LOMA 290 — Insurance Company Operations

Financial and Insurance Governance

OVERVIEW

LOMA 290 describes how life insurance companies operate in today’s global environment: how they are organized, how they are managed, and the roles of functional and support units in developing, distributing, issuing, and administering life insurance and annuity products.

COURSE OBJECTIVES

In this course, you will learn to:

Describe how life insurance companies operate in today’s global environment — how they are organized and managed, and the roles specific functional and support units play in developing, distributing, issuing, and administering life insurance and annuity products.
Explain traditional ways that insurers organize operations and organizational concepts such as authority, responsibility, accountability, chain of command, delegation, centralized organizations, and decentralized organizations.
Describe types of customer-related confidential information and how insurance company employees should handle such information to comply with privacy and confidentiality requirements, as well as ethics and regulatory guidelines.
Understand the differences between legal functions and compliance functions, including how each is organized, resolves disputes, and conforms to market conduct protocols.
Describe how human resources (HR) organizations are typically organized and their primary responsibilities, notably planning and staffing, training, performance evaluation standards, and oversight of compensation and benefits programs.
Identify the main elements in information management, including databases, database management systems, data warehouses, document management systems, and workflow management systems.
Describe how business intelligence, business analytics, and expert systems are used in insurance companies.
Describe common risks life insurance companies face and the risk management techniques deployed (i.e., diversification, hedging, expense, and enterprise risk management).
Describe the different types of financial accounting — premium accounting, investment accounting, general accounting, and tax accounting — and distinguish among Generally Accepted Accounting Principles (GAAP), statutory accounting practices, and International Financial Reporting Standards (IFRS).
Discuss the product development process — generating and screening ideas for new products, product implementation, and monitoring, evaluating, and using feedback to improve product offerings.
Identify the benefits to insurers of providing effective customer service, including typical customer service department organization, and the tools that automate and simplify customer service delivery.
Explain why effective claim administration is critical to an insurer’s success in guiding claim practices, as well as the steps taken in evaluating a typical claim, and any “red flags” that indicate potentially fraudulent claims.

COURSE FORMAT