Kanhaiya Kumar
Table of Contents
PGDM Insurance Business Management Overview
PGDM Insurance Business Management- What is PGDM Insurance Business Management? PGDM Insurance Business Management is a post-graduate diploma program that focuses on providing students with the skills and knowledge necessary to manage insurance businesses. This program is designed to provide students with a comprehensive understanding of insurance principles, operations, and management.
PGDM Insurance Business Management syllabus covers various topics such as risk management, insurance laws and regulations, insurance marketing, product development, underwriting, claims management, customer service, financial management, and investment management
PGDM Insurance Business Management course is a two years duration and is divided into four semesters. During the program, students are exposed to practical training, case studies, simulations, industry visits, and guest lectures from experienced professionals in the insurance industry.
Upon completion of the PGDM Insurance Business Management program, graduates can pursue career opportunities in various roles such as insurance manager, underwriter, claims adjuster, risk manager, sales and marketing executive, customer service executive, investment manager, and consultant in insurance companies, brokerage firms, banks, and other financial institutions.
PGDM Insurance Business Management: Highlights
| Course level | Post Graduate |
| Duration | 1-2 years |
| Examination Type | Semester wise |
| Admission Process | Entrance Exams and Direct admission |
| Eligibility Criteria | 50-60% in bachelor’s degree |
| Job Opportunities | Sales manager, Assistant manager, Insurance agent, Customer service representative, etc. |
| Recruiters | Bagic, Swiss Re, SUD Life, SBI General, Infosys, Coforge, etc. |
Here are some of the key highlights of a PGDM in Insurance Business Management program:
• Duration: The program is usually of two years duration, divided into four semesters.
• Curriculum: The program covers various topics such as risk management, insurance laws and regulations, insurance marketing, product development, underwriting, claims management, customer service, financial management, and investment management.
• Practical training: The program offers practical training to students through case studies, simulations, industry visits, and guest lectures from experienced professionals in the insurance industry.
• Career Opportunities: Upon completion of the program, graduates can pursue career opportunities in various roles such as insurance manager, underwriter, claims adjuster, risk manager, sales and marketing executive, customer service executive, investment manager, and consultant in insurance companies, brokerage firms, banks, and other financial institutions.
• Industry-relevant curriculum: The curriculum of the program is designed to provide students with a comprehensive understanding of insurance principles, operations, and management, making them industry-ready.
• Focus on innovation and entrepreneurship: Some PGDM Insurance Business Management programs may also focus on developing innovation and entrepreneurship skills among students to help them start their own insurance ventures.
• Corporate tie-ups: Some institutes offering the PGDM Insurance Business Management program may have tie-ups with leading insurance companies, providing students with internship and placement opportunities.
• Career growth: With the insurance industry experiencing significant growth, there are abundant career opportunities for graduates with the required skillset and knowledge.
PGDM Insurance Business Management Admission
The first step is to fill out the application form for the institute offering the PGDM in Insurance Business Management.
• The candidate must also submit the required documents, such as mark sheets for classes 10, 12, and graduation, entrance exam scorecard, and work experience certificate (if any).
• Shortlisted candidates will be called for a group discussion and personal interview (GD/PI) round.
• The final selection is based on the candidate’s performance in the entrance exam, GD/PI, academic record, work experience (if any), and other factors as specified by the institute.
It is advisable to check the eligibility criteria and admission process of the institute offering the course before applying.
PGDM Insurance Business Management- What are the eligibility criteria for the PGDM Insurance Business Management program? PGDM Insurance Business Management eligibility criteria are given below-
• The candidate must have completed a Bachelor’s degree from a recognized university with a minimum of 50% marks
• Candidates who are in their final year of graduation can also apply, provided they submit their final year mark sheet before the deadline specified by the institute.
• The candidate must have appeared for a national-level management entrance exam such as CAT/MAT/XAT/CMAT/GMAT.
