byGaganDeep
Updated on - 23 May, 2024
Insurance Management is an under graduate course namely Bachelor of Commerce [B.Com] of three years duration that offers training in almost all the fields of insurance including its laws, principles, practices, products and services. This makes students learn areas like risk management, actuarial studies, financial planning, and so on. They are prepared for careers such as insurance agents, brokers, insurance surveyors, corporate agents, risk analyst among others within insurance organizations. The program is designed to take 3 years whereby the program is divided into 6 semesters.
The key entrance examination tests for B.Com (Insurance Management) include national or state level B.Com tests or college level tests. The leading entrance test examinations are CUCET, Delhi University Common Entrance Test, TISS National Entrance Test, SET. As for exams, they occur several months after the semester begins, usually during the period of April-July depending on the certain college. The application period is typically between March and June before the batch that is admitted starts in July or August.
| Feature | Details |
|---|---|
| Full Form | Bachelor of Commerce (Insurance Management) |
| Duration | 3 Years (Full-Time) |
| Course Level | Undergraduate |
| Eligibility | 10+2 (Any Stream) with Minimum Marks Requirement (varies by college) |
| Top Colleges (India) | Christ (Deemed to be University) (Bangalore), Symbiosis School of Economics & Finance (Pune), Amity School of Business (Noida), KIIT School of Management (Bhubaneswar), Jain University (Bangalore) |
| Entrance Exam | Merit-Based Selection (Some Colleges) |
| Entrance Exam (Examples) | University Specific Entrance Exams |
1. Candidate must pass 10+2 examination or equivalent examination from any recognized board with minimum 50% marks in total.
2. It is recommended that Mathematics/Business Mathematics/Economics/Statistics should be one of the subjects being taught in 10+2.
3. Eligibility: Any academic background is acceptable – Science/commerce/arts.
4. This particular course does not have any specific age bar to join and pursue the course.
5. It means both girls and boys can apply for this course.
6. Openings are also available to the final year 10+2 students who can apply for the same on a provisional basis depending upon the meeting of the eligibility criteria after the announcement of results.
1. IRDAI Exam: Administered by Insurance Regulatory and Development Authority of India with specific purpose of recruiting officers and managers in the insurance companies.
2. IPM Exam: IIRM entrance exam for the admission to their PG Diploma courses is a quantitative aptitude test along with data interpretation, logical ability, and English language test.
3. IIIP Exam: Being conducted for admissions to the II Insurance Institute of India’s PG Diploma in Insurance courses. An aptitude test measures general intellectual ability, numerical ability, logical reasoning ability.
| Subject | Important Topics |
|---|---|
| Principles of Insurance | Concept of Risk & Insurance, Types of Insurance (Life, Non-Life, Health), Reinsurance, Insurance Regulatory Framework |
| Risk Management & Underwriting | Risk Assessment & Evaluation, Underwriting Principles & Practices, Loss Prevention & Control Techniques |
| Life Insurance Products & Marketing | Product Design & Development, Life Insurance Plans (Term, Endowment, Money Back etc.), Life Insurance Marketing Strategies |
| Non-Life Insurance Products & Marketing | Property Insurance (Fire, Marine, etc.), Liability Insurance, Motor Insurance, Health Insurance Products, Non-Life Insurance Marketing Strategies |
| Insurance Law & Regulations | The Insurance Act, Consumer Protection Laws, Insurance Regulatory & Development Authority (IRDAI) Regulations |
| Financial Management for Insurance | Time Value of Money, Investment Strategies for Insurance Companies, Risk-Based Capital (RBC) Solvency Management |
| Actuarial Science (Fundamentals) | Life Tables & Mortality Rates, Actuarial Valuation Techniques, Introduction to Actuarial Models |
| Claims Management & Settlement | Claims Process & Procedures, Claims Investigation & Assessment, Third-Party Administration (TPA) |
| Information Technology in Insurance | Use of IT in Insurance Operations, Data Analytics in Insurance, Insurance Web Aggregators |
| Marketing & Sales Management | Marketing Mix & Insurance Products, Insurance Sales Techniques, Customer Relationship Management (CRM) |
1. To get the basic eligibility one must have completed 10+2 in commerce stream with having more than 50% marks from any recognized board.
2. Fill the admission form for the course in colleges such as those affiliated to any regulatory council like UGC, AICTE etc.
3. Register for the entrance tests like CET, CUET if needed for the particular institute.
4. It is imperative to attend counseling to choose a specific college and course.
5. The student needs to submit all previous academic documents and also pay for the admission fees.
6. That is why, the respective admission confirmation from the institute should be received after all the necessary procedures are done.
| College Name (City, State) | Fees (Annual Approx.) | Entrance Exam |
|---|---|---|
| Christ (Deemed to be University) (Bangalore, Karnataka) | ₹ 1,00,000+ | Christ University Entrance Test (CUET) |
| Symbiosis School of Economics & Finance (Pune, Maharashtra) | ₹ 1,20,000+ | Symbiosis Entrance Test (SET) |
| Amity School of Business (Noida, Uttar Pradesh) | ₹ 80,000+ | Amity Joint Entrance Test (AJET) |
| KIIT School of Management (Bhubaneswar, Odisha) | ₹ 70,000+ | KIITEE Management Entrance Exam (KIITEE) |
| Jain University (Bangalore, Karnataka) | ₹ 60,000+ | Jain University Entrance Test (JUET) |
| Bharati Vidyapeeth (Pune, Maharashtra) | ₹ Data Not Available | Merit-Based / Entrance Exam (College Specific) |
| College Name | Average CTC (LPA) |
|---|---|
| Christ (Deemed to be University) (Bangalore) | 3.5-5 |
| Symbiosis School of Economics & Finance (Pune) | 4-6 |
| Amity School of Business (Noida) | 3-4.5 |
| KIIT School of Management (Bhubaneswar) | 3-4 |
| Jain University (Bangalore) | 3-4.5 |
| Job Title | Specialization | Average Salary (LPA) |
|---|---|---|
| Insurance Sales Executive | Life Insurance, Non-Life Insurance, Health Insurance | 3-5 |
| Underwriter | Property & Casualty Insurance, Life & Health Insurance | 4-6 |
| Claims Adjuster | Property & Casualty Insurance, Health Insurance | 3.5-5 |
| Risk Analyst | Risk Management, Enterprise Risk Management | 4-6 |
| Reinsurance Broker | Reinsurance Broking | 5-7+ |
| Insurance Customer Service Representative | All Insurance Lines | 2.5-4 |
| Insurance Marketing Specialist | Marketing & Sales | 3.5-5 |
| Bancassurance Officer | Banking & Insurance | 3-4.5 |
| Insurance Regulatory Analyst | Insurance Regulations & Compliance | 4-6 |
| Insurance Product Developer | Product Design & Management | 4-6 |