T. A.

PAI MANAGEMENT INSTITUTE (TAPMI),

MANIPAL
INSURANCE MANAGEMENT
Programme:

PGDM

Batch:

2015-2017

Term:

Course Name:

Insurance Management (INMT)

Credits:

2 (16 sessions)

Course Instructor:

Prof. S. Sudeep Kumar (Core)

PART 1

INTRODUCTION
It may be clichd to state that successful organizations which grow and
sustain in the long run are those which manage their risks well.
Traditionally, risk management was synonymous with management of
accident or hazard risks of organizations when natural disasters and
accidents posed the strongest threats. However with technological
progress, risks have increased multifold and a host of alternate risk
mitigation mechanisms have developed over the years to cover financial,
operational, strategic, IT and HR risks faced by them. This course seeks to
focus on management of hazard risks; primarily the property, liability and
fidelity risks faced by organizations in the context of the overall risk
management function.
COURSE OBJECTIVES (CO)
1. Understand the risk management portfolio in an organization.
2. Application of the insurance method of risk management for
organizations hazard risks relating to property, liability & fidelity.
3. Fully comprehend the operations within the Life & Non-life insurance
industry.
COURSE LEARNING OUTCOMES (CLO)
Through the learning gained in this course, the student should be able to:

CLO 1:

CLO 2:
CLO 3:

Segregate organizational risks, apply risk management

techniques and develop suitable risk management program (PLO
1 A).
Analyze the Underwriting & Claims management operations
within the Insurance industry (PLO 2B).
Evaluate & compare the service/financial performance of
Insurance companies using applicable parameters (PLO 3B)

COURSE CONTENT

Risks, its types, its financial impact on organizations.

Risk management process, methods.
Insurance pooling of risks Vs. Hedging mechanism.
Insurance pricing, Reinsurance, Co-insurance.
Fundamental Legal doctrines of Insurance.
Operations in insurance industry.
Insurance of property risks
Insurance of liability risks & Guarantees.
Insurance of personal loss exposures of life/accident/health.
Claims management in insurance
Insurance accounting.
Marketing of insurance products.
IRDA regulations & their role in insurance industry.

PRESCRIBED TEXT BOOK

NOT APPLICABLE
OTHER READINGS AND REFERENCES
a. Harrington Scott, Niehaus Gregory (2004, 2nd edition). Risk
management & insurance. New Delhi: Tata McGraw-Hill.
b. Rejda E. George (2008, 10 th Edition). Principles of Risk Management
and Insurance. New Jersey: Pearson.
c. Vaughan Emmett, Vaughan Therese (2003, 9 th Edition). Fundamentals
of Risk and Insurance. Singapore: Wiley India.
Websites:
d. IRDA
Journal
(current
&
back
volumes):
http://www.irdaindia.org/irdajournal.htm
e. For definition and short explanations: http://www.wikipedia.org
f. For current trends of studies and for self-exposure to latest happenings
in the field, students are suggested to visit websites of CPCU
(www.cpcusociety.org),
CII
UK
(www.cii.co.uk)
and
www.actuariesindia.org (Actuarial Society of India)

POLICY ON PLAGIARISM:
Plagiarism of any kind and to any extent would attract penalties. If a
student is found guilty, the assessment would be zero for that particular
component, with no further opportunity to improve. Repetition of the
offence would result in failure in the course.

ASSESSMENT SCHEME AND WEIGHTAGE:

{a} MID-TERM & END-TERM

Evaluation

End-Term

Weightage
(%)

Duration (in
minutes)

40%

120

Open/close
Book

CLO
Tested

Closed

CLO 1, 2 &
3

{b} OTHER ASSESSMENTS

S.
No.

Evaluation
type

Quiz 1

Group
presentation

Quiz 2

Group project

Class
participation

Unit of
Evaluation

Weig
ht

Individual

15%

Group

10%
15%

Individual
Group
Individual

15%
5%

Time
After 6th
session
After 7th
session
After 12th
session
After 13th
session
All sessions

CLO
CLO 1

CLO 2

CLO 1,2 &

3

PART 2: SESSION PLAN

Sessi
on.
1

Topic
Understanding corporate
Risks- classification and
segregation

Pedagogy
Lecture
3

Additional Reading
& References*
b (Chapter 1)

Sessi
on.

