IRIS Insurance Game

Simulation game

IRIS Insurance Game has become the leading simulation game in the European insurance industry and is implemented internationally by corporations, universities and training institutes.

Experience insurance management “live”

Our simulation models a European insurance market with five property & casualty insurers, offering several products in regional markets through sales agencies. The software simulates the competition among the insurers within regions and customer groups as well as the economy (including capital, job and retail markets) in which the insurance model is embedded.

Acting as top executives, seminar participants manage their companies in a competitive market environment over several business periods. Participants make strategic and operative decisions in order to develop their companies within the market.
The simulation software takes into account all pertinent functional areas of a property & casualty insurer, their interdependencies and implication on company results:

• Operations: Human resources and IT
• Marketing: Products, pricing, sales and communication
• Investments: Portfolio composition
• Risk management: Underwriting

Detailed reports and analyses model accounting and controlling functions. The integration of stochastic risk models offers numerous opportunities and challenges around the topic of “risk”:

• Reinsurance and its effect on the risk position
• Capital requirements according to Solvency I & II
• Ratings
• Internal risk models (PODRA)

The risk and performance rates from the internal risk models allow the implementation of a risk and value based management.

Qualitative risk modelling is an additional feature in IRIS Insurance Game+ and puts special emphasis on risk management and reinsurance.

Course of action

Depending on the focus areas selected, the seminar would last 2.5 – 3.5 working days. At the outset the participants receive annual reports of their respective companies together with market analyses. Based on this information the participants define the strategic direction for their company in the first round of the game and make operational decisions. Decision making can be supported by notebooks/PCs but this is not mandatory. Following that, market developments are simulated and a new set of data is generated for the subsequent round of the game.

Facilitators – Assistants, coaches and consultants

Simulation game facilitators take on several roles:

Every simulation game is distinct because the initial situation is individually configured for the respective group of participants. During the game the facilitators act as “assistants” to the participants. With the help of the simulation software they process the decisions made by the participants in each round of the game, including implications on the insurance market. The software automatically generates annual reports and market analyses that can be supplemented by a wide variety of optional reports.

The facilitators coach participants during the group work, they analyse the results of each round of the game and moderate the discussions within the group.