MBA in Insurance: Scope, Syllabus, Distance Education

MBA in Insurance is ideal for individuals with technical, leadership, analytical, communication, and interpersonal skills. It is a postgraduate-level program that imparts knowledge about banking and insurance. This course also includes the study of liability, assets, and risk management in the insurance and banking sectors. After completing this MBA, graduates can opt for a PhD in risk management or gain employment in finance. Interested students can pursue this course in India and abroad. This course is available as full-time, part-time, and distance learning programs.

This blog includes the list of top colleges and universities abroad and in India that offer Master of Business Administration in Insurance courses. Keep reading to know more!!

Why Study MBA in Insurance?

MBA Insurance equips students with conceptual knowledge and practical skills to solve conflicts, handle insurance and banking-related problems, and manage risks. Graduates of this course acquire the ability to deal with corporate risks and establish interpersonal relationships with co-workers, the leadership of the enterprise, and clients. Additionally, this MBA program prepares students to negotiate with clients and oversee the operations of an insurance company. Graduation from this postgraduate course will expose students to a wide range of lucrative career opportunities. Furthermore, the managerial skills acquired during the program enable graduates to create a larger business network. 

Also Read: MBA: A Detailed Guide

MBA in Insurance Abroad

Top Colleges/Universities

The following universities offer Master of Business Administration in Insurance:

Universities	Course	Course Tenure	Fees
University of Hartford, USA	Master of Business Administration in Risk Management and Insurance	2 years	$29,304 (INR 23.95 Lakh)
California State University, Fullerton, USA	MBA in Risk Management and Insurance	2 years	$38,328 (INR 31.33)
University of Wisconsin, Madison, USA	MBA – Risk Management and Insurance	2 years	$102,724 (INR 83.97)
Leipzig University, Germany	MBA in Insurance Management	2 years	INR 10.70 Lakh
University of Georgia, USA	MBA Insurance	2 years	–
HS Coburg, Germany	MBA Insurance Management (Part-time)	18 months	–
FH Koblenz	MBA	30 months	€9,600 (INR 8.36)

Also Read: Best MBA Colleges in Germany

Entrance Exams for MBA Insurance

Some of the entrance exams that are required in order to gain admission to any MBA College are mentioned below:

Exam Name	Exam Details
CAT	Check Here
MAT	Check Here
SNAP	Check Here

Eligibility Criteria

Candidates who meet the below-mentioned eligibility criteria can apply for MBA in Insurance:

• Students must have completed 10+2 from a recognized school/college. Applicants must have studied Mathematics in Class 12.
• Applicants must have at least 1 bachelor’s degree in any discipline from an accredited university.
• Candidates must have work experience.
• Applicants must have a valid passport. 

Also Read: Eligibility for MBA

Application Process

Applying to foreign universities and colleges is a long and intimidating process. Reduce your burden by reaching out to study abroad experts at Leverage Edu. Our experts will help you in the following steps:

• Selection of an appropriate course through our AI Course Finder.
• Initiation of the application process at the concerned university.
• Compilation of Essays, LORs, SOPs, and TOEFL/PTE Academic/IELTS scorecard.
• Our team will then proceed with the application process for the student visa, education loans, accommodation, and scholarships.
• With this, the time has come to wait for the offer letter, which is usually provided by the university within 4-6 weeks of application submission. 

Required Documents

Candidates are required to submit these documents to complete the application process in any of the above-mentioned foreign universities:

• Passport
• All academic transcripts/mark sheets/degree certificates and diplomas if any
• Student Visa
• Work experience certificates
• Updated Resume
• Scorecards of accepted English Language Proficiency Tests
• Proof of Finance
• Writing Samples/Essays/Portfolio, if asked for 
• Statement of Purpose
• Letter of Recommendation

Also Read: SOP for MBA

MBA in Insurance in India

S. No	Colleges/Universities	Fees	Locations
1	Alliance University	INR 9 lakh	Bangalore, Karnataka
2	NIMS University	INR 60 k	Jaipur, Rajasthan
3	Amity Global Business School	INR 3.65 lakh	Noida, Uttar Pradesh
4	Jamia Milia Islamia University	INR 16,150	New Delhi
5	Jamia Hamdard University	INR 2.45 lakh	New Delhi
6	Lovely Professional University	INR 3.04 lakh	Jalandhar, Punjab
7	Chandigarh University	INR 1.80 lakh	Chandigarh
8	Prestige Institute of Management and Research	INR 1.20 lakh	Indore, Madhya Pradesh
9	JSS Academy of Higher Education and Research	INR 1.79 lakh	Mysore, Tamil Nadu
10	Pondicherry University	INR 74,735	Puducherry

Also Read: MBA IB

Syllabus

MBA in Insurance syllabus differs in each university/college. However, the core areas of study remain the same. Given below are the common domains of study in this course:

• Insurance Law
• Principles of Life Insurance
• Practices of Life Insurance
• Financial Management
• Rural Insurance
• Marine Insurance
• Strategic Management
• Organisational Behaviour
• Management Theories
• Management Concepts
• Operations Management
• Operations Research
• Methodologies of Research
• Business Law
• Business Environment
• Reinsurance
• Motor Insurance
• Fire Insurance
• Marketing Management
• Investment Management
• Insurance Services and their marketing
• Human Resource Management
• Accounting
• Actuarial Services
• Actuarial Mathematics
• Portfolio Management
• Managerial Economics
• Risk Management

Also Read: Best No GMAT MBA Programs 2023

Career Scope

Numerous jobs are available for MBA Insurance graduates in banks, insurance companies, and finance companies. The table given below enlists some of the job titles, their average annual salary range, and their job description.

Job Titles	Average Annual Salary Range	Job Description
Risk Manager	INR 3 lakh to INR 25.2 lakh	To identify the loss, analyze the damage caused, and suggest preventive measures. Draft risk policies of an organization and communicate the policies.
Business Analyst	INR 2.6 lakh to INR 15.5 lakh	To help business entities in improving existing systems and procedures and implement new ones that align with the goal of the organization.
Fund Manager	INR 2.5 lakh to INR 93 lakh	To implement investment strategies and manage the investment portfolio.
Internal Auditor	INR 1.5 lakh to INR 11.9 lakh	To ensure the effective operation of internal control measures and successful implementation of risk management policies and procedures.
Financial Manager	INR 3.2 lakh to INR 30 lakh	To prepare and publish financial reports, guide investment procedures, and develop strategies to ensure long-term financial benefits.

Also Read: One-Year MBA

FAQs

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