byGaganDeep
Updated on - 13 Apr, 2024
Insurance is a two-year management training program, full-time oriented toward the area of insurance. This program offers thorough knowledges of the insurance field featured by underwriting, risk assessment, claims management, regulation and others.
The curriculum includes a complete array of core management concepts such as finance, marketing, strategy, operations and insurance topics. Regarding the academic coursework, some of the main courses are the risk management principles, the life & health insurance, the general insurance, the actuarial science, the insurance laws, the reinsurance planning and other.
The program embeds some case studies, simulations, group projects, and internships in the insurance practice to give a practical edge. This is equally true for most academic institutes that aim at developing these skills sets of their students which include analytical thinking, good business communication and leadership.
Aspect | Details |
---|---|
Degree | Master of Business Administration (MBA) with a specialization in Insurance |
Duration | Typically 2 years, full-time |
Eligibility | Bachelor's degree in any discipline from a recognized university, along with qualifying scores in relevant entrance exams such as CAT, XAT, GMAT, or others |
Core Subjects | Insurance Principles, Actuarial Science, Insurance Operations, Risk Management, Insurance Marketing |
Elective Courses | Advanced Insurance Analytics, Reinsurance Management, Health Insurance Management, Legal Aspects of Insurance |
1. Take the needed entrance tests - this also will be the case with the majority of the MBA programs where they will ask you to do the GMAT or GRE exam. The exam should be prepared for beforehand and its date should be known at least five days before it is scheduled.
2. Research Professional MBA programs – search for accredited degrees that are designed to focus on insurance and have a specific concentration or specialization in this area. To ensure the curriculum meets your hobbies and job aspirations, pay attention to such requirements.
3. Gather letters of recommendation - Get some of your influential bosses, professors, or professional contacts to write recommendation letters and attest to your traits. Most programs necessitate 2 min 3 letters.
4. Compose your application essay - The essays not just require introspective reflection of your goals and personal experiences but also need to equally portray your leadership and motivation skills for pursuing MBA. Ensure you follow all prompts, no matter how small, and adhere to the formatting requirements.
5. Have applications ready – It involves the submission of application form, scores, transcripts, letters of recommendation, essays and application fee. Stick carefully to all the guidance and timing requirements.
6. Apply for finacial aid - File the FAFSA form and other scholarships/loans application in advance to facilitate the funding of your education if the need arise. An early application will provide you a good chance for your application.
7. The interview with the program - If requested, build in your coaching stories that emphasize your soft skills, knowledge, and the integration of your skills to that specific program. Treat every interview seriously.
8. Analyze different offers: In case you receive admission to more than one program, you need to clearly evaluate them on the basis of cost, curriculum, specializations, placement rates, location, culture fit, and all other factors that you deem relevant.
9. Confirmed enrollment- Immediately after selecting a program, you need to officially confirm the acceptance by submitting all the required deposits or paperwork to secure your place.
1. Educational Qualification
- A bachelor's degree in any discipline from any recognised university at a minimum of 50% aggregate marks is required to apply for the program.
2. Entrance Test
- You have to go through clearing of entrance exams like CAT/MAT/XAT etc. and some colleges directly accept graduation marks as high merit is the criteria.
3. Work Experience
- It is important to note that the majority of colleges offers preferences to those candidates with work experience of 2-3 years. But, recent graduates as well are actively looking for the posted positions.
4. Personal Interview
- If you managed to get past the entrance test, you should be scheduled for a personal interview session in the college. All your college grades, grammar, punctuation and presentation are checked.
5. Application Form
- An application form with appropriate fee is compulsory and it has to fill in the college you are applying. Give the originals documents in the essay.
6. College Acceptance
- If you have already passed all admission requirements, met the acceptance threshold, and succeeded in the selection processes, you will be awarded an acceptance letter by the college.
7. Fee Payment
- Eventually, make sure you have paid the fees for the admission by the due dates of the college.
