The Solvency II Directive for European insurers makes it vital for industry leaders to understand the impact of their business decisions on risk, capital and long-term performance. In a highly uncertain economic climate, Nyenrode Business University, a Dutch business school, wanted to help insurance business leaders assess risk accurately. The university asked PA to develop a custom-made programme to meet this challenge.
Our team of HR experts knew that playing games produces better, longer-lasting results than other forms of training: learners retain 90% of what they're taught, rather than 20% as they do with traditional methods. So we designed a programme with our Solvency II game, built around expertise from our insurance specialists, at its heart. The game shows how core business decisions on acceptance or claims-handling policy, product development, product-portfolio management and pricing structures all have a direct bearing on the management of risk and capital.
Our work allowed Nyenrode to offer a highly effective Solvency II programme, which has since been completed by over 200 leaders in insurance. Leaders return to their organisations better able to manage risk and better equipped to contribute to profitability and long-term performance.