MBA Insurance and Risk Management is a 2 year program. Insurance is one term that every one of us is familiar with. We also take many insurance policies like life & health insurance, general insurance, vehicle insurance, travel insurance, and many others. This is a clear indication of the importance and need for a person who has a deep knowledge of this field.
Effective risk management has become critical to the success of corporations and other organizations. Insurance is important not only for individuals but also for big corporate giants and SME’s. Companies need people who understand the numbers and come up with innovative ways to ensure themselves against unfortunate events.
Students in the program build upon their general business education to gain an in-depth understanding of risk management and insurance firms. Students also study the design of products and services. They learn about strategic planning, risk management, and actuarial science. They are also better prepared for a career in risk management if they want to take on a research-oriented position.
MBA Insurance and Risk Management Highlights
Course |
MBA Insurance and Risk Management |
Full form |
Master of Business Administration in Insurance and Risk Management |
Level |
Post graduate |
Duration |
2 years |
Eligibility |
Bachelor’s degree in any discipline |
Admission Process |
Entrance test or direct admission |
Job Positions |
Insurance Underwriter, Risk Manager, Insurance Regulator, Insurance Representative, Actuary, Insurance Broker, Employee Benefits Manager, Insurance Claim Adjuster, Surveyor & Claim Settler, Consultant etc |
Top recruiting areas |
Insurance Companies, Academic Institutions, Research & Consultancy Firms, Corporate Banking, Banks, Finance Institutions, Corporate Finance, Credit Risk Management, Derivatives Structuring etc. |
Average salary |
INR 4 Lakh – 10 Lakhs |
Eligibility Criteria for MBA Insurance and Risk Management
1. Candidate has a bachelor’s degree minimum of 3 years duration in any of the disciplines & scores at least 50% marks in the qualifying examination.
2. Minimum: 20 years Maximum: 30 years
3. The marks of admission for this course vary from University to University. In various colleges and Universities, there is an entrance exam for admission to courses.
Admission Process
1. Basic education of 10+2+3 from a recognised institution with any stream with 45-50% marks.
2. Some private colleges and deemed universities perform their counselling process by conducting their university-level entrance exams.
3. Some universities also conduct personal interviews before granting admission to the students.
4. The student must have to appear in the entrance test such as MAT /CAT/XAT or ATMA before getting admission to MBA with any specialization.
Career after MBA Insurance and Risk Management
MBA students who major in Risk and Insurance gain exposure to industry leaders in consulting, operations, and risk management. After graduation, they are placed at top firms and are prepared to earn six-figure salaries in just a few years. As a bonus, an MBA in Risk And Insurance program will prepare students for numerous other positions within the financial sector.
As the name suggests, financial managers take care of the finance of the company. They analyze a situation, see how much of the resources need to be assigned to one project and warn the company about any possible threats. Students will be prepared for insurance jobs such as underwriting, investigation, risk assessment, accounting, finance, technology, sales, and marketing.
The course is useful for understanding how marketing adds to an organization's financial health; the curriculum covers accounting basics. It aids in the analysis of how entire markets work; the application also serves as an introduction to economics.Their annual salary is around Rs 10 lakhs. However, this can vary depending on the work they do and the number of years of experience they have in the field.
Job Profile |
Job Description |
Insurance Underwriters |
They are professionals who evaluate and analyze the risks involved in insuring people and assets. |
Risk Managers |
Risk managers also known as analysts specialize in identifying potential causes of accidents or loss, recommending and implementing preventive measures, and devising plans to minimize costs and damage should a loss occur, including the purchase of insurance. |
Financial Manager |
He or She is in charge of working within private and public sectors for providing financial advice and undertaking related accounts services. |
Financial Adviser |
He or She is a professional who provides financial services to clients based on their financial situation. |
Benefit Manager |
They are usually a member of the human resources department and will be responsible for managing everything from medical insurance and retirement plans to health and wellness benefits. |
MBA Insurance and Risk Management Syllabus
Year I |
Year II |
Principles and Practice of Life and General Insurance |
Liability Insurance |
Risk Management |
Life Insurance II |
Life Insurance I |
Motor Insurance and Agricultural and Mis. Insurance |
Fire Insurance |
Investment Planning and Management |
Marine Insurance |
Marketing Financial Services |