PGDM Insurance Business Management Syllabus
The syllabus of PGDM in Insurance Business Management may vary slightly depending on the institute offering the course. However, here are some common topics covered in this course:
| 1st Year | 2nd Year |
|---|---|
| Insurance and Risk Management | Human Resource Management |
| Principles of Management | International Business Management |
| Marketing Management | Financial Management |
| Insurance Operations Management | Strategic Management |
| Investment Management | Enterprise Risk Management |
| Principles of Insurance | Actuarial Science and Risk Management |
| Legal Aspects of Insurance | Claims Management |
| Non-Life Insurance | Health and Disability Insurance |
| Life Insurance | Agriculture and Rural Insurance |
| Financial Accounting and Analysis | Liability Insurance |
| Business Communication | Motor Insurance |
| Managerial Economics | Marine Insurance |
| Business Statistics | Insurance Marketing |
| Reinsurance | Project Work and Dissertation |
This syllabus provides a comprehensive understanding of the insurance sector and its operations. The curriculum includes both theoretical and practical aspects of insurance management, which equip students with the necessary knowledge and skills to succeed in this field.
PGDM Insurance Business Management Career Prospects
The PGDM in Insurance Business Management is a specialized course designed to provide students with the knowledge and skills required for a career in the insurance sector. Here are some career prospects that students can explore after completing this course:
• Insurance Underwriter: An insurance underwriter is responsible for assessing and analyzing insurance applications, determining the risk involved, and deciding on the premiums to be charged.
• Insurance Agent/Broker: Insurance agents and brokers are responsible for selling insurance policies to individuals and businesses. They help clients choose the right policy, explain the terms and conditions, and guide them through the claims process.
• Insurance Claims Adjuster: Insurance claims adjusters investigate insurance claims, evaluate the damage or loss, and determine the amount of compensation that should be paid to the policyholder.
• Insurance Risk Manager: Insurance risk managers assess the risks faced by an organization and design risk management strategies to minimize the impact of potential losses.
• Insurance Marketing Manager: Insurance marketing managers develop and implement marketing strategies to promote insurance products and services. They analyze market trends, identify customer needs, and devise advertising campaigns.
• Actuary: An actuary is responsible for analyzing and managing financial risk in insurance, finance, and other industries. They use statistical models and mathematical principles to evaluate the likelihood of future events and calculate financial risks.
• Insurance Operations Manager: Insurance operations managers oversee the day-to-day operations of an insurance company. They manage policy administration, claims processing, customer service, and other functions.
These are some of the career prospects available to graduates of the PGDM in Insurance Business Management. The insurance sector offers a wide range of job opportunities, and the demand for skilled professionals is expected to grow in the coming years.
Top PGDM in Insurance Business Management Colleges in India
Here are some top colleges in India offering a PGDM in Insurance Business Management, along with their annual fees:
| College Name | Location | Annual fee (in INR) |
|---|---|---|
| Institute of Insurance and Risk Management (IIRM). | Hyderabad | 6.5 lakhs |
| Birla Institute of Management Technology (BIMTECH). | Greater Noida | 11 lakhs |
| National Insurance Academy (NIA). | Pune | 4.25 lakhs |
| Symbiosis Institute of Business Management (SIBM). | Pune | 17.5 lakhs |
| Narsee Monjee Institute of Management Studies (NMIMS). | Mumbai | 11.5 lakhs |
| KJ Somaiya Institute of Management Studies and Research | Mumbai | 10 lakhs |
| Symbiosis Center for Management and Human Resource Development (SCMHRD). | Pune | 16 lakhs |
| Amity Global Business School (AGBS). | Noida | 5.5 lakhs |
| Christ University Institute of Management (CUIM). | Bangalore | 8 lakhs |
NOTE-: fees mentioned above are subject to change and can vary based on factors such as the location, facilities, faculty, and reputation of the institute. It is advisable to check the official websites of the institutes for the most up-to-date information on fees and admission requirements.
PGDM Insurance Business Management Future
The PGDM in Business Insurance Management is a specialized course designed to provide students with the knowledge and skills required for a career in the insurance sector. Here are some of the pros of pursuing this course:
• Industry-specific knowledge: PGDM in Business Insurance Management provides students with a deep understanding of the insurance sector, its operations, and its regulatory framework. This knowledge helps students to build a successful career in this field.
• Career growth opportunities: The insurance sector is a growing industry, and there is a high demand for skilled professionals. Pursuing PGDM in Business Insurance Management opens up a range of career opportunities, including insurance underwriter, claims adjuster, insurance agent, and more.
• Practical training: Many institutes offering PGDM in Business Insurance Management provide practical training through internships and projects. This hands-on experience helps students to develop the skills required for a successful career in the insurance sector.
