Course Overview
The Diploma in Insurance (DI) offers foundational knowledge in insurance principles, risk management, and policy underwriting. This program covers insurance types, regulations, and claim processes, preparing students for roles in insurance companies, agencies, and related sectors.
Duration:
1 year (2 semesters)
Syllabus:
The syllabus for the Diploma in Insurance typically spans two semesters. Below is a sample outline:
Semester 1:
Introduction to Insurance:
Overview of the insurance industry: Life insurance, general insurance, health insurance
Principles of insurance: Insurable interest, utmost good faith, indemnity, and subrogation
Types of insurance policies and products available in the market
Insurance Law and Regulations:
Legal framework governing the insurance industry in India
Role of the Insurance Regulatory and Development Authority of India (IRDAI)
Compliance and regulatory requirements for insurance companies and intermediaries
Life Insurance:
Understanding life insurance products: Term plans, whole life policies, endowment policies, and ULIPs (Unit Linked Insurance Plans)
Underwriting process and actuarial calculations for life insurance
Claims processing and settlement for life insurance policies
General and Health Insurance:
Introduction to general insurance: Motor, property, marine, and liability insurance
Health insurance products: Individual health plans, group health plans, critical illness policies
Claims procedures for general and health insurance
Semester 2:
Insurance Underwriting and Risk Management:
Underwriting processes for life, general, and health insurance
Assessing and pricing risk in insurance
Risk management techniques and reinsurance
Insurance Marketing and Distribution:
Marketing strategies for insurance products
Role of insurance agents, brokers, and bancassurance in insurance distribution
Technology in insurance: Digital platforms, online policies, and the impact of fintech
Insurance Accounting and Financial Management:
Basics of insurance accounting: Revenue recognition, premium collection, and claim payments
Financial management in insurance companies: Investment strategies, solvency requirements
Understanding financial reports and analysis in the insurance sector
Project Work/Internship:
Practical experience through internships with insurance companies, brokers, or regulatory bodies
Project work involving risk assessment, underwriting, or policy development
Preparation of reports and presentations on insurance-related topics
Average Fees:
₹20,000 to ₹80,000 (varies by institution)
Exams to Attend:
Internal Assessments:
Regular assessments through assignments, case studies, and practical exercises on insurance principles, laws, and underwriting.
Final Semester Examinations:
End-of-semester exams testing theoretical knowledge and practical skills related to insurance and risk management.
Professional Certifications (Optional):
Certified Insurance Professional (CIP): Certification for proficiency in insurance operations and risk management.
Associate in Insurance (AI): Specialization in insurance underwriting and claims management.
Competitive Exams (Optional):
Entrance exams for further studies such as Master’s in Insurance, MBA in Insurance, or actuarial science qualifications.
Top 10 Institutions in India:
National Insurance Academy (NIA), Pune
Institute of Insurance and Risk Management (IIRM), Hyderabad
Indian Institute of Insurance (III), Mumbai
Symbiosis School of Banking and Finance (SSBF), Pune
Amity School of Insurance, Banking & Actuarial Science, Noida
Narsee Monjee Institute of Management Studies (NMIMS), Mumbai
Birla Institute of Management Technology (BIMTECH), Noida
University of Delhi, Faculty of Management Studies (FMS), Delhi
Indian School of Business (ISB), Hyderabad
Xavier School of Management (XLRI), Jamshedpur
Top 10 Institutions in Kerala:
Rajagiri College of Social Sciences, Kochi
St. Teresa's College, Ernakulam
Amrita School of Arts and Sciences, Kochi
Sacred Heart College, Kochi
Farook College, Kozhikode
MES College, Marampally
Mahatma Gandhi University, Kottayam
Kerala University, Thiruvananthapuram
Mar Ivanios College, Thiruvananthapuram
St. Joseph’s College, Devagiri, Kozhikode