Insurance Services Management
Subject Overview
Insurance Services Management is the second Banking & Insurance elective, covering how India's insurance sector actually operates — products, regulation, and the management concepts applied within it. You'll cover the basic principles of insurance and types of risk, life, health, and general/commercial insurance products, the IRDA Act and regulatory framework, and close with reinsurance, tax benefits on life insurance, and how marketing, HR, finance, and IT apply specifically within insurance companies. This is a 6-credit elective paper across 4 units, for students interested in the insurance industry.
Unit-wise Syllabus
4 units — click WhatsApp below to get the full notes for each
Unit 1: Concept of insurance & risk
Basic principles of insurance, role and importance of insurance in society, micro insurance, types of insurance, insurance documents and policy terms, insurance agents, risk and uncertainty, classification and sources of risk, risk management
Unit 2: Life, health & general insurance
History and importance of life insurance, products and claim types, private sector companies, health insurance determinants and intermediaries, claim process and challenges, general and commercial insurance, distribution channels
Unit 3: IRDA regulatory framework
Salient features, duties, powers and functions of the IRDA, financial accounts and audit, IRDA (Protection of Policy Holders Interest) Regulation 2002, rationale for opening the insurance sector to private players, credit and deposit insurance
Unit 4: Reinsurance & management in insurance
Concept and importance of reinsurance, tax benefits under life insurance policies, marketing of insurance policies, HR issues in the insurance sector, financial management applications, use of information technology in insurance