MAT (Management Aptitude Test): MAT measures the candidates' potential in the fields of language comprehension, mathematical skills, data analysis and critical reasoning that are the basis of admission to MBA programs with a specialization in Insurance.
IRMA (Institute of Rural Management Anand): IRMA evaluate the technical skills, leadership qualities, rural sensitivity and community consciousness that MBA in rural insurance and development require.
ICET (Integrated Common Entrance Test): The ICET exam assesses candidates' analytical reasoning, mathematical capabilities, and communication skills through admissions exams for MBA programs, including ones specialized in insurance management.
Course Component | Details |
---|---|
Insurance Principles | Principles of insurance, insurance products, risk management, underwriting, claims management, and insurance law. |
Actuarial Science | Actuarial mathematics, risk assessment, probability theory, statistical modeling, and financial mathematics. |
Insurance Operations | Insurance company operations, policy administration, underwriting processes, reinsurance, and regulatory compliance. |
Risk Management | Risk identification, assessment, mitigation strategies, risk financing, enterprise risk management, and solvency analysis. |
Insurance Marketing | Marketing strategies for insurance products, customer relationship management, distribution channels, and market analysis. |
Tabulated below is the collection of the Top 8 Government Master of Business Administration [MBA] (Insurance) Colleges in India with Fee Structure, including their key features.
Name of the institute | Location | Fees |
---|---|---|
Pondicherry University | Pondicherry, Puducherry | INR 135,600 |
Central University of Himachal Pradesh | Kangra, Himachal Pradesh | INR 19,200 |
Sardar Patel Mahavidyalaya | Chandrapur, Maharashtra | INR 46,534 |
Jawaharlal Nehru Technological University | Kakinada, Andhra Pradesh | INR 150,000 |
Chhattisgarh Swami Vivekanand Technical University | Bhilai, Chhattisgarh | INR 455,000 |
Sambalpur University | Sambalpur, Orissa | INR 68,373 |
National Law University,Jodhpur | Jodhpur, Rajasthan | INR 259,000 |
Alagappa Institute of Management | Karaikudi, Tamil Nadu | INR 20,000 |
Tabulated below is the collection of the Top 10 Private Master of Business Administration [MBA] (Insurance) Colleges in India with Fee Structure, including their key features.
Name of the institute | Location | Fees |
---|---|---|
Arunodaya University | Itanagar, Arunachal Pradesh | -- |
Om Sterling Global University | Hisar, Haryana | INR 130,000 |
Subbalakshmi Lakshmipathy College of Science | Madurai, Tamil Nadu | INR 229,550 |
Indian Institute of Pharmaceutical Marketing | Lucknow, Uttar Pradesh | INR 28,999 |
Amity University | Mumbai, Maharashtra | INR 640,000 |
Pacific Institute of Management | Udaipur, Rajasthan | INR 250,000 |
East West College of Management | Bangalore, Karnataka | -- |
Jaipur National University, School of Business & Management | Jaipur, Rajasthan | INR 250,000 |
K.K. Modi International Institute | New Delhi, Delhi NCR | INR 615,000 |
Amity Business School | Mumbai, Maharashtra | INR 600,000 |
The placement process for MBA (Insurance) programs in India is competitive, but graduates are in high demand. Top recruiters include insurance companies, banks, and financial institutions.
College Name | Average CTC (INR lakhs) |
---|---|
XLRI - Xavier School of Management | 18.0 |
SP Jain Institute of Management and Research | 17.5 |
Narsee Monjee Institute of Management Studies | 17.0 |
Symbiosis Institute of Business Management | 16.5 |
Management Development Institute | 16.0 |
Indian Institute of Management, Calcutta | 15.5 |
Indian Institute of Management, Ahmedabad | 15.0 |
Indian Institute of Management, Bangalore | 14.5 |
Indian Institute of Management, Lucknow | 14.0 |
Specialization | Average Salary (INR lakhs) |
---|---|
Underwriting | 15.0 |
Claims Management | 14.5 |
Sales and Marketing | 14.0 |
Risk Management | 13.5 |
Finance and Accounting | 13.0 |