Insurance Company Operations
What role do you play within a company and how are
different company functions related? Learn more about how you can apply
advanced executive strategies to improve business functions and promote company
success.
In the Insurance Company Operations course, you will learn
strategic decision-making strategies for the purpose of satisfying regulatory
requirements, meeting compliance standards, product development, underwriting,
distributing and marketing, processing claims, and other vital company
functions.
Updated and revised 2-day course.
Executive and Financial Management (6 hours)
In this section, agents are introduced to terminology common
to discussions of insurance company operations. In addition to becoming
familiar with critical terms and fundamental concepts, they will gain a “big
picture” understanding of the various facets, activities, and concerns of the
operations within an insurance company.
Product Development (2 hours)
Agents will understand the product development process that
occurs within an insurance company. They will be able to identify the
information the product development department uses to establish the tactical
plan. They will apply the 5-step process used in the product development
process to design and implement a product. They will evaluate the
effectiveness of a product development team’s use of the actuarial process to
determine the price and performance of a product.
Underwriting (3 hours)
Agents will learn about the steps, tools, and structure used
by insurance company underwriting departments. They will gather
information about the impact of market cycles, as well as the purpose of
reinsurance and loss control. They will examine premium audits and the
technology needed to support the underwriting process.
Claims Management (3 hours)
Agents will learn about the claim’s management process –
from planning to managing to technology. They will evaluate a claim
regarding the roles of subrogation and salvage. They will analyze the
problem of fraud from the perspective of a special investigative unit and
consider the appropriate solution. They will discuss the possible
outcomes when an insurance company acts in bad faith. They will better
understand the claims technologies and how they impact the success of the
claim’s department and the insurance company.
Product Distribution (2 hours)
Agents will learn how insurance products move from the
development process to distribution. They will compare various methods
used to create the brand. They will be able to differentiate between the
various methods of distribution and determine where they are most
effective. They will evaluate methods intended to support policyholder
services. They will explore the technology available to support the sales
and marketing functions.
This designation is recommended for:
·
Licensed agents, brokers, and adjusters
·
Insurance professionals with at least two years
of full-time insurance or risk management experience
·
Full-time insurance faculty members who have
taught for at least two years at an accredited college or university
Earning the Designation
You must successfully complete five CIC courses and pass five exams
within five calendar years. To earn the designation, participants must score
70% or better on the two-hour, essay style exam.