The term “insurance” is familiar to all of us. Besides life insurance, we also take general insurance – health insurance, vehicle insurance, travel insurance, and many others. This indicates the need for a professional with a solid understanding of this field. Getting an MBA degree in insurance can help students become an insurance professional and tap this opportune market.
MBA course in Insurance is structured so that candidates receive theoretical and practical knowledge about the banking & insurance sector.
Do you want to start a career in insurance? Learn about MBA Insurance eligibility and admission, syllabus, best insurance MBA colleges, career prospects, and more!
What is MBA in Insurance?
● MBA Insurance is a two-year course for post-graduates.
● An MBA in Insurance focuses on the rules and concepts of banking and insurance.
● In this course, students will learn about liability, corporate risk and managerial accounting at an advanced level.
● Students in the Insurance MBA programs learn how to resolve conflicts, establish, and maintain interpersonal relationships, etc.
● After completing the degree, students will have acquired fundamental and conceptual knowledge and skills related to insurance.
Who Can Study MBA Insurance?
This MBA course is perfect for graduates who understand numbers well and are interested in insurance and analysis.
MBA in Insurance graduates deal with insurance-related tasks, such as analysing individual or company data sets, assessing risk profiles, determining insurance requirements and working towards developing/providing the correct insurance products/advice.
The typical working hours are 40-45 hours a week, and they usually are desk jobs. The advantage of this specialisation is that you can choose from a wide range of career options.
MBA in Insurance Scope
● Many companies are looking for skilled candidates in this field, so MBAs in insurance will be fine finding a job. There are 57 insurance companies in the Indian insurance sector.
● Each business involves risk, so insurance is necessary. All companies, regardless of their type, require such people. In addition, people who specialise in the insurance field can take up various positions.
Eligibility and Admission Process – MBA Insurance
Eligibility – A Bachelor’s degree with a minimum of 50% marks in any stream is the eligibility criteria for MBA Insurance.
Admission Process – Colleges and universities conduct entrance exams like CAT, MAT, XAT, etc., for this course. After clearing entrance exams, candidates have to pass on GD and PI.
Syllabus – MBA in Insurance
The following table explains the MBA insurance management syllabus semester-wise.
|
Semester I |
Semester II |
|
Managerial Economics |
Financial Management |
|
Organisational Behaviour |
Marketing Management |
|
Research Methodology |
Operations Research and Management |
|
Business environment & law |
Strategic Management |
|
Accounting for manager |
Human Resources Management |
|
Semester III |
Semester IV |
|
Principles and practice of general insurance |
Fire and motor insurance |
|
Principles and practice of life insurance |
Investment and Portfolio Management |
|
Risk Management and Insurance |
Reinsurance |
|
Marine and Rural insurance |
Marketing of insurance services |
|
Insurance Law and regulations |
Actuarial Mathematics and services |
MBA Insurance Specialisations
Risk management and Banking and finance are two Insurance MBA programs.
Risk Management
● The concept of risk management refers to analysing a situation and determining the risks involved.
● It is significant for startups as well as established companies.
● The goal of every company is to avoid entering into a venture that involves a high level of risk.
● Risk management professionals help firms prevent such pitfalls.
● This team develops ways to protect the company’s digital assets, customer information, and other intellectual property.
Banking Finance
● A person pursuing this specialisation usually works in the financial industry and money management.
● Banks and mortgage companies typically employ them. We usually approach them whenever we need a loan or would like to invest our money beneficially.
● They must develop new and innovative ideas to get people to invest their money.
● Additionally, they should be well-versed in the different types of loans available and be able to recommend the best loan to their clients.
● This sector requires good people skills since customers tend to have in-depth conversations with employees about their needs.
Top Colleges to Study MBA Insurance
The below table gives you an idea of the top colleges offering MBA insurance management.
|
Name of the College |
Average Fees |
|
Amity school of insurance, Noida |
₹3.4 to ₹5.1 lakhs |
|
School of insurance studies, Jodhpur |
₹40,000 |
|
AKS University, Satna MP |
₹1.2 lakhs |
|
SRM Institute of science and technology, Chennai |
₹6.5 lakhs |
|
Symbiosis University, Pune |
₹14.5 to ₹15.5 lakhs |
|
NIMS University, Jaipur |
₹60,000 |
|
Jamia Millia Islamia, New Delhi |
₹16,150 |
Job Roles and Career Options – MBA in Insurance
● A candidate’s starting salary in the insurance industry range from ₹2 lakhs to ₹5 lakhs per year.
● As you progress in your career, this number will increase.
● A salary package of around ₹7 lakhs to ₹10 lakhs per year can be earned if you have experience of 5 years or more.
|
Job Designation |
Job Function |
Average Starting Salary |
|
Financial manager |
They oversee the company’s finances. Some tasks they perform are analysing the situation, assigning resources accordingly, and warning of possible threats. |
₹10 LPA (vary with experiences) |
|
Business Analyst |
Analysing the market, seeking new opportunities, and estimating the risks associated with venturing into the uncharted territory are part of their job responsibilities. |
₹7 to ₹9 LPA |
|
Internal Auditor |
The team analyses the company’s risks, profits and losses and suggests improvements. |
₹5 LPA |
|
Actuary |
Using a particular solution, they assess the risk involved in a company’s business. |
₹7 LPA |
|
Fund manager |
In addition to keeping track of their investments, they must look for risk-free avenues. |
₹10 to ₹12 LPA |
MBA Insurance – Top Recruiters
Among the top recruiters of MBAs in insurance are:
● ICICI Bank
● HDFC
● SBI Life Insurance
● Max New York Life
● Birla Sun Life
● Reliance
● Tata AIF Life
● Bajaj Allianz
● Shriram Life Insurance
MBA with Sunstone’s Benefits
You can pursue an MBA at one of the top campuses in India that offer Sunstone’s benefits. Upskill with Sunstone’s skill-building modules. Enjoy benefits such as admission assistance, 100% placement support, soft skill and personality development, industry-oriented training and internships and so much more!
Explore your career prospects while being part of a thriving digital community of students alongside traditional higher education.
FAQ
Can I do MBA in insurance?
Yes, anyone can do MBA in insurance after completing their UG.
Which MBA specialisation is best for insurance?
MBA specialisations like risk management and insurance, banking and finance are best for insurance management.
Which MBA pays the highest salary?
MBA salaries are highest in specialisations, including
● Finance,
● Marketing,
● General Management,
● Business Analytics, and
● Entrepreneurship.