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— Insurance Simulation Application
Our insurance simulation workshops are based on our proprietary simm© software. Using stochastic simulation techniques and economic scenario generators, simm© creates macroeconomic variables such as yield curves, asset prices, and insurance consumption relationships. In addition, claim frequencies and severities, including catastrophic losses are simulated. With these, simulation users are able to:
- create and test investment policies,
- structure a reinsurance program,
- measure capital adequacy through insurance stress tests, and
- understand the drivers of value creation insurance.
Depending on specific learning objectives, multiple workshop designs are feasible. For example, an organization may be interested in learning the fundamentals of reinsurance treaties. In this case, the focus of a workshop is the mitigation of risks through reinsurance, and additional sessions on the topic can be incorporated into the workshop. Some organizations may be interested in bringing leadership training to their executives. Examples of other topics are:
- understanding the basics of an Enterprise Risk Management process,
- grasping the fundamentals of the ORSA process under Solvency II and other global solvency paradigms, or
- learning negotation skills, change management, and other aspects of corporate leadership.
Given the flexibility of simm©, workshop durations may range from one day to a full week. For educational institutions, we can embed a simulation workshop into a semester-long course, for example, by scheduling 2-3 hours per week. Workshop design possibilities are practically unlimited.