Topic

Pedagogy

Additional Reading
& References*

Risk Managementfunction, steps and

techniques.

Lecture & Case

discussion

b (Chapter 3)

Mechanism of Insurance
pooling vis--vis Hedging

Lecture

a (Chapters 4 & 24)

Hazards, insurance
pricing, Coinsurance &
Reinsurance

Lecture

b (Chapters 2 & 6)

Legal doctrines in
Insurance

Lecture & Case

studies

b (Chapter 9)

5&6

Quiz 1 (15%)
7

Understanding operations
in Insurance industry

Lecture

b (Chapter 6)

Underwriting of personal
risks

Grouppresentation

b (Chapters 13 & 15)

Underwriting of property
risks
Underwriting of Liability
risks
Claims Management in
Insurance industry

Grouppresentation
Grouppresentation
Lecture

b (Chapter 6)

Insurance Accounting

Lecture

a (Chapter5)

9
10
11
12

a (Chapter 23)
b (Chapter 19)

Quiz 2 (15%)
13
14 &
15
16

Sales & distribution of

insurance products
Evaluation of financial
and service performance
of Insurers
IRDA Regulations in
Insurance industry

Lecture

b (Chapter 6)

Group-project

d, e & f

Lecture

www.irda.org

* Please refer to Other readings & references as per the indicators a, b, c, d,

e & f listed above the plagiarism policy note.

PLO AND PLG MAPPING FOR THE COURSE

PLG
#

PLG
1

PLG
2

Programme Level
Learning Goal
Demonstration of mastery in
the fundamentals of the
technical and functional
areas of management of an
enterprise
Demonstration of
understanding of effective
integration and coordination
of all functional areas and
the resultant impact on the
performance of an
enterprise

PL
O#

PLO Apply of appropriate technical tools

1A in a managerial context

PLG
3

No

PLO Describe inter linkages among

2A functional areas of an enterprise

No

Analyze and interpret the

PLO
performance of an enterprise and its
2B
various functional units

PLO
3B
PLO
3C

PLO
3D

PLG
4

Application of the principles

of ethics and corporate
governance in a variety of
settings

Yes

PLO Articulate business context in terms

1B of functional aspects

PLO
3A
Demonstration of
conceptual knowledge and
skills to view an enterprise
as a whole and of how the
enterprises strategy and
organization should be
harmonized with the
external forces in the
environment

Programme Learning Objective

(PLO)

Address
ed by
Course?
(Yes /
No)

PLO
4A

Articulate various concepts in

management and demonstrate their
application in specific business
context
Describe a problem faced by an
enterprise and demonstrate the
application of specific concept(s) in
that context
Describe the external environment
faced by an enterprise and its
implications to the enterprise's
present and future
Comprehend the linkages between
an enterprise's external environment
and its internal forces and
demonstrate the ability to form a
strategy and the steps of its
execution
Describe a context of ethical
dilemma and demonstrate the ability
to articulate the right versus the
wrong in the given context
5

Yes

No

Yes

No

No

No

PLG
5

Demonstration of the
capacity to take leadership
role in business situations

Demonstrate the ability to envision

PLO the possible negative impact of an
4B corporate decision and suggest the
correct decision(s) in the context
Describe the issues pertaining to
PLO
leadership in a given context of an
5A
enterprise
Demonstrate the ability to take
decisions as a leader of an enterprise
PLO in a given context, envision the
5B consequence and demonstrate the
will to face the consequences of the
decision taken

Endorsed by :
___________________________
Signature & Date:________________________

No

No

No