General Insurance Products and Underwriting Training Course

General Insurance Products and Underwriting Training Course

This comprehensive five-day training is designed to provide participants with a thorough understanding of the general insurance industry, from foundational concepts to advanced underwriting and product knowledge. The course will equip attendees with the practical skills needed to effectively assess risks, manage portfolios, and navigate the complexities of various insurance products, ensuring they can make informed decisions that support business growth and profitability.

The curriculum covers a wide array of topics, including the fundamental principles of general insurance, the detailed underwriting process, and specific product lines like property, liability, and motor insurance. We'll also delve into specialized areas such as marine and aviation insurance, the role of bancassurance and microinsurance, and the critical aspects of claims management. The course concludes with an exploration of reinsurance, regulatory frameworks, and the impact of technology on the industry.

Who Should Attend the Training

  • Underwriters
  • Insurance agents and brokers
  • Claims officers
  • Risk managers
  • Compliance officers
  • Business development managers in the insurance sector
  • New entrants to the general insurance industry

Objectives of the Training

Upon completion of this course, participants will be able to:

  • Demonstrate a deep understanding of general insurance principles and products.
  • Master the fundamental stages of the underwriting process, from risk assessment to policy issuance.
  • Identify and analyze the key features and coverage of different general insurance products, including property, motor, and liability insurance.
  • Evaluate risks accurately and price premiums competitively while ensuring profitability.
  • Apply knowledge of claims management and loss adjustment to ensure fair and efficient settlement processes.
  • Understand the principles of reinsurance and its role in risk mitigation.

Personal Benefits

  • Enhance your technical skills and knowledge in general insurance and underwriting.
  • Improve your decision-making abilities in risk assessment and pricing.
  • Boost your career prospects within the insurance industry.
  • Gain a competitive edge with a comprehensive understanding of diverse insurance products.
  • Develop a strong professional network with peers and industry experts.

Organizational Benefits

  • Improve the quality and profitability of underwriting decisions.
  • Reduce potential claims and financial losses through better risk selection.
  • Enhance the team's ability to develop and market new insurance products effectively.
  • Ensure compliance with regulatory standards and ethical practices.
  • Increase overall operational efficiency and client satisfaction.

Training Methodology

The training employs a dynamic and interactive approach to ensure maximum engagement and knowledge retention. Methods include:

  • Interactive lectures and presentations
  • Case studies and group discussions
  • Practical exercises and simulations
  • Q&A sessions
  • Real-world examples and industry insights

Trainer Experience

Our trainers are seasoned professionals with extensive experience in the insurance and financial services industries. They hold relevant certifications and have a proven track record of delivering high-quality, practical training. Their expertise ensures that the course content is not only theoretically sound but also rich with real-world application, providing participants with valuable insights and actionable skills.

Quality Statement

We are committed to providing exceptional training that meets and exceeds industry standards. Our courses are meticulously designed, regularly updated, and delivered by expert trainers to ensure you receive the most relevant and impactful knowledge available. Your professional growth is our primary goal.

Tailor-made courses

In addition to our standard offerings, we specialize in creating custom training programs designed to address the specific needs and challenges of your organization. Contact us to discuss how we can develop a course that perfectly aligns with your team's goals and objectives.

 

Course Duration: 5 days

Training fee: USD 1300

Module 1: Introduction to General Insurance and its Products

  • Principles and Functions of Insurance
  • Types of General Insurance Policies
  • The Role of Underwriting in the Insurance Value Chain
  • Key Terms and Concepts: Premium, Deductible, Policy Conditions
  • Practical session: Analyzing a standard insurance policy document to identify key components and clauses.

Module 2: The Underwriting Process in General Insurance

  • Risk Assessment and Analysis
  • Gathering and Evaluating Underwriting Information
  • Risk Classification and Selection
  • Pricing and Premium Calculation
  • Practical session: A case study on underwriting a small business, including risk assessment and premium determination.

Module 3: Property and Business Interruption Insurance

  • Fundamentals of Property Insurance
  • Coverage for Fire, Theft, and Allied Perils
  • Understanding Business Interruption Coverage
  • Determining Insurable Value and Sum Insured
  • Practical session: Simulating a fire damage scenario and calculating the potential business interruption loss.

