Genasys sponsor ‘Insurance Simulator 2024’ to drive next gen industry talent

By Genasys
1 April 2024
Insurance Simulator 2024

(EDIT: For those who didn’t already guess, this was Genasys’ own April Fools gag. Thank you to Insurance Times for joining in the fun and to all those who engaged with the story throughout the day.)

Genasys, a leading provider of insurance administration software, today announces its sponsorship of the simulation game ‘Insurance Simulator 2024’ to help attract next gen talent to the insurance industry.

The management simulation game allows players to build their own insurance business from the ground up, demonstrating the reality of insurance and its many facets and functions in an engaging, compelling way. The true-to-life game scenarios have been developed by real-life actuaries. Players will gain an insight into managing a book of business from implementing and marketing new product lines, through to managing emerging risks and catastrophic events, managing operations across different territories and the core tech that underpins their simulated operations.

“If as an industry we’re genuinely serious about finding next gen talent then we have to start thinking differently. We’ve got to think outside the box and really show up in spaces where our future insurance super stars engage,” explains André Symes, Group CEO of Genasys.

“For those us working across the insurance sector we know just how interesting it is and its relevance to our daily lives. As our world evolves, new and often complex risks and opportunities emerge which can impact existing risk and this plays out in so many ways for insurers from pricing, speed to market, regulation and the flexible digital infrastructure that supports successful operations.

“Sponsoring this initiative aligns with our Genasys ethos to think differently about insurance and to be creative in our approach to attract next gen talent. We’re hoping that by shining a light on the realities of managing a successful insurance business we’re helping to break down the stereotype that insurance is a staid, boring world of ‘grey suits’ which certainly isn’t the Genasys experience.”

As they build their insurance operations, players will have complete control to:

  • hire and deploy underwriters based on class of business, book performance and experience, all of whom will have unique personalities
  • delegate authority to MGAs with customisable authority levels, product lines and risk appetite.
  • open new offices globally tackling new regulatory conditions and emerging risks
  • undertake mini-games to build comprehensive policy wordings, negotiate with brokers and conduct mergers and acquisitions with other businesses
  • choose how much to invest and where, from marketing budgets and compliance through to HR and distribution
  • manage catastrophic events and natural disasters, assessing their portfolio impact
  • implement sustainability and ethical investing strategies to boost company reputation and customer loyalty
  • build out a technology framework, picking between core policy administration platforms, integration capabilities and third party vendors.

Insurance Simulator 2024 has been developed by independent game studio InaudibleMirage Studios with the Genasys team working closely with its development team.

InaudibleMirage Studio’s head, Ian Trelom says: “We couldn’t be luckier in finding and collaborating with Genasys. The knowledge and understanding of the industry that Genasys has bought

to this project, along with their many ideas, has undoubtedly taken the game to new heights and we can’t wait to see the reaction from players.”

Insurance Simulator 2024 is due for release on 1 May 2024 via Steam.

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