Program Brief

The Associate, Life Management Institute (ALMI) awarded by Life Office Management Association (LOMA) is a global professional qualification that focuses on knowledge and skills relevant to the insurance industry and the financial services sector, in addition to being a standard of excellence in preparing industry experts. Business and Financial Concepts for Insurance Professionals- LOMA 307 is one of the subjects required for obtaining the fellowship. It provides participants with basic financial concepts and terminology and how to relate these concepts to the business of insurance and company operations and profitability.

Sectors
Program Topic
  • Accounting and Finance
Program Goals

At the end of the training program, the participant should be able to:

  • Understand economics and explain the primary sectors that make up local, national, and global economies, as well as the different types of financial institutions and the roles they play in the economy.
  • Describe the three types of insurance companies and how their products can satisfy one or more of the four basic financial needs of customers.
  • Explain the steps in the control process and describe the important control mechanisms insurance companies use to measure, evaluate, and improve their operational performance, including risk management, profitability, and solvency.
  • Understand key financial concepts such and future and present value calculations.
  • Describe how insurers can use benchmarking, total quality management (TQM), Six Sigma, and Business Process Reengineering (BPR) to improve operating efficiency.
  • Explain how changes in price levels can affect insurance or financial services institutions.
  • Recognize essential information contained in the income statement and the balance sheet, as well as the purpose of cash flow and owners’ equity statements and Annual Reports.
  • Describe the three primary elements of a financial model and explain how insurers can use modeling to forecast future financial conditions.
Program Agenda
The Role of Insurance in the Economy
    Insurance Company Management
      Managing Solvency and Profitability
        Product Design and the Time Value of Money
          Achieving Operational Efficiency
            How the Economy Affects Insurance Companies
              Financial Reports and Plans
                Understanding Financial Ratios
                  Presenting Data Visually
                    Analyzing Population Data
                      Analyzing Sample Data
                        Program Requirements

                        Not Available

                        Program Path

                        Names of the training programs that are integrated (enriched) with the training program:

                        • Not Available

                        Names of the training programs that after the training program:

                        Program Method
                        • Lecture
                        • Case Studies
                        Evaluation Method
                        • Pre Exam
                        • Post Exam
                        • Simulation Test for professional exam
                        Training Type
                        • In Class Training
                        • Online Training

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