Scopes and relevance of Insurance Business Management degree

19Nov,2020
By Editorial

Working in the insurance industry is quite challenging and at the same time very interesting. You face challenges daily and get to meet with different clients. This widens your working experience and you can employ those skills to better yourself at work. Like every other field, there are various aspects that a candidate must know about so that they can make informed decisions whether this field will suit them.

 

Know more: Business Economics Course

With the evolution of the insurance sector, different kinds of insurances have come into existence. Some of them are as follows:

  • Health insurance
  • Loan insurance
  • Automobile insurance
  • Property insurance
  • Life insurance
  • Business insurance
  • Travel insurance

Degrees

The insurance courses in India can be divided into three types- undergraduate courses, postgraduate courses and doctoral degree courses. The UG programs can be applied for after the completion of class 12. The PG programs can be pursued after completing the Bachelor’s Degree program. The Doctoral programs can be pursued after you complete a Master’s Degree Program.

There are also Diploma and Certificate courses too that one can pursue.

Bachelor’s degree courses

  • BBA In insurance and risk management
  • BBA in banking and insurance
  • BA in banking and insurance
  • BBA in insurance management
  • BBA in finance and insurance management
  • B. Com in risk and insurance management
  • B. Com in banking and insurance management

Master’s degree courses

  • MBA in banking and insurance
  • MBA in insurance management
  • MBA in finance and insurance management
  • M. Com in risk and insurance management

Diploma courses

  • PG diploma in banking and insurance
  • Advanced diploma in finance and insurance management
  • PG diploma in insurance management
  • Advanced diploma in insurance management
  • Professional diploma in banking and insurance

Certificate courses

  • Certificate in business insurance
  • PG certificate in banking and insurance management
  • Certificate in risk and insurance management
  • Advanced certificate in insurance management

PHD programs

  • PhD in banking practices
  • PhD in finance and risk management

Eligibility

  • One must have passed their class 12 board exams for enrolling to a Bachelor’s degree course. The duration is for three years.
  • For the Master’s Degree course, one will have to complete their graduation. The duration of the course is for two years.
  • If you want to pursue the PG Diploma courses, they must have completed their Bachelor’s degree course. The duration of the course is one to two years. 
  • For the PG Certificate courses, one must finish their Bachelor’s degree course. The duration of the course is for one year.
  • If you want to pursue the PhD programs, one must complete their Master’s degree program.

Institutes offering Insurance Business Management degree

  • IIM Ahmedabad
  • ISB Hyderabad
  • IIM Bangalore
  • IIM Indore
  • IIT Delhi
  • SP Jain Institute of Management
  • XLRI
  • Symbiosis Pune
  • IIT Kharagpur
  • FMS University of Delhi

Common entrance test

For getting admission in the IIM’s, one needs to pass the CAT exam. To get admission in the IIT, you will have to pass the CAT or GATE exam. XAT exam is accepted by XLRI and GRE or GMAT exam is offered by ISB Hyderabad. The rest of the schools usually take the CAT score into consideration.

Recruiters

Jobs in government sectors:

  • Government banks
  • Government departments
  • Government insurance agencies
  • Government finance institutes and departments

Private sector jobs:

  • Private banks
  • Insurance firms
  • Finance institutes
  • Credit companies 
  • Consultancies

Job roles

  • Officer
  • Manager
  • Sales manager
  • Assistant manager
  • Insurance agent
  • Customer service representative

Salary

The salary of a Bachelor’s degree pass out is between Rs 30000 to 40000 per month. For a government job, the salary depends on the pay scale and grade.

Read also: Business Analytics Course Guide for a Lucrative Future

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