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IASA’s Profit & Cash – The Insurance Game

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About the Program

IASA’s Profit & Cash – The Insurance Game is a unique, hands-on workshop that teaches employees basic financial concepts in running an insurance company.

This fun, hands-on 4-hour virtual workshop immerses employees in the realities of how insurance works and how your company makes money and introduces the financial reporting system.  It’s a great introduction to what they need to know!  While participating in this simulation, you’ll get more comfortable with financial concepts that will help you understand how an insurance company operates, makes money and reports its results.   You’ll become more valuable in your position by learning how various departments work together to impact cash flow and profitability.

Despite time constraints, IASA’s Profit & Cash – the Insurance Game primarily emphasizes Property & Casualty, while also highlighting crucial distinctions in Life and Health operations, profitability metrics, and reporting timelines during the simulation. This versatile tool has consistently delivered value to multi-line companies, affirming the adage, “All simulations are imperfect, but some are invaluable.”

We firmly believe that our simulation can provide significant benefits to all facets of the insurance industry. No matter your current position with the company, this workshop will take the mystery out of critical concepts and practices and make you a better professional.

Registration Rates

Click here to check for upcoming Profit & Cash workshops on the events page.

Member rate: $295

Nonmember rate: $395

Groups of three (3) or more (from the same company) will receive a 10% discount on the Member or Nonmember rates. To register as a group, please contact Gina Jolly or Tricia Stillman directly for assistance.

Learning Objectives

  1. Attendees will recognize how the various departments of an insurance company operate.
  2. Attendees will identify and better understand how an insurance company makes money.
  3. Attendees will learn how an insurance company reports its result

Delivery Method – Group Internet Based

Field of Study – Personal Development

Knowledge Level – Basic

Prerequisites – None

Meet the Program Faculty

Cary Phillips, President, CP1 Consulting

Cary Phillips is the President of CP1 Consulting, a Mission, KS-based consulting company committed to helping organizations and their employees operate more effectively.

Cary received his law degree from the University of Missouri-Kansas City in 1978, clerked for a federal judge for two years, and then worked for a Kansas City law firm for five years.

In 1985, he went to work for Employers Reinsurance Corporation and, in his 15 years there, held a variety of positions, including Vice-President of Property and Casualty Claims.  he also received his Master Black Belt in Six Sigma process, GE’s highest designation for quality improvement.

Cary has given numerous presentations and workshops both nationally and internationally on a variety of topics such as “Profit & Cash – The Insurance Game”; “Think Process – A Practical Review of Process and an Introduction to Six Sigma”; “The Power of the Question”, an informative and humorous look at the questions all businesses should be asking; “Change Acceleration – How to Effect Meaningful Change”; “Leadership Skills for Technical People.”

Cary has served as a Dean and Faculty Member for the Federation of Defense and Corporate Counsel Litigation Management College held at Emory University each summer.

Cary is a member of the National Speakers Association and was selected to speak at the 2015 National Speakers Association annual convention.

Paul Heacock, President, Basic Relationships

Paul holds a bachelor’s degree in Finance and Accounting from St. Louis University.  He began his professional finance career in 1967 with the General American Life Insurance companies in St. Louis.

In 1979, Paul joined the initial management team of the Frankona America Companies, the American start-up operation of a German Life and Property-Liability reinsurance conglomerate. During the next 13 years, Paul served as the senior financial, administration and technology officer, the corporate secretary, and as a member of the Board of Directors.

In 1992 Paul founded Human Dynamics – an Overland Park KS consulting company employing 25 staff members. Paul regularly consulted on effective business processes for executives of key clients including Swiss Re, Frankona Re, Hallmark Cards, Sprint, Ferrellgas, and McKesson Health Systems.

In 2008 Paul joined MutualAid eXchange, a faith-based property and casualty insurer based in Overland Park KS, as the Chief Information Officer.  He retired on December 31, 2013

Paul has been actively involved in the Insurance Accounting and Systems Association (IASA) since 1973. In 1980 he was elected IASA’s International President.  Paul was a contributing author and co-editor of IASA’s Life Insurance Accounting textbooks.  In April 2014, Paul published a book entitled BASIC Relationship and Leadership Strategies – Commonsense Ideas on How to Get Along Better with the Important People in Your Life.

Paul also is one of the original designers and facilitators of Profit and Cash© – The Insurance Game. This one-day business simulation helps insurance company employees, producers and vendors improve their business and financial literacy by better understanding how insurance companies operate, make money and how employees, producers and vendors can directly impact the company’s results.

Paul is currently a board member of Armed Forces Insurance Company. He recently completed 15+ years on the boards of the Missouri Insurance Education Foundation and the Harry S. Truman Neurological Center for Children.

 

IASA’s Profit & Cash – The Insurance Game Program Testimonials

“I really enjoyed your ‘intense business simulation’ and I now better understand this business and how we make money.”

Chris Winters AVP Marketing & Digital Experience, Armed Forces Insurance

 

 

“Thanks to you and Cary for putting on this training. You both took what most people would consider a very dry topic and made it interesting. I thought it was quite good and well done. It certainly would go a long way to helping someone new to the industry understand the nuances of the insurance business.  –

Deryck Malone, VP, Finance and Chief Financial Officer, Armed Forces Insurance

 

 

“I don’t know of any other tool that is as effective in helping persons understand the unique aspects of the insurance business.”

Dave Wine, President (retired) Mutual eXchange Insurance Company

 

CPE Information

This program offers four (4) CPEs. Post-event meeting reports will be used to track attendance.  Attendees are required to stay for the full session time to be eligible for CPE credit. Partial credit will not be awarded.  Attendees meeting the time requirement will receive an email within two weeks from “IASA Support” to complete an evaluation and print a CPE certificate. All certificates should be printed within 30 days of the event and should be maintained by the attendee for your certification records.  For specific instructions on downloading your CPEs directly from your member portal click here.  For a full list of our CPE policies, complaint resolution policy and Official NASBA sponsor statement, please visit our website by clicking here.