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Throughout the month of February 2019, eight all-star college teams from select schools across the country will compete in an exciting virtual competition ran by InVEST corporate partner, PriSim. Throughout the duration of the four-week competition each team will run their own simulated insurance agency. PriSim provides a competition web-portal as a central location for all things competition-related as well as a timeline for the competition with deadlines for the teams and supporting organizations. The web-portal also contains lecture materials and links on insurance-related topics.
For a few hours each week at a designated time, each team will go onto the PriSim agency management platform and input decisions into the program. At the end of each week or “round,” each team receive feedback on their agency’s performance to be discussed with their assigned agency mentor who they will meet with each week. Student teams control strategy, carrier and customer management, source management, staffing and sales and financial management. Each “week” of decision making represents one simulated agency “year” with 4-weeks representing four years in the operation of an agency.
The College Agency Management Competition is designed to teach college students the basics of entrepreneurship, insurance agency management and business operations through participating in PriSim's online simulated program. Online business simulation learning is supplemented by lectures and class discussions on various aspects of business including strategy, finance, loss ratios, customer satisfaction metrics, staffing, segmenting markets, business growth, management and leadership. The competition will also help students learn more about the importance of teamwork and the impact decision making has on all aspects of business operations.
The top three teams will win an all-expense paid trip to the Big “I” Legislative Conference in Washington D.C. May 8-10, 2019. At the conference the students will attend exclusive events with top insurance executives and young professionals – providing a perfect time to discuss internships and career opportunities.