity product
- Describe the various types of annuities and how they work
- Identify sales trends for annuities in the United States
- Describe the needs met by annuities
Session 4: Supplemental Benefits, Distribution, Pricing, and Profitability
- Explore some of the supplemental benefits that can be added to life insurance policies
- Describe the characteristics of different types of distribution channels and connect the channels with particular product types
- Describe various methods used for pricing life insurance including the legal reserve system
- Examine factors affecting life insurance product profitability
- Identify some of the primary risks associated with product design
Session 5: New Business and Underwriting
- Discuss key operational areas in life insurance companies
- Explore the activities in the new business process
- Describe the tools and strategies used in underwriting
Session 6: Customer Service
- Define customer service.
- Discuss the concepts of value-added service and moments of truth.
- Explain what makes customer service particularly challenging for life insurers.
- Describe the processes undertaken by customer service representatives.
Session 7: Claims
- Define claim administration
- Describe role and responsibilities of the claim analyst
- Identify some of the legal issues affecting claims
- Explain the steps in the claim administration process
- Explore how claim analysts administer supplemental benefits
Session 8: Operational Performance and Operational Risk
- Explain the importance of market conduct compliance and the role of market conduct
examinations for life insurers.
- Identify major operational risks insurers face and explain how they measure and manage those risks
- Discuss risk identification and risk measurement tools used for operational efficiencies
- Describe the tools and strategies life insurers use to measure performance and achieve
- Identify and describe improvement methods related to operational efficiencies
Session One: Industry Overview and Term Life Insurance
- Financial services industry
- Types of Insurers
- Public Perceptions of the Insurance Industry
- Federal and State Regulation
- Managing Solvency and Profitability
- Types of Life Insurance Products
- Term Life Insurance
Session Two: Cash Value Life Insurance Products
- Cash Value/Permanent Insurance
- Whole Life
- Universal Life
- Variable Universal Life
Session Three: Annuities
- The Annuity Product and Participants
- Annuity Types
- How Do Annuities Work?
- Annuity Sales in the U.S.
- Needs Met by Annuities
Session Four: Supplemental Benefits, Distribution, Pricing, and Profitability
- Supplemental Benefits
- Product Distribution
- Pricing Life Insurance
- Premium Rate Calculations
- Life Insurance Product Profitability
Session Five: New Business and Underwriting
- Insurance Company Operations
- New Business
Session Six: Customer Service
- What is Customer Service?
- Value Added Customer Service and Moments of Truth
- Challenging Nature of Customer Service
- Impact of Operational Areas on Customer Service
Session Seven: Claims
- Claim Administration
- Claim Evaluation Process
- Calculating Policy Proceeds
- Settlement Option Administration
- Who Should Receive the Proceeds?
Session Eight: Operational Performance and Operational Risk
- Market Conduct Compliance
- Regulatory Market Conduct Examinations
- Operational Performance
- Operational Risk
- Operational Efficiencies
This course is conducted in LOMA's virtual classroom. Led by a skilled facilitator and expert instructors, these sessions are delivered using web-conferencing technology, featuring communication tools and virtual breakout rooms so participants can interact frequently with each other and the session leaders.
Participants need a computer with a wired Internet connection and a telephone. Participants may also need to download the WebEx Training Manager — Standard Installer. If your company’s system does not allow automatic downloads, the participant will need to ask their IT department to download and run the Meeting Manager Installer.
WebEx Training Manager
To start or join a training session you will need to download, install, and configure the WebEx Training Manager.
Note: The first time you join or start a session, the Training Manager will automatically be installed; however you can manually download it here. You must have administrator privileges on your computer to use this installer.
Download the installer for your operating system:
Enroll in an upcoming Insurance Immersion session.