Insurance Industry Overview
Overview/Description
Like most industries within the financial sector, the insurance industry has seen its share of ups and downs of late. Globalization, economic recessions, changes within the regulatory environment, and the events of 9/11 have all shaken the industry to its core. In response, new strategies have emerged to meet these challenges, including fundamental changes in the way companies do business. No longer do insurers rely on managing risks but instead focus on managing investments. And, as banks and mutual companies enter the insurance market, eroding the traditional boundaries of the financial sector, a need for more aggressive marketing has arisen. Insurers must now sell directly or risk losing potential clients to their new competitors.
This course is designed to help learners gain an understanding of the insurance industry, the current regulatory and business drivers, the numerous challenges facing it, and the strategies and solutions required for its future.
Target
Audience
This course is designed for management consultants and sales personnel seeking an overview of the insurance industry, corporate and enterprise-wide business managers who will be dealing with or seeking business opportunities in this sector, and entry-level employees taking up positions within the industry.
Expected
Duration
2.5 hours
Lesson
Objectives:
Insurance Industry Primer
recognize the benefits of understanding the major segments within the insurance industry.
match the policy types of the life and health sectors of the insurance industry to examples.
identify the characteristics of the property and casualty sectors of the insurance industry.
match policy types provided by the specialty sector of the insurance industry with examples.
Regulations and Drivers
recognize the advantages of understanding how the regulatory environment and business drivers impact the insurance industry.
identify the key impacts the Gramm-Leach-Bliley Act has had on the insurance industry.
match those forces negatively impacting the insurance industry with examples.
identify the paradigm shift in the insurance industry's primary business model.
match the trends driving the change to the insurance industry's business model with examples.
Challenges Facing the Industry
identify the advantages of understanding the challenges affecting the insurance industry.
identify the major impacts terrorism has had on the insurance industry.
match the reasons for the increase in insurance litigation in the United States with examples.
identify the inequities of the United States tort system that impact the insurance industry.
match competitive challenges facing the insurance industry with examples.
identify the factors that contribute to insurance fraud in the United States.
Strategies and Solutions for the Future
recognize the benefit of identifying strategic solutions within the insurance industry.
Identify the benefits e-commerce brings to the insurance industry.
identify the benefits of consolidation to the insurance industry.
match advantages of direct-marketing strategies with examples.
Course Number: IND0211