• High earning potential: The insurance sector offers competitive salaries and benefits, especially for those with specialized knowledge and skills. Pursuing PGDM in Business Insurance Management can lead to high earning potential and career growth.
• Networking opportunities: PGDM in Business Insurance Management provides students with the opportunity to network with industry experts and peers. This networking can help students to build relationships, gain insights, and secure job opportunities.
• Transferable skills: The skills learned during PGDM in Business Insurance Management, such as risk assessment, financial analysis, and customer service, are transferable to other industries. Graduates of this course can apply their skills in a range of industries and roles.
These are some of the pros of pursuing a PGDM in Business Insurance Management. This course equips students with the knowledge and skills required to build a successful career in the insurance sector and provides opportunities for career growth and high earning potential.
Scope of PGDM Insurance Business Management
The insurance sector is a growing industry, and there is a high demand for skilled professionals who can manage the complexities of this sector. The PGDM in Insurance Business Management provides students with the knowledge and skills required to succeed in this field. Here are some potential future scopes for graduates of this course:
• Advancement to senior roles: Graduates of PGDM in Insurance Business Management can advance to senior roles such as Insurance Manager, Vice President, or Director, where they can lead teams and make strategic decisions for their organizations.
• Opportunities in emerging areas: The insurance industry is rapidly evolving, with emerging areas such as cyber insurance, climate change risk, and pandemics. Graduates of PGDM in Insurance Business Management can explore opportunities in these areas and help their organizations navigate new risks.
• International career opportunities: The insurance sector is a global industry, and graduates of PGDM in Insurance Business Management can explore opportunities in different regions and countries. Many multinational insurance companies hire professionals with specialized knowledge and skills in insurance management.
• Entrepreneurship: Graduates of PGDM in Insurance Business Management can start their own insurance businesses, offering innovative products and services that meet the evolving needs of customers. With the right skills and knowledge, graduates can leverage emerging technologies and data analytics to build successful businesses.
• Consulting: Graduates of PGDM in Insurance Business Management can work as consultants, providing expert advice and guidance to insurance companies and other organizations on risk management, regulatory compliance, and strategic planning.
These are some of the potential future scopes for graduates of PGDM in Insurance Business Management. The insurance sector is a dynamic industry that offers a range of career opportunities for skilled professionals. With the right knowledge and skills, graduates of this course can build successful careers in this field.
PGDM Insurance Business Management: BIMTECH
The Birla Institute of Management Technology (BIMTECH) is a renowned business school located in Greater Noida, Uttar Pradesh, India. It offers a two-year full-time PGDM program in Insurance Business Management (PGDM-IBM). The program is approved by the All India Council for Technical Education (AICTE) and accredited by the National Board of Accreditation (NBA).
The PGDM-IBM program at BIMTECH is designed to provide students with in-depth knowledge and skills in the insurance sector. The program focuses on various aspects of insurance such as risk management, underwriting, claims, reinsurance, and insurance regulations. It also provides students with exposure to the latest developments and trends in the insurance industry through industry visits, guest lectures, and workshops.
The curriculum of the program includes a mix of core and elective courses, along with a summer internship and a capstone project. The elective courses allow students to specialize in areas such as life insurance, general insurance, and health insurance. The program also includes courses in general management such as finance, marketing, and human resources.
The faculty at BIMTECH consists of experienced academicians and industry experts who provide students with quality education and training. The institute has tie-ups with various reputed organizations in the insurance sector for internships, placements, and research collaborations.
Overall, the BIMTECH PGDM in Insurance Business Management offers a comprehensive and practical approach to learning about the insurance industry, preparing graduates for successful careers in this field.
BIMTECH: Fee, Cut Off, Admission, Placement
Birla Institute of Management Technology (BIMTECH) is a well-known institution in India that offers a PGDM program in Insurance Business Management. Here’s some information on the admission criteria, cutoff, and placement opportunities for this program:
BIMTECH MBA / PGDM (IB) fees for the PGDM in Insurance Business Management are 13 lakhs for two years, while PGDM (IBM) and PGDM (RM) fees are 11 lakhs for two years. BIMTECH offers a variety of specializations, including Marketing, Finance, HR & Operations, BFSI/ IT-ITES, Digital Business & Analytics. The PGDM has a total of 336 seats available, while the PGDM has 60 seats available (IB).
