What is PRIME?

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Gen Re's Primary Insurance Management Exercise, or PRIME, is a computer-assisted exercise only offered by Gen Re that helps our clients better understand the decision-making processes involved in running an insurance company.

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What is PRIME?

  1. 1. Gen Re's proprietary Primary Insurance Management Exercise, or PRIME, is a computer-assisted exercise designed to help participants better understand the decision-making processes involved in running an insurance company. What is PRIME? The winning team is the one that best manages its operations, the marketplace, and its financial position by working effectively as a group and leveraging the skills of each team member. Objective how it works why prime? Experience what it's like to run a property/casualty insurance company’s operations for the equivalent of four years. Opportunity to experience all aspects of running an insurance company, and to understand how each role factors into the overall success of the company. • The consequences of operating decisions • The importance of structure and planning • The way various jobs fit into an organization • The types of problems and/or opportunities faced within the insurance business • How to work within a team-based environment Participants learn © 2014 General Re Corporation Teams determine and implement a strategy for product mix, pricing, reinsurance and operations. The team with the largest adjusted policyholder's surplus* wins! Return on Surplus 12% Combined Ratio 99% Premium Volume 10% growth per annum *Since these goals can be in conflict, the combined ratio takes precedence over the volume goal. *An assessment of the company's vitality vis-a-vis growth, profitability and balance sheet strength. “I’m truly amazed at how much of the ‘real world’ the exercise encompasses." Each team begins the exercise with the same book of business. assignment A multiline insurance company writing both personal and commercial lines, including property and auto coverages. Company Consists of stock and mutual companies, both large and small. marketplace strategy winnergoals

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