MBA in Insurance is an ideal course 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 either opt for a PhD in risk management or gain employment in the finance sector. Interested students can pursue this course in India and abroad. This course is available as full-time, part-time, and distance learning programs.
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Why Study MBA in Insurance?
MBA Insurance equips students with conceptual knowledge and practical skills to solve conflicts, take care of 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
The following universities offer Master of Business Administration in Insurance:
|University of Hartford, USA
|Master of Business Administration in Risk Management and Insurance
|$29,304 (INR 23.95 Lakh)
|California State University, Fullerton, USA
|MBA in Risk Management and Insurance
|$38,328 (INR 31.33)
|University of Wisconsin, Madison, USA
|MBA – Risk Management and Insurance
|$102,724 (INR 83.97)
|Leipzig University, Germany
|MBA in Insurance Management
|INR 10.70 Lakh
|University of Georgia, USA
|HS Coburg, Germany
|MBA Insurance Management (Part-time)
|€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:
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
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.
Candidates are required to submit these documents to complete the application process in any of the above-mentioned foreign universities:
- 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
|INR 9 lakh
|INR 60 k
|Amity Global Business School
|INR 3.65 lakh
|Noida, Uttar Pradesh
|Jamia Milia Islamia University
|Jamia Hamdard University
|INR 2.45 lakh
|Lovely Professional University
|INR 3.04 lakh
|INR 1.80 lakh
|Prestige Institute of Management and Research
|INR 1.20 lakh
|Indore, Madhya Pradesh
|JSS Academy of Higher Education and Research
|INR 1.79 lakh
|Mysore, Tamil Nadu
Also Read: MBA IB
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
- Motor Insurance
- Fire Insurance
- Marketing Management
- Investment Management
- Insurance Services and their marketing
- Human Resource Management
- Actuarial Services
- Actuarial Mathematics
- Portfolio Management
- Managerial Economics
- Risk Management
Also Read: Best No GMAT MBA Programs 2023
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.
|Average Annual Salary Range
|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.
|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.
|INR 2.5 lakh to INR 93 lakh
|To implement investment strategies and manage the investment portfolio.
|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.
|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
Ans: MBA Insurance, MBA Risk Management and Insurance, MBA Insurance Management, and MBA Banking and Insurance are the best courses.
Ans: Graduates of this program can earn INR 3.2 lakh to INR 30 lakh as a Financial Manager, INR 2.5 lakh to INR 93 lakh as a Fund Manager, INR 3 lakh to INR 25.2 lakh as a Risk Manager, and INR 1.5 lakh to INR 11.9 lakh as an internal auditor.
Ans: Master of Business Administration in Insurance is a postgraduate course designed for people with an interest in banking and insurance. The program imparts knowledge about banking and insurance. This course also includes the study of liability, assets, and risk management in the insurance and banking sectors
Discover more study abroad courses with Leverage Edu. Get proper guidance about course selection and application process at 1800 572 000.