Simulation game

IRIS Insurance Game life

Simulation game for insurance management – Life insurance

In cooperation with Lebensversicherung von 1871 a. G. (LV 1871) riva developed IRIS Insurance Game life, which has since established itself as the leading simulation game in the German life insurance industry. IRIS Insurance Game life is tailored to the particular needs of German and Austrian life insurance companies and received the InnoWard 2008 as an outstanding personnel development project of LV 1871.

Experience life insurance management “live”

Our simulation game software models a German insurance market with five life insurers. These five medium-sized companies sell several individual and group life insurance products through two distribution channels. The realistic model simulates the characteristics of the life insurance market as well as the particular features of life and annuity insurance products, and pure risk products. Customer groups and the economy (including capital, job and retail markets) in which the insurance model is embedded are also considered.

Acting as top executives, seminar participants manage their companies in a competitive market environment over several business periods. Participants make operative decisions in order to develop their companies within the market. If requested, these decisions can be strategically substantiated and extended to include a management perspective. The simulation software takes into account all pertinent functional areas of a life insurer, their interdependencies and implication on company results:

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

Detailed reports and analyses model accounting and controlling functions. Using a complex investment model allows to explore the role of asset liability management. The integration of stochastic (factor based) risk models offers numerous opportunities and challenges around the topic of “risk”:

  • Capital requirements according to Solvency I & II
  • Ratings

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

Course of action

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.


Medium: Computer-assisted simulation game
Playing time: 2.5 – 3 days
Complexity: medium – high
Participants: 10 – 30 players

Larger numbers of participants can be trained in several groups.

Variants

Compact course

The compact course takes 2.5 – 3 days, depending on the focus area.

Simulation game set

The simulation game set includes the advanced, easy-to-operate simulation software for the facilitator (integrated in Microsoft Excel) and decision-making templates for the teams. In addition, you will receive comprehensive, didactically well prepared reading material:

  • Handbooks and working material for participants (“executive briefing”)
  • Facilitator documentation
  • Strategy templates with tools and methods of strategic management
  • Handbooks on “strategic management”, “investment” and “risk and performance steering”

Licensing

Academic licence

We offer fair individual and all-inclusive licences without hidden maintenance fees or the like. If requested, we can also train your facilitators.

Languages

German

Special feature for universities

We offer preferential terms to universities and non-profit organisations. IRIS Insurance Game life can be implemented flexibly, either as a compact course lasting several days or as part of weekly courses (25 – 30 hours or 2 – 3 hours over 12 weeks).

Developers

Matthias Flurl
Dr. Ralf Klotzbücher

Interested?

Get to know IRIS Insurance Game life: In cooperation with DVA – Deutsche Versicherungsakademie (German Insurance College) we conduct open seminars with participants from various insurance companies once or twice a year. You will find the dates for the 3.5 days block seminars here.

Downloads

riva-Flyer – IRIS Insurance Game (302 KB)

Contact: Dr. Ralf Klotzbücher

We are at your service

Do you need further information? How can we support you? We are looking forward to hearing from you!

Contact: Dr. Ralf Klotzbücher Find dates in our calendar Find dates in our calendar