LOMA 308 — The Business of Insurance: Applying Financial Concepts

• The Economy, including Financial Institutions and Products, and Economic Policies
• Insurance Company Structure and Management
• Basic Risk Management Concepts, including Managing Solvency, Profitability, and Efficiency
• Information Management
• The Time Value of Money
• Using Sample Data
• Data Analysis/Ratios

• Describe the basic types of financial products and identify the financial needs these products are designed to address.
• Explain the steps in the control process and describe the important control mechanisms insurance companies use to measure, evaluate, and improve their operational performance.
• Describe the major categories of life insurer investments and explain how insurers use the required rate of return, the risk-free rate of return, and the risk premium to evaluate these investments.
• Describe how insurers determine the values for a product’s cost of benefits, operating expenses, and investment earnings and how they evaluate product performance.
• Describe how insurers use cost-benefit analysis, rightsizing, outsourcing, remote work arrangements, and information technology to manage general and administrative expenses.
• Explain how insurers use information technology to manage and improve the customer experience and key business processes.
• Perform present value calculations, explain how the present value of an annuity is calculated, and describe insurer applications of present value.
• Describe the ratio-based systems used by regulators and rating agencies to monitor and evaluate insurance company solvency and profitability.

Pricing

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