Mba In Insurance - Careers, Salary, Jobs, Scope

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MBA in Insurance: Brief Summary

Course Name MBA in Insurance
Duration 2 years
Level -Degree/Diploma Degree
Eligibility Graduation with at least 50% and clearance of management entrance test-CAT/MAT/CMAT/XAT/SNAP
Key Skills Required Communication, analytical, risk management skills, stress management
Expected fee Rs 80,000 to Rs 15,50,000
Average Starting Salary Rs 40,000-Rs 1,00,000 P.M
Admission process Online/Offline
Top recruiting companies LIC, ICICI Prudential Life Insurance, SBI Life Insurance, Birla Sun Life, Reliance Nippon, Tata AIA

Why MBA in Insurance?

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.

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.

MBA in Insurance is usually a 2-year course. The fee for the course range from anywhere between Rs 80,000 to Rs 15,50,000. The course can also be pursued through distance education mode.

The course structure of MBA in Insurance is designed in such a way to ensure the candidates get the requisite theoretical knowledge along with practical problem-solving scenarios about the banking & insurance industry.

Key points-

  • Go for this specialization if you are good with numbers and can think on your feet.
  • People involved in this business deal with insurance-related tasks, like proposing which insurance to apply for, analyzing a situation and seeing if the firm is insured for this situation, risk analysis, and many others.
  • Corporate risk, liabilities, managerial accounting are the key concepts taught in this course.

Usually, they work indoors and the working hours are 40-45 hours a week. One advantage of having this specialization is that fact that you will have a wide range of options. Every firm has a need for people with a management degree in insurance.

MBA in Insurance: Job Roles and Career Opportunities

Financial Manager

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.

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.

Business Analyst

When a company wants to step into a new venture, they turn to their business analysts for guidance. They analyze the market, look for avenues of new opportunities and at the same time also determine the risk involved with venturing into uncharted territory.

Their salary ranges from Rs 8 to 9 lakhs annually.

Internal Auditor

Internal auditors usually act as part of an advisory board. They analyze the profits and losses of a company and suggest whether the techniques employed by the team are working.

They are also involved in risk management and hence the job requires them to have an in-depth knowledge of their field. They are paid around Rs 5 lakhs per annum.

Actuary

They analyze the risk involved with the application of a particular solution. They regularly have to use concepts like probability, financial theory and computer technology to prove their claims. Hence, they need to be exceptionally good with mathematics and computers.

They are paid around Rs 7 lakhs per annum. However, this value heavily depends on the firm that you work for as different companies have different pay grades.

Fund Manager

Investment of funds is extremely important and needs to be done with care and caution. And this is the primary role of a fund manager. They need to keep track of where they have invested their funds and also look for new avenues that are risk-free.

They are paid anywhere between Rs 10 to 12 lakhs per annum. However, this amount is heavily dependent on their performance.

MBA in Insurance: Salary

The starting salary in the insurance industry is in the range of Rs 2 to 5 lakhs per annum. However, this number will increase as you make your way up the corporate ladder. Experience of 5 years and above can land you a lucrative package of around Rs 7 to 10 lakhs per year.

The most important and basic requirement is that the candidate should be extremely good with numbers. Their job involves a lot of calculations and hence they should have a strong background in mathematics.

Recruiters

Any company or firm that is in need of advice on insurance and the related topic has a need for management graduates who specialize in insurance. So there are a plethora of options. The top recruiters for MBA in Insurance are as follows:

  • ICICI Bank
  • SBI Life Insurance
  • HDFC
  • Max New York Life
  • Reliance
  • Birla Sun Life
  • Colleges
  • Tata AIF Life
  • Shriram Life Insurance
  • Bajaj Allianz

The above-mentioned companies are the top recruiters. However, there are many other firms and startups looking for expert insurance managers to help them avoid mistakes that could cost them heavily. In short every company irrespective of the field and size needs guidance and counseling which this specialization offers.

Specialization

Risk Management

Risk Management deals with the risk analysis where an individual or a team analyzes a situation and determines the risk involved with it. This is exceptionally important for companies, both startups and established ones alike.

Every company wants to avoid going into a venture that has a high risk involved and professionals with such specialization in risk management help the firm avoid such pit holes. This team works on coming up with ways to protect the company’s customer information, digital assets, and other intellectual property.

