Science-Based Insurance Selling Programme
About This Course
Developed by insurance and risk management professors from Nanyang Technological University (NTU) in consultation with climate scientists from the Earth Observatory of Singapore, this truly innovative course which adopts a well-grounded science-based approach to insurance sales leverages data and evidence-based insights to help insurance professionals better understand risks, enhance customer relationships, and add value.
The course is designed to empower professionals in the insurance distribution channels with the essential scientific knowledge and skills needed to excel in the competitive industry.
This joint initiative by NTU and Global Asia Insurance Partnership (GAIP) could be a game-changer for the insurance industry. Enhancing the knowledge of the distribution channels through data and science helps improve public perception of the insurance industry and ultimately improves talent development in the industry.
What You'll Learn
1. To provide an overview of risk and the mechanism of insurance premiums.
2. To demonstrate the insurance-related scientific facts and its potential to increase sales.
3. To discuss the trend of major risks and their impacts on insurance.
4. To provide an overview of future climate change and its potential impact
Topics:
Part 1: Economics for the Science-Based Insurance Selling
• Challenges in the traditional approach in insurance sales
• Incorporating scientific evidence into traditional insurance sales
• Understanding how the science-based approach can lead to increased sales.
• Key principles of science-based insurance sales with a focus on data-driven strategies
Part 2: Risk and Price in Insurance
• Data analysis to assess risks.
• Insurance pricing: the cases of life and property insurance
• Understanding how risk portfolio is managed.
• Use of artificial intelligence (AI) and machine learning for loss prediction and insurance pricing
Part 3: Insurance Risk Related Scientific Evidence
• Mortality trend/longevity risks: Are we prepared?
• Covid-19 mortality and morbidity impacts
• Impacts of climate change (extreme temperatures, storms, air pollution)
• Greenhouse gas emissions and shifting toward the decarbonization.
Part 4: Future Climate in Singapore
• Sea-level rise: Are your clients’ property safe?
• Temperature: More heat waves coming over Singapore
• Storm: More frequent flash floods and where
• Air pollution: What we do for clean air
Part 5: Challenges in Science-based Sales
Entry Requirements
Professionals with some experience in the insurance or risk management field.