FLMI – Fellow, Life Management Institute
Loma 335 – Operational Excellence in Financial Services
Overview
FLMI Level:
Fellow, Life Management Institute (FLMI) Teaches advanced insurance and financial concepts to build a deeper understanding of the insurance business. The five FLMI-level courses cover “big picture” business topics important to insurance professionals and managers. In general, these courses also cover quantitative and financial concepts in greater depth.
LOMA 335 Know financial services from the perspective of a company’s operations management. This course focuses on practical techniques to accomplish the everyday tasks of providing financial services as efficiently as possible
Target Group
The Fellow, Life Management Institute (FLMI) program is a professional development program that provides industry-specific business education in the context of the insurance and financial services industry.
Program Content
• Introduction to Operational Excellence for Insurance Companies
- Overview of Operations Management
- Approaches to Operational Excellence in Financial Services
- The Value Chain
- The Financial Services Industry and the Insurance Sector
- Insurance Industry Characteristics, Trends, and Issues
• Aligning Performance with Corporate Initiatives
- What is Strategy?
- The Role of Planning and Control
- Alignment and the Potential for Misalignment
- The Hierarchy of Corporate Strategy
- The Competitive Environment of Strategy
- The Growth Cycle of Competitive Excellence
• Leadership for Performance Excellence
- The Tool Kit for Effective Leadership
- Employee Performance and Organizational Control
• Motivation and Teamwork for Organizational Success
- Directing Individual Behavior Through Motivation
- Group Behavior in Work Settings
• Decisions and Approaches to Decision Making
- Introduction to Decisions
- An Approach to Decision Making
- Decision Complexity
- Decision Styles in Organizations
- Delaying Making a Decision
- Overview of Decision Approaches
• Business Research in Financial Services
- Reasons for Research in Financial Services
- Progression of a Research Project
- Research Framework and Vocabulary
- Research Objectives
- Decision Modeling
- Predictive Analytics for Operations
- Error and Bias in Interpreting Information
• Decision Models and Payoff Tables
- Decision Theory Models
- Payoff Tables
- Payoff Analysis
- A Dominant Decision Alternative
- Decision Making Under Conditions of Risk
- Decisions in an Environment of Uncertainty
• Quantitative Modeling for Financial Services
- Quantitative or Qualitative Forecasting
- Time-Series Forecasting Models
- Other Complex Data Patterns
- Causal Forecasting Models
- Forecast Accuracy
- Choosing a Forecasting Approach
• Descriptive and Inferential Statistics for Operations
- Data Sets and Distributions
- Characteristics of Data Distributions
- Measures of Central Tendency in Descriptive Statistics
- Measures of Dispersion in Descriptive Statistics
- Characteristics of the Normal Curve
- Statistical Control Charts for Operations
- Inferential Statistics and Sampling
- Using Sample Data to Estimate Population Characteristics
- Validity
• Quality Management for Operations
- What is Quality?
- Quality Management and Quality Management Systems
- Tools for Quality Analysis
• Business Process Excellence in Financial Services
- Process Basics
- Process Analysis and Design Principles
- Process Management
- Technology for Process Management
- Programs for Process Management and Improvements
- Overview of Business Process Management
• Managing for Excellence in Contact Centers
- The Inbound Environment
- Major Activities of Contact Center Management
• External Requirements for Operations
- Regulatory Requirements for Insurance Companies
- Privacy Regulation Affecting Financial Services
- Professional Organizations Affecting Operations
- Standards for Accounting, Financial Reporting, and Auditing
- Standardization
- Organizations Supporting Standardization
- Standards for Technology and Information
- External Rating of Operational Performance
• Project Management in Financial Services Companies
- Project Characteristics
- Project Hierarchies
- Project Lifecycle Phases
- Project Documentation
- Estimating Time for a Project Schedule
- Tools for Analyzing Project Schedules
Duration
40 Training Hours