About the Course

Insurance is the financial sector of an economy dealing with recovering damages, losses, indemnities, and building Pensions for a whole-life financial balance. Insurance invests in the economy by guarding peoples' money to provide income protection and stability. Insurance is applied through global principles and methods that interpret and use their terminology, function, and legal framework governing the insurance business. Insurance uses specific bilateral contracts with coverages, limits, and exclusions, differentiating the various plans and benefits included in the insurance policies. It can provide income to the families that have lost their breadwinners. Insurance is a global market controlled by a robust framework and constrained by a tight economic environment. It is used to achieve financial independence throughout their lives, overcoming the financial burden after an accident or a loss. 

This Implementing Insurance and Retirement Plans training course aims to provide the appropriate techniques to offer each participant the knowledge and skills needed for more effective operation and suggest the necessary adjustments required in behaviour towards greater efficiency. It also provides in-depth insight into how the insurance industry works, from the legal aspects, the principles, and the methods it uses. Central to this work are modern techniques used to describe the insurance market and determine the best solution for the benefit of each insured person. This program will highlight the Basics and Laws governing the Insurance Market and how the Underwriting and Claims Procedures are operating, differentiating among Life, General Business and Accident Sectors.

Core Objectives

The delegates will achieve the following objectives:

• Recognise the usefulness of Insurance for People and Corporations
• Classify the functions of insurance and implement the insurance needs of the insureds 
• Differentiate among the various sectors of insurance
• Compare what the multiple industries and alternatives of Insurance products are
• Explain the concepts and principles of insurance 
• Differentiate among the different types of Life, General and Accident Products
• Classify the Concepts and Methods of insurance
• Critique on the principles of insurance risk assessment and customer requirements
• Produce insurance policies

Training Approach

This training course uses a combination of interactive presentations and live discussions. These will be supported with workshops, videos, models, tables and charts to consolidate learning and discuss the practical application of the findings with the course provider. There will be a summary recap by the end of each day, linking up the topics to formulate a complete course. Upon request, it can include a final multiple-choice test on the material as a learning evaluation method. It is suitable for the delegates' in-class and virtual online and hybrid interaction.

The Attendees

Likewise, it will be valuable to the professionals but not limited to the following:

• Business people and Agents of insurance
• Administrators communicating directly with customers
• Insurance Brokers wanting to enhance their Insurance Business
• Insurance employees working in sales, client service, Call centres 
• Bank employees who promote insurance with other banking products
• People interested in building an insurance career and an Insurance Agency
• Those interested in acquiring insurance knowledge and skills as a complementary job 

Daily Discussion

DAY ONE: THE INSURANCE MARKET AND PRINCIPLES

• Definition and Objectives of Insurance
• Suppliers and Intermediaries: Other Channels of Insurance Distribution
• Control Service and Related Professional Bodies
• The Common Fund – Functions of Insurance
• The terms “Peril” and “Hazard” and the Insurability
• The Policy Contract, the Proposal, and other Insurance Documents
• Underwriting Procedures, Claims Handling, and Indemnification

DAY TWO: MANAGING RISK, LAWS AND REGULATIONS OF INSURANCE

• Insurance as a means of Risk Management
• Reinsurance and Coinsurance
• The Principles of Utmost Good Faith: Insurable interest and the Proximate Cause
• The Insurance Law, Licensing, and Intermediary Registers
• Solvency and Capital Requirements
• The Code of Ethics of Insurance
• Information Obligations of Insurance

DAY THREE: PROSPECTING CLIENTS AND THE SELLING CYCLE OF INSURANCE

• Relationship Building Skills: Identifying and Selecting prospective candidates
• Customer engagement techniques through references – Reference Groups
• Approaching Prospective Customers
• Presenting Mastery: Various types of Selling Presentations
• Procrastination - Overcoming Objections
• Closing the Deal negotiation and persuasion
• After Sales Support: Integrating the Relationship

DAY FOUR: INSURANCE NEEDS AND PRODUCTS

• How does Insurance work?
• Insurance Needs for Holistic Plans
• Life and Savings Sector
• Property and Casualty Sector
• General Liability Sector
• Personal Insurance Sector – Accidents and Health
• Specialised Insurance

DAY FIVE: RETIREMENT PLANNING THROUGH INSURANCE

• Sources of Income in Retirement
• The Investment Pyramid
• Duration of Pension: The Level of Capital Needed
• Solutions to the interest rate level, Time and Exit Principle (Liquidity)
• Surrendering Cash Value: Funds and investment Principles
• Annuities: Basis for Annuity Building Negotiations
• The principle of whole-life pension and distribution of capital gains