Module 4: Liability and Motor Vehicle Insurance

  • Types of Liability Insurance: Public, Product, and Professional
  • Principles of Motor Vehicle Insurance
  • Assessing Motor Risk Factors: Driver History, Vehicle Type, Usage
  • Claims Handling in Motor and Liability Policies
  • Practical session: Group exercise on a motor accident claim, from first notice of loss to settlement.

Module 5: Marine, Aviation, and Transit Insurance

  • Marine Cargo and Hull Insurance
  • Principles of Aviation Insurance
  • Coverage for Goods in Transit
  • Understanding Specific Risks in Transport
  • Practical session: Developing a risk management plan for a shipping company's cargo.

Module 6: Bancassurance and Microinsurance

  • Introduction to Bancassurance Models
  • Product Development for Bancassurance
  • Fundamentals of Microinsurance
  • Designing and Distributing Microinsurance Products
  • Practical session: Creating a bancassurance product proposal for a new market segment.

Module 7: Claims Management and Loss Adjustment

  • The Claims Process: Notification to Settlement
  • Role of a Loss Adjuster
  • Fraud Detection and Prevention
  • Subrogation and Salvage
  • Practical session: A mock claims adjudication panel for a complex property claim.

Module 8: Reinsurance and Coinsurance Principles

  • Purpose and Function of Reinsurance
  • Types of Reinsurance: Treaty and Facultative
  • The Role of Coinsurance in Risk Sharing
  • Structuring a Reinsurance Program
  • Practical session: Analyzing reinsurance contracts to determine coverage and obligations.

Module 9: Insurance Regulation, Ethics, and Governance

  • Key Regulatory Bodies and Frameworks
  • Ethical Considerations in Underwriting and Claims
  • Corporate Governance in Insurance Companies
  • Compliance and Anti-Money Laundering
  • Practical session: A debate on an ethical dilemma in insurance underwriting.

Module 10: Emerging Trends and Technology in General Insurance

  • The Impact of Insurtech and Digitalization
  • Big Data and Analytics in Underwriting
  • Cyber Insurance and Emerging Risks
  • The Future of General Insurance
  • Practical session: Brainstorming and presenting a new insurtech solution to improve the customer experience.

Requirements:

·       Participants should be reasonably proficient in English.

·       Applicants must live up to Armstrong Global Institute admission criteria.

Terms and Conditions

1. Discounts: Organizations sponsoring Four Participants will have the 5th attend Free

2. What is catered for by the Course Fees: Fees cater for all requirements for the training – Learning materials, Lunches, Teas, Snacks and Certification. All participants will additionally cater for their travel and accommodation expenses, visa application, insurance, and other personal expenses.

3. Certificate Awarded: Participants are awarded Certificates of Participation at the end of the training.

4. The program content shown here is for guidance purposes only. Our continuous course improvement process may lead to changes in topics and course structure.

5. Approval of Course: Our Programs are NITA Approved. Participating organizations can therefore claim reimbursement on fees paid in accordance with NITA Rules.

Booking for Training

Simply send an email to the Training Officer on training@armstrongglobalinstitute.com and we will send you a registration form. We advise you to book early to avoid missing a seat to this training.

Or call us on +254720272325 / +254725012095 / +254724452588

Payment Options

We provide 3 payment options, choose one for your convenience, and kindly make payments at least 5 days before the Training start date to reserve your seat:

1. Groups of 5 People and Above – Cheque Payments to: Armstrong Global Training & Development Center Limited should be paid in advance, 5 days to the training.

2. Invoice: We can send a bill directly to you or your company.

3. Deposit directly into Bank Account (Account details provided upon request)

Cancellation Policy

1. Payment for all courses includes a registration fee, which is non-refundable, and equals 15% of the total sum of the course fee.

2. Participants may cancel attendance 14 days or more prior to the training commencement date.

3. No refunds will be made 14 days or less before the training commencement date. However, participants who are unable to attend may opt to attend a similar training course at a later date or send a substitute participant provided the participation criteria have been met.

Tailor Made Courses

This training course can also be customized for your institution upon request for a minimum of 5 participants. You can have it conducted at our Training Centre or at a convenient location. For further inquiries, please contact us on Tel: +254720272325 / +254725012095 / +254724452588 or Email training@armstrongglobalinstitute.com

Accommodation and Airport Transfer

Accommodation and Airport Transfer is arranged upon request and at extra cost. For reservations contact the Training Officer on Email: training@armstrongglobalinstitute.com or on Tel: +254720272325 / +254725012095 / +254724452588

 

Instructor-led Training Schedule

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