Understanding Insurance Finance Workshop
23 & 24 July 2024, 09:30 - 12:45 (UK)
Online Training Workshop
Two half-days
Finance for non-finance professionals!
This live on-line interactive webinar, spread over two half days, is an antidote to the mystique that surrounds finance! It introduces the concepts, dynamics and the jargon of insurance finance. It demonstrates how the basic financial principals still apply to insurance, but highlights where it is unique.
In a world where economic volatility will test the resilience of insurance companies, prudential management, capital adequacy and financial competence are on the agenda. This is prompting a stronger and widespread desire for every part of the business to “understand the numbers”, especially the industry’s financial exposures and the elements that contribute to profit (or loss) and capital adequacy.
Members: £249
Non-members: £299
What will I get by attending the workshop?
- Identify the financial characteristics that make insurance distinct from other industries
- Describe the insurance cash flow cycle, and the main dependencies
- Explain main accounting rules and how they are applied to measurement and reporting
- Describe the key terms – the language of insurance finance
- Explain the financial treatment of the drivers of profit (or loss…..)
- Explore the crucial role of financial assets and investment income to the ultimate result
- Navigate and interpret the profit and loss/income statement and balance sheet/Statement of Financial Position
- Appreciate the requirement for solvency and capital adequacy, and what this means in practice
Who should attend?
No matter your function, viewing the industry and your own firm through the lens of finance reveals the risks, dependencies and opportunities. Being able to understand where the numbers come from and the ultimate measures of business success brings immense career benefits.
Overview
This two half-days online interactive Training Workshop, will cover:
- Insurance working capital cycle
- The economic characteristics of insurance: sources of opportunity and risk?
- Key accounting labels, concepts and rules: the fundamental accounting challenge
- The mechanics of premium: written/earned, gross/net, unearned premium reserves
- Acquisition costs and operational expenses
- The mechanics of claims: paid, outstanding and IBNR,
- Unexpired risk reserves/ claims equalisation reserves
- The P and L impact of prior year development: Reserve release or IBNER?
- The treatment of reinsurance
- A brief introduction to investment considerations: types of assets and asset liability matching
- Constructing the P&L (technical and non-technical account) and interpreting the balance sheet
- Key ratios: the combined operating ratio and its component parts, return on capital/equity
- Liquidity, solvency and capital adequacy
- Comparison with the Solvency II balance sheet
Method of delivery
The Training workshops will be delivered online, over two half-days (6 hours in total), via Zoom, on 23 & 24 July 2024, 09:30 - 12:45 (UK).
Delegates will be provided with short breaks during the sessions.
The training blends input, discussion and short practical exercises to progressively build and interpret the main financial statements.
Support notes are sent out as a pdf and participants are invited to read them beforehand. This focuses participants’ needs and they are invited to submit them in advance of the first session. Exercises are also sent out in pdf but ideally should be printed for use during the sessions.
Delegates must ensure they can access the online workshop via Zoom.
Trainer
John Constable
John has been in insurance for over 30 years. He now runs regulatory, risk, financial and business skills training for brokers and insurers. John’s versatility enables “joined up” training and coaching across many business subjects, bringing commercial awareness, credibility and energy. His work includes open and bespoke in-company courses, board training and development and executive coaching, and he was a faculty member on two of the Lloyd’s modular development programmes for young professionals.
Certificate
At the end of this workshop, you will receive a certificate of attendance from the Chartered Insurance Institute.
Price
- Members: £249
- Non-members: £299
How to book
To register for this workshop, please complete the below form:
For enquiries about this course, please email to: business.enquiries@cii.co.uk
Please note: courses are sold on a first come first serve basis, and therefore availability may change, depending on the number of bookings received. Once a course becomes full, the above date will no longer be available, and new dates will be published.
We reserve the right to postpone the above course dates, subject to a minimum number of course bookings received. Your booking will only be confirmed, once payment has been processed and you receive a booking confirmation email from the training team.
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