Course Outline: Insurance

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Program: PGDM-B&FS
Term II Academic Year 2020-21
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Instructor(s) Name Tushar Jaruhar Click or tap here to
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Email trjaruhar@gmail.com Click or tap here to
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Phone (Extn no.) 9717533606 Click or tap here to
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Meeting Hours By Appointment Click or tap here to
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1. COURSE DESCRIPTION

The global insurance industry is valued at about 5 trillion dollars. Insurance impacts all of us in multiple
ways for example a professional might have car insurance, health insurance, life insurance and a ULIP
investment. The CoViD-19 pandemic has witnessed the growing importance on health and life
insurance. Simultaneously, understanding business interruption risk and related insurance has become
an important theme as the world struggles to revive. The advent of artificial intelligence has created an
interest in risk management through machines learning and deep learning. Therefore, this course has
industry relevance and is positioned for managers and leaders who are facing challenges in the new
world and are looking for solutions to eliminate, mitigate and transfer risk. The industry in India is
growing and due to poor insurance penetration, there is huge scope for further development.

The insurance industry includes – life insurance, non-life insurance, health insurance and pensions.
Capital, Data and Resources are the three key elements in this industry. In this course the students will
get an overview of different lines of insurance. The course will focus on providing the analytical tools to
price life and non-life insurance. Students will learn about different capital modelling techniques and the
effective use of capital to meet solvency requirements. The role of artificial intelligence and the evolving
InsureTech space will be covered.

2. COURSE OUTCOMES (COs)

After going through the course, the students would be able to:
 Course Outcome 1 (CO1): Understand how insurance plays a role in everyone’s life

Course Outcome 2 (CO2): Learn the various risk and regulatory frameworks used in the industry

Course Outcome 3 (CO3): Develop insights on using different methodologies to address insurance
needs

Course Outcome 4 (CO4): Appreciate the difference between insurance and capital markets

Course Outcome 5 (CO5): Understand how insurance is created, sold and managed

3. MAPPING OF THE PROGRAM OUTCOMES (POs) AND COURSE OUTCOME (COs)

Course Outcomes (COs)

Program Outcomes (POs) CO CO CO CO CO

1 2 3 4 5

PO1: Student should be able to write well organized and

grammatically correct business reports and letters.

PO2: Student should be able to make effective oral presentations.

PO3: Student should be able to demonstrate critical thinking 2 2 3 3 3

skills by understanding the issues with a strong focus on banking
and financial services, evaluating alternatives on the basis of
multiple perspectives and presenting a solution including
conclusions and implications

PO4: Student should be to demonstrate problem solving skills by 3 3 2

understanding and defining the problem related particularly to
banking and financial services, analyzing it and solving it by
applying appropriate theories, tools and techniques.

PO5: Student should be able to illustrate the role of responsible

leadership in management.

PO6: Student should be able to identify social concerns and 1

ethical issues in management.

PO7: Students should be able to identify challenges faced by 2 3

banks and financial institutions in the global business
environment.

PO8: Student should be able to take decisions in the global

business environment with special focus on banking and financial
institutions.
 4. PEDAGOGY

A variety of teaching and learning techniques will be used to ensure learning outcomes. A mix of
lectures, experience sharing, case discussion, numerical problems, assignments and quizzes will be
used to develop both the concepts and analytical skills.

5. COURSE EVALUATION COMPONENTS (CECs)

Individual Assignments – 15%

Group Project I – 20%
Mid-term Exam – 25%
Final Exam - 40%

6. MAPPING BETWEEN COs, POs and CECs

Course Evaluation Components (CECs)

COs POs Assignment Group Mid Term Final
Project Exam
CO1 PO3 PO6 √
CO2 PO3 PO7 √ √ √
CO3 PO3, PO4, PO7 √
CO4 PO3, PO4 √ √
CO5 PO3, PO4 √ √

7. RESOURCES
7.1 Textbook

“Risk and Insurance”, an e-book published by Symplfyd Education Private Limited

7.2 Reference Books

Loss Models  by Klugman Stuart A.

Enterprise Risk Management for Small- and Medium-Sized Enterprises  

Jeyaraj (Jay) Vadiveloo, Editor. 2015.

Understanding Actuarial Practice by Stuart A. Klugman, Jeffrey A. Beckley, Patricia L. Scahill,

Matthew C. Varitek and Toby A. White.

7.3 Online References (if any)

 None

8. SESSION PLAN

Session No. Topics Readings/Cases

1-2 Overview of risk and insurance – Non-Life, Textbook
Life, Pensions and Retirement Publication from reputed bodies
such as SOA, IFoA, CFA
3-5 Pricing of Non-Life Insurance Textbook
Publication from reputed bodies
such as SOA, IFoA, CFA
Industry Dataset
6 -8 Pricing Life Insurance Textbook
Publication from reputed bodies
such as SOA, IFoA, CFA
Industry Dataset
9-10 Pension Funds Textbook
Publication from reputed bodies
such as SOA, IFoA, CFA
Industry Dataset
11-13 Reserving and Claims Management Textbook
Publication from reputed bodies
such as SOA, IFoA, CFA
Industry Dataset
14-16 Ruin Theory and Solvency Textbook
Publication from reputed bodies
such as SOA, IFoA, CFA
Industry Dataset
17 -18 Enterprise Risk Management: Risk Textbook
identification, Risk analysis, including risk Publication from reputed bodies
modelling and various risk, Analysis such as SOA, IFoA, CFA
techniques, Risk evaluation, Risk mitigation Industry Dataset
19-20 AI and InsureTech Textbook
Publication from reputed bodies
such as SOA, IFoA, CFA
Industry Dataset

9. ACADEMIC INTEGRITY & CLASS RULES

a) Plagiarism is the use of or presentation of ideas, works that are not one’s own and which are not
common knowledge, without granting credit to the originator. Plagiarism is unacceptable in IMI
and will invite penalty. Type and extent of penalty will be at the discretion of the concerned
faculty.

b) Cheating means using written, verbal or electronic sources of aid during an examination/ quiz/
assignment or providing such assistance to other students (except in cases where it is expressly
permitted by the faculty). It also includes providing false data or references/list of sources which
either do not exist or have not been used, having another individual write your paper or
assignment or purchasing a paper for one’s own submission. Cheating is strictly prohibited at IMI
and will invite penalty as per policies of the Institute .