Simsurance - Insurance & Finance
In this game, the players take over the management of an insurance company. There are 5 different insurance products. Currently, the company is present on the market with 4 products. For each product, the management has to determine whether they want to enter the market or not. If they decide to launch the product, they have to determine the price, compensation fee, marketing cost, reinsurance rates and commission for each product. There is a possibility to enter the credit market as a mediator.
How Simsurance simulation software works:
- The students form groups, and take over the management of the virtual insurance company created by the simulation software.
- The virtual insurance company is managed by making strategic decisions for every quarter of a year. The software gives a written feedback about the results of the decisions, and it also shows the important economic indicators (profit, Cash flow, traffic,…) on a graph.
- The software settings can be modified in various ways based on different demands, purchase prices, the wage flexibility, credit conditions and a number of other factors.
- The software can simulate up to 8 periods.
Advantages and learning points:
- The simulation creates an opportunity for students to put their basic knowledge about insurance to the test, and get an insight into the strategic questions of the operation and management of a hotel.
- The structure of the program helps to synthesize and put into practice the knowledge of students doing their studies in the field of finance.
- The game challenges and develops analytical skills, as students are required to find the data they need from various financial and market research reports (for example balance sheets, income statements, market research).
- As a result, just like in real life, effective teamwork is essential to successfully completing the game.