Chicago, IL (PRWEB) April 17, 2008
PriSim Business War Games Inc., a premier business simulation and training firm, announced that the company has released a new business-training simulation for insurance agencies and brokerages, titled Agency Challenge™. Agency Challenge™ is a highly customized business simulation designed for the insurance agency and brokerage industry to develop Managers', Directors', and other high-potential staff's strategic, financial, and general business acumen. The computerized simulation models the operations of a working, growing insurance agency and allows course attendees to run their simulated company as "CEO for the Day".
During the Agency Challenge™ course, attendees manage a "virtual" insurance agency, competing for profit and market-share with other teams. Decisions include: staffing, sales management, carrier management, customer targeting, sourcing, and financial management. Through this intensive, hands-on process attendees learn:
- A "total agency" perspective on decision-making.
- How to apply proven business and management topics to agency operations.
- How to think strategically.
- How to analyze complex business issues.
- How to use sound judgment in decision-making.
- How to develop effective business plans.
- The importance of customers and their "lifetime value".
- How to analyze the key financial statements including the income statement, balance sheet, and cash flow statement.
- How to measure success using financial ratios including conversion ratio, return on sales, segment profitability, loss ratio, and distributions.
- How decisions in one function impact the entire agency (integrated decision-making).
- How to establish effective group decision-making roles and processes.
Over a period of several simulated years in the 2-day course, teams are challenged to turn around the performance of a struggling insurance agency and compete for customers and qualified employees (producers and support-staff). Agency Challenge™ is also highly customizable to other retail-service industry models.
An Assistant Vice President of Training at one of PriSim's insurance-carrier clients said of the Agency Challenge™ simulation, "Working with PriSim enabled us to build seamless alliances both within and outside the organization. Their approach to building the simulation tapped into subject matter experts and resources within our company at some of the highest levels of management. They worked closely with our agency network -- our strategic partners -- in reaching the end user of our product."
The benefits that an insurance agency and brokerage will gain by running their staff through the Agency Challenge™ course include:
- Sales Revenue Growth: Improved decisions regarding market focus, staff alignment, carrier alignment, investment, and competitive positioning.
- Net Profit Growth: Improved financial acumen ensures that compensation, productivity, float, service, and other expense decisions are made with focused consideration to their impact on the bottom-line.
- Customer Satisfaction & Retention Improvement: Greater cross-departmental awareness between production, customer service, finance, and marketing allows staff to better communicate and more effectively assist each other in creating the best possible customer experience.
- Lower Staff Attrition: Investments in high-quality training demonstrate a company's commitment to key staff.
PriSim Business War Games' business simulations and courses provide managers across all industries with a practice-ground where new ideas can be tested and where strategies can be practiced in a "what-if" environment. With the roll-out of Agency Challenge™, PriSim has further expanded its course-delivery reach as it continues to produce unique, computer-simulation based business training courses for leading organizations worldwide. The Agency Challenge represents PriSim's fourth insurance-specific management exercise and positions PriSim as the premier partner for companies in the insurance industry that have a goal of developing business and financial acumen. At PriSim, we make learning real™.
ABOUT PRISIM BUSINESS WAR GAMES INC:
PriSim Business War Games Inc. works closely with leading organizations to build and deliver customized business simulations. PriSim assists clients in utilizing these custom tools to develop their employees' business acumen. PriSim develops tools and materials that help clients communicate more effectively, proactively explore strategic alternatives, involve multiple levels of management in business development, and share a common model and language of business and finance. Industry-specific simulations include insurance carrier, insurance agency and brokerage, mortgage banking, aerospace and defense, dealership, publishing, e-commerce, and manufacturing. PriSim helps clients make better business decisions while helping them to "See things differently, think differently™". At PriSim, we make learning real™.