Course Overview:
The Diploma in Insurance and Risk Management provides students with the knowledge and skills needed to understand the principles of insurance, risk management, and financial planning. This course prepares students for careers in insurance underwriting, risk analysis, claims management, and financial consultancy. The program focuses on the application of risk management strategies to safeguard assets and minimize potential losses in businesses.
Duration:
The duration of the Diploma in Insurance and Risk Management typically ranges from 1 to 2 years, depending on the institution and the mode of study (full-time or part-time).
Syllabus: Semester-Wise Breakdown
Semester 1:
Introduction to Insurance and Risk Management
Principles of Economics and Financial Systems
Financial Accounting for Insurance and Risk Management
Fundamentals of Risk Management
Business Communication and Ethics
Life Insurance and Health Insurance Products
Semester 2:
General Insurance (Fire, Marine, Motor)
Insurance Law and Regulation
Underwriting and Claims Management
Risk Assessment and Mitigation Strategies
Actuarial Science for Risk Management
Project Work/Internship (Mandatory)
Semester 3:
Financial Risk Management
Reinsurance and International Risk Markets
Investment Planning and Wealth Management
Legal and Compliance Aspects of Insurance
Risk Analytics and Insurance Technology
Leadership and Team Management in Insurance
Semester 4:
Enterprise Risk Management (ERM)
Emerging Trends in Insurance and Risk Management
Catastrophe Risk Management
Financial Planning and Retirement Solutions
Final Dissertation/Project Presentation
Average Fees:
The average fees for the Diploma in Insurance and Risk Management course range between ₹30,000 to ₹1,50,000 depending on the institution and location.
Exams to Attend:
Students are required to complete semester-wise exams, practical assessments, and industry-based projects. Many institutions encourage obtaining certifications from bodies like the Insurance Institute of India (III) or certifications in risk management such as Financial Risk Manager (FRM).
Top 10 Ranking Institutions Combined in India:
Institute of Insurance and Risk Management (IIRM), Hyderabad
National Insurance Academy (NIA), Pune
Narsee Monjee Institute of Management Studies (NMIMS), Mumbai
Christ University, Bangalore
Amity School of Insurance, Banking and Actuarial Science, Noida
Symbiosis Institute of Business Management (SIBM), Pune
Indian School of Business (ISB), Hyderabad
University of Mumbai – Department of Economics
Xavier School of Management (XLRI), Jamshedpur
Welingkar Institute of Management Development & Research, Mumbai
Top 10 Institutions in Kerala:
Rajagiri Centre for Business Studies, Kochi
SCMS School of Business, Kochi
St. Teresa’s College, Ernakulam
Sacred Heart College, Kochi
St. Albert’s College, Kochi
Farook College, Kozhikode
MES College, Marampally
MACFAST (Mar Athanasios College for Advanced Studies), Thiruvalla
Government Victoria College, Palakkad
Marian College, Kuttikkanam, Idukki