Overview
Entering the world of life insurance and annuities can be a daunting experience. The vast array of complex products, functions, and terminology can be difficult to understand — let alone master. Industry professionals need a broad understanding of life insurance and annuities and a proven way to quickly assimilate industry knowledge.
That is why we’ve created Insurance Immersion.
Insurance Immersion is an instructor-led, activity based program that provides the essential knowledge and tools necessary for success. Designed by LOMA and highly-respected insurance professionals specifically for the life insurance industry, this innovative immersion approach offers several key benefits:
- It’s effective. In a lively and highly participatory learning process, participants live and breathe insurance.
- It's fast. Participants accelerate their transition to the industry and make positive contributions quickly and effectively.
- It’s comprehensive. The program’s instructors are subject matter experts highly respected for their real-world experience and industry knowledge.
Session One: Welcome and Industry Overview
- Financial services industry
- Types of insurers
- Perceptions of the insurance industry
- Regulation and compliance
- Managing solvency and profitability
- Reinsurance
Session Two: Life Insurance and Annuity Products
- Types and features of term, whole life, universal life, and variable universal life insurance
- Needs met by life insurance products
- Life insurance trends
- Supplemental benefits
- Product distribution
- Annuity types and features
- How annuities work
- Annuity tends
- Pricing life insurance
- Product profitability
Session Three: Insurance Company Operations
- Stages of the product life cycle
- Operational areas of life insurance companies
- Purpose, organization, output, and value of new business, customer service, and claims operational areas
- Evaluation of operational performance and management of operational risk
- Market conduct
Session Four: Finance and Risk Management
- The solvency/profitability tradeoff
- Cash flow for life insurers
- Accounting standards
- Balance sheets and income statements
- Capital requirements
- Required financial statements
- Regulatory monitoring
- Profitability
- Risk accountability and enterprise risk management