Post by Maestro on Oct 22, 2007 20:28:48 GMT 5.5
The insurance industry was opened-up to the private sector five years ago. The Central Government had put in place the frame-work for regulation of the insurance business by establishing, under an Act of Parliament, the Insurance Regulatory and Development Authority of India (IRDA). New insurance companies are being set-up by scheduled banks and corporates.
The insurance industry has seen a growth of 21.0% during the year 2005-06. Presently, there are 31 companies registered with the IRDA and out of these, 16 are in the business of Life Insurance and 15 in General Insurance. These companies have penetrated into the nook and coner of the country by opening their branch offices. A fierce competition amongst the players is being witnessed. Recognising the need in everyday life, insurance business has become the talk of the day, be it for insurer or insured - both individuals and institutions. The wide range of insurance products being launched by each of the players to cater to the preferences of the individuals as well as corporates and the innovative marketing strategies adopted by each of them will stand testimony to the trend. Thus, with the fast emerging scenario of growth in the insurance sector coupled with a steady demand for professional managers, a great opportunity is thrown¬ up to those youngsters seeking a bright career in the insurance field.
In order to develop a professional cadre of insurers and risk managers, the IRDA took the initiative to impart insurance education to those candidates intending to pursue career in insurance business by establishing, in collaboration with the Government of Andhra Pradesh, the Institute of Insurance and Risk Management (IIRM) at Hyderabad.
IIRM offers one year two semesters International Post Graduate Diploma Course in Life Insurance, General Insurance and Risk Management. The entry criteria for admission to these courses is that a candidate must have secured minimum 50% marks in the graduation, in any subject. Thereafter, an Interview Committee with 3 Professors and the Managing Director of IIRM conduct interview to assess the candidate's potential, interests and knowledge in insurance and risk management. Admission is granted to successful candidates to this one year Post Graduate Diploma Course. Even, professionals with BE, CA, MBA qualifications and Post Graduates from Science, Commerce and Arts stream are seeking admission to the courses conducted by the IIRM.
The first batch of students of IIRM completed their studies in the academic year 2004-05 and the 2nd batch in 2005-06. As many as 15-private insurance companies and 2-broking firms and 1-nationalised bank came to the campus for recruiting the students of IIRM. All the students who passed out from IIRM have got decent jobs in reputed organizations, in the salary range of Rs.2.50 lakhs to Rs.4.50 lakhs per annum. Cent percent campus placements have been secured for the two batches. The 3rd batch of 56 students pursuing the courses during the academic year 2006-07 come from various parts of India, with broad based educational qualifications and clearly focused to become excellent Insurance Professionals and Risk Managers. In the current batch of 56 students, the distribution in the various segments is. Under the Life Insurance programme 16, General Insurance 27 and Risk Management 13 students. Interestingly, nearly 50 percent of them are girl-students. At the end of the one year course, the IPGDI Diploma is awarded. It is expected that with the 3rd stream of Risk Management having been started, they will also find employment in the corporate world in addition to insurance companies, banks and broking firms.
The Chartered Insurance Institute, London (CII), which is the well recognized and oldest professional body in the insurance sector has accorded accreditation to the IIRM's Diploma Courses. While all the 10 subjects taught in the Institute carry the accreditation of CII, it is their policy to grant accreditation to the students for a maximum of 7 subjects, thereby necessitating the students to take additional 3 subjects, examinations for which are conducted by CII, twice in a year in April and October to entitle the diploma holders to become an Associate of the CII, London. IIRM has become an approved Examination Centre for the CII, London from October 2006 to facilitate candidates in this Region.
The Associate of CII, London is a globally portable professional qualification, which enables the diploma holders to practice in any market overseas and is a recognition of a professional qualification. Some of those students who have qualified with ACII and are very serious to pursue academics, they enjoy some exemptions for the M.Sc insurance course of the City University in London. A similar accreditation for some of the subjects being taught in the Risk Management (started this year) has also been received from CII, London.
IIRM is actively involved in conducting programmes of short-term duration, the Bancassurance programme for the Banking industry and other Certificate programmes in Risk Management for the Corporates. IIRM also undertakes research in topics predetermined by the IRDA, which are considered relevant for the growth of insurance industry in India on sound lines.
For the academic year 2007-08, IIRM has since opened Registration. Candidates can visit the website, www.iirmworld.org.in for complete details and download the application form for registration. The course fees is Rs.1.75 lakhs, payable up-front. Scheduled banks liberally grant educational loans to the students of IIRM.