Banking Finance

People who go for this specialization usually are involved in a variety of money management services and banking. They are usually employed in mortgage companies and banks. Usually, they are the people who we approach when we need a loan or want to invest our money is a beneficial manner.

They are tasked with coming up with new and innovative ideas for people to invest their money. At the same time, they should have a good knowledge of the different types of loans offered and should recommend the best one to their clients or customers.

People employed or seeking employment in this sector should have good people’s skills as they tend to have in-depth conversations with their customers about their needs.

Syllabus

The aim of this course is to familiarize the students in the field of insurance. This course is designed in such a way that the students get a thorough understanding of the field and is ready to step into the field. In order to make them market ready, this course comprises of many projects where the student has to apply the concepts that he/she has learned and made recommendations.

Introduction to Insurance Insurance Pricing and Marketing
Strategic Management Claims Management
Insurance and Risk Role and Need for Insurance in Companies
Corporate Legal Environment Tax Planning
Role of Information Technology in Insurance Financial and Estate Planning
Insurance and Risk Financial Statement Analysis
Indian Insurance Industry Insurance Marketing
Life and Non-life Insurance

The above list only comprises of the main concepts. The syllabus is far more wide and deep.

Colleges offering MBA in Insurance

Below is a list of top companies offering MBA/PGDM in Insurance:

College Admission Procedure Eligibility Total Fee
Amity School of Insurance, Banking and Actuarial Science, Noida Entrance Test
  • Graduate from a recognized university with minimum 50%
  • Cleared MAT/GMAT/CMAT/CAT/XAT with a prescribed score or percentile
  •     Sponsored- Rs 5,10,000
  • Non- Sponsored- 3,40,000
School of Insurance Studies, National Law University

 

On the basis of merit
  • Scored at least 55% in class 10th and 12th
  • Graduate from a recognized university with minimum 50% or equivalent CGPA
Rs 4,00,00
AKS University

 

On the basis of merit Graduate from a recognized university (No minimum percentage required) Rs 1,20,000
SRM Institute of Science and Technology, Kattankulathur Entrance Test
  • Minimum 50% in Class 10th and 12th
  • Graduate from a recognized university
  • Minimum 50 percentile in CAT/MAT/CMAT/ATMA/MHCET
Rs 6,50,00
Symbiosis University of Applied Science Entrance Test Graduate from a recognized university

Descent score in CAT/MAT/CMAT/SNAP/XAT  OR

Symbiosis Applied Entrance Test (SAET)

Rs 14,50,000-15,50,00

Other Institutes-

MBA in Insurance through Distance Education

  • ICFAI University

ICFAI Distance Education is one of the most reputed distance learning institutes in India. The total fee for the program is Rs. 65,000. For admission into the course, the candidate needs to be at least a graduate.

  • Institute of Management and Technical Studies

The fees for two years amount to Rs. 47,000. For admission, the candidate needs to a graduate.

Requirements for MBA in Insurance

Below mentioned is the basic eligibility criterion for students interested in MBA in Insurance Management-

  • The candidate should have a full-time Bachelor’s degree for at least 3 years with an aggregate of at least 50%.
  • The candidate should have scored at least 50% in Higher and Senior Secondary school.
  • The candidate should attend the CAT/MAT/XAT/CMAT or any other test that is specific to the college or university.

Make sure that you know what exams you need to attend. There are many different exams and so be on a lookout for the application dates and other important dates. Additionally, also make it a point to research on the syllabus for the exam. Different exams have a different syllabus.

The above are the basic requirements. However, once a candidate clears the written test, they have to go through a few rounds of interviews.

Students can also check out our MBA in Banking & Finance Article.

Why should you choose to do an MBA in Insurance?

People with an MBA in insurance will have no problem with finding a job, as there are numerous companies who are looking for skilled candidates in this field. There is a need for such people in every company, irrespective of the type of company. There is risk involved in every business, and hence there is a need for insurance.

The Indian Insurance sector consists of 57 insurance companies.

Additionally, there are different positions that can be taken up by people who specialize in the field of insurance. With many startups emerging, the need for people with an MBA in insurance also increases. And hence there will always be a need for such candidates and most likely this need will only increase.

Other Popular Specializations

 

 

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