Students studying Actuarial Science, Risk Management and Insurance at the Wisconsin School of Business had the chance to learn what it’s like to run their own insurance company, as they competed in teams in a simulation known as PRIME. PRIME is a computer-assisted management exercise designed to acquaint participants with the decision-making process involved in running a property and casualty insurance company. In all, 27 undergraduates, two MBAs in risk management and seven specialized masters’ students in actuarial science participated.

The competition was sponsored by the department’s Co-Curricular Learning Board, made up of insurance companies and consulting firms who provide outside-the-classroom learning opportunities for students. The simulation was facilitated by Gen Re, a provider of reinsurance solutions for the insurance industry.

Teams of students interacted with representatives from the Co-Curricular Learning Board as they competed on Friday and Saturday, Feb. 20-21. They learned how to read financial statements, make pricing and other decisions and work and make decisions together as management teams as they competed against each other in an effort to have the best-performing company. As a part of the competition, members of the Co-curricular Learning Board gave presentations on competitive pricing and the current state of the insurance industry.

Kirk Peter, who directs co-curricular learning for the school’s Actuarial Science, Risk Management and Insurance program, says the PRIME insurance competition gave students the chance to learn, have fun and gain exposure to industry experts. “This is the first time this insurance simulation was ever run for students,” he said. “This exercise is generally used with boards of directors or management-level employees of insurance companies. The opportunity for our students to participate in such an exercise as well as to interact and learn from representatives from the Co-curricular Learning Board was phenomenal.”

Bill Unruh, a junior double majoring in actuarial science and risk management found the PRIME simulation to be “ not only a great learning experience but a lot of fun as well. I really enjoyed connecting and working with others and I think that the team building this event encouraged was great.”

The companies that are on the board and supported this event are:

• Allianz Life Insurance
• Allstate Financial
• American Family Insurance
• CUNA Mutual Insurance
• Liberty Mutual
• Milliman
• State Farm Insurance

Posted in Degrees and Programs, Student News