Associate, Life Management Institute (ALMI)
Business & Financial Concepts for Insurance Professionals - LOMA 307

Objectives:

Introduces industry employees to basic financial concepts and terminology and relates these concepts to the business of insurance and company operations and profitability.

Target Group

People working in the insurance industry or new aspirants who want to join the industry.

Contents:

• The Role of Insurance in the Economy
- The Economy
- Financial Needs of Households and Businesses
- Changes in the Financial Services Industry

• Insurance Company Management
- Insurance Company Structure
- Requirements for Incorporation
- Managing Insurance Company Business

• Managing Solvency & Profitable
- Basic Risk Management Techniques
- Insurance Regulation and Solvency
- Managing Risks for Profitability 

• Product Design and the Time Value of Money
- Financial Aspects of Product
- Interest
- The Time Value of Money

• Achieving Operating Efficiency
- Overview of Insurer Expenses
- Methods for Improving Operating Efficiency

• How the Economy Affects Insurance Companies
- Measuring the Economy
- How Changes in Market Interest Rates Affect Insurance Companies

• Financial Reports & Plans
- Financial Statements
- Reports for Stakeholders and Regulators

• Understanding Financial Ratios
- Ratio Basics
- Financial Ratios Used by Insurance Companies

• Presenting Data Visually
- Tables
- Other Ways to Present Data Visually

• Analyzing Population Data
- Measures of Central Tendency
- Measures of Dispersion
- Improving the Value of Descriptive Statistics

• Analyzing Population Data
- Data Distributions
- Data Quality

• Analyzing Sample Data
- Law of Large Numbers
- Using Sample Data to Estimate Population Characteristics
- Using Sample Data to Forecast Behavior

Duration

30 Training Hours