BIMTECH Admission Criteria for PGDM in Insurance Business Management
• Candidates must have a bachelor’s degree in any discipline with a minimum aggregate score of 50%.
• Candidates with relevant work experience and/or a professional qualification such as CA/CS/ICWA are also eligible to apply.
• Candidates must have a valid CAT/XAT/GMAT/MAT/CMAT score.
• Shortlisted candidates will be called for a Personal Interview (PI) round, which will be conducted either in person or online.
BIMTECH cutoff for the PGDM in Insurance Business Management program may vary depending on the number of applicants and the candidates’ overall performance in the entrance exams. Generally, candidates with CAT/XAT/GMAT scores above the 75th percentile and MAT/CMAT scores above 85 percentiles may be considered for shortlisting.
BIMTECH placement opportunities for PGDM in Insurance Business Management: BIMTECH has a dedicated placement cell that helps students secure job opportunities. Some of the top recruiters for BIMTECH’s PGDM in Insurance Business Management program include ICICI Lombard, HDFC Life, Bajaj Allianz, and TATA AIG. The average salary package offered to students is around INR 7-8 lakhs per annum, with the highest package going up to INR 12 lakhs per annum.
PGDM Insurance Business Management Conclusion
The PGDM in Insurance Business Management is a postgraduate diploma program that provides students with specialized knowledge and skills in the insurance sector. The program focuses on areas such as risk management, insurance operations, and regulatory compliance, and prepares graduates for a range of career opportunities in the insurance industry. Some of the job roles available for PGDM in Insurance Business Management graduates are Insurance Manager, Risk Manager, Underwriter, Claims Manager, Insurance Consultant, and Actuary.
Although the program has several benefits, such as exposure to real-world scenarios, opportunities for networking, and the potential for a high-paying job, it also has some drawbacks, such as the high cost of education and limited job opportunities in certain areas of the insurance industry. It is important for students to carefully consider the pros and cons of this program and their own interests and career goals before deciding to pursue a PGDM in Insurance Business Management.
Frequently Asked Questions about PGDM Insurance Business Management
Q. What is the average salary of a PGDM in Insurance Business Management graduate?
Ans. The average salary of a PGDM in Insurance Business Management graduate may vary depending on factors such as the institute, work experience, and job role. Generally, the starting salary can range from Rs. 4-8 lakhs per annum, and with experience, it can go up to Rs. 15-25 lakhs per annum.
Q. What are the job roles available for PGDM in Insurance Business Management graduates?
Ans. Some of the job roles available for PGDM in Insurance Business Management graduates are Insurance Manager, Risk Manager, Underwriter, Claims Manager, Insurance Consultant, and Actuary.
Q. Is PGDM in Insurance Business Management a good career option?
Ans. Yes, a PGDM in Insurance Business Management is a good career option for those who have an interest in the insurance sector. It provides students with the knowledge and skills required to succeed in this field and offers a range of career opportunities in the insurance industry.
Q. How is the BIMTECH placement for the PGDM?
Ans. Birla Institute of Management Technology (BIMTECH) is a well-known business school in India offering a Post Graduate Diploma in Management (PGDM) program. BIMTECH has a good track record of placements for its PGDM program.
The placement process at BIMTECH begins with pre-placement talks, where companies visit the campus to interact with students and give presentations about their company and job profiles. Following this, companies conduct interviews, group discussions, case studies, and other selection rounds to shortlist candidates for final offers.
The average salary offered to BIMTECH PGDM students is around 8-10 lakhs per annum, with the highest salary package going up to 18 lakhs per annum. The placement process sees participation from a diverse range of companies across sectors such as consulting, FMCG, banking and finance, e-commerce, IT/ITES, and more.
Q. How is the BIMTECH placement for the PGDM?
Ans. Birla Institute of Management Technology (BIMTECH) is a well-known business school in India offering a Post Graduate Diploma in Management (PGDM) program. BIMTECH has a good track record of placements for its PGDM program.
The placement process at BIMTECH begins with pre-placement talks, where companies visit the campus to interact with students and give presentations about their company and job profiles. Following this, companies conduct interviews, group discussions, case studies, and other selection rounds to shortlist candidates for final offers.
The placement process at BIMTECH begins with pre-placement talks, where companies visit the campus to interact with students and give presentations about their company and job profiles. Following this, companies conduct interviews, group discussions, case studies, and other selection rounds to shortlist candidates for final offers.