(The author is the Managing Director of IIRM and Ex-Deputy Governor, Reserve Bank of India and former Managing Director, State Bank of India.)
The insurance industry has seen a growth of 21.0% during the year 2005-06. Presently, there are 31 companies registered with the IRDA and out of these, 16 are in the business of Life Insurance and 15 in General Insurance. These companies have penetrated into the nook and coner of the country by opening their branch offices. A fierce competition amongst the players is being witnessed. Recognising the need in everyday life, insurance business has become the talk of the day, be it for insurer or insured - both individuals and institutions. The wide range of insurance products being launched by each of the players to cater to the preferences of the individuals as well as corporates and the innovative marketing strategies adopted by each of them will stand testimony to the trend. Thus, with the fast emerging scenario of growth in the insurance sector coupled with a steady demand for professional managers, a great opportunity is thrown¬ up to those youngsters seeking a bright career in the insurance field.
In order to develop a professional cadre of insurers and risk managers, the IRDA took the initiative to impart insurance education to those candidates intending to pursue career in insurance business by establishing, in collaboration with the Government of Andhra Pradesh, the Institute of Insurance and Risk Management (IIRM) at Hyderabad.
IIRM offers one year two semesters International Post Graduate Diploma Course in Life Insurance, General Insurance and Risk Management. The entry criteria for admission to these courses is that a candidate must have secured minimum 50% marks in the graduation, in any subject. Thereafter, an Interview Committee with 3 Professors and the Managing Director of IIRM conduct interview to assess the candidate's potential, interests and knowledge in insurance and risk management. Admission is granted to successful candidates to this one year Post Graduate Diploma Course. Even, professionals with BE, CA, MBA qualifications and Post Graduates from Science, Commerce and Arts stream are seeking admission to the courses conducted by the IIRM.
The first batch of students of IIRM completed their studies in the academic year 2004-05 and the 2nd batch in 2005-06. As many as 15-private insurance companies and 2-broking firms and 1-nationalised bank came to the campus for recruiting the students of IIRM. All the students who passed out from IIRM have got decent jobs in reputed organizations, in the salary range of Rs.2.50 lakhs to Rs.4.50 lakhs per annum. Cent percent campus placements have been secured for the two batches. The 3rd batch of 56 students pursuing the courses during the academic year 2006-07 come from various parts of India, with broad based educational qualifications and clearly focused to become excellent Insurance Professionals and Risk Managers. In the current batch of 56 students, the distribution in the various segments is. Under the Life Insurance programme 16, General Insurance 27 and Risk Management 13 students. Interestingly, nearly 50 percent of them are girl-students. At the end of the one year course, the IPGDI Diploma is awarded. It is expected that with the 3rd stream of Risk Management having been started, they will also find employment in the corporate world in addition to insurance companies, banks and broking firms.
The Chartered Insurance Institute, London (CII), which is the well recognized and oldest professional body in the insurance sector has accorded accreditation to the IIRM's Diploma Courses. While all the 10 subjects taught in the Institute carry the accreditation of CII, it is their policy to grant accreditation to the students for a maximum of 7 subjects, thereby necessitating the students to take additional 3 subjects, examinations for which are conducted by CII, twice in a year in April and October to entitle the diploma holders to become an Associate of the CII, London. IIRM has become an approved Examination Centre for the CII, London from October 2006 to facilitate candidates in this Region.
The Associate of CII, London is a globally portable professional qualification, which enables the diploma holders to practice in any market overseas and is a recognition of a professional qualification. Some of those students who have qualified with ACII and are very serious to pursue academics, they enjoy some exemptions for the M.Sc insurance course of the City University in London. A similar accreditation for some of the subjects being taught in the Risk Management (started this year) has also been received from CII, London.
IIRM is actively involved in conducting programmes of short-term duration, the Bancassurance programme for the Banking industry and other Certificate programmes in Risk Management for the Corporates. IIRM also undertakes research in topics predetermined by the IRDA, which are considered relevant for the growth of insurance industry in India on sound lines.
For the academic year 2007-08, IIRM has since opened Registration. Candidates can visit the website, www.iirmworld.org.in for complete details and download the application form for registration. The course fees is Rs.1.75 lakhs, payable up-front. Scheduled banks liberally grant educational loans to the students of IIRM.
(The author is the Managing Director of IIRM and Ex-Deputy Governor, Reserve Bank of India and former Managing Director, State Bank of India.)