AF 323: INSURANCE MANAGEMENT (9 CREDITS)

Prerequisite: AF 222
Course Objective
Risk and insurance are a specialized course that is taken by BCOM 3 Ryear students. The
purpose of the course is to expose students to the insurance practices on operation issues at
market level. This course is intended student to learn the following; - Insurance issues,
particularly the Insurance products in Tanzania and the world at large; Overall view of
Insurance categories; Financial Management in Insurance Companies and Insurance
Ombudsman
Course Learning Outcomes
After attaining this course, the student is expected to be able to identify and distinguish
different Insurance management and make valuation of them which is a vital task at work
place. Also, he/she will be able to assess Insurance business.

Content
1. Functions and Organization of Insurers
 components of the distribution system of life insurance companies in the country,
 role of agents in the life insurance sector,
 important activities carried out in a life insurance organization
2. Product Design and Development:
 Product development in the life and non-life insurance sectors,
 role of risk evaluation in the process of insurance product formation,
 future trends in the domain of insurance product design and development.
3. Insurance Underwriting
 need for insurance underwriting,
 factors that affect the activities performed by the underwriter,
 steps involved in the process of insurance underwriting.
4. Claims Management:
 factors affecting the insurance claim management system,
 types of documents needed in various types of claims.
5. Financial Management in Insurance Companies and Insurance Ombudsman:
 importance of financial management in insurance companies,
 tools of managing expenses in the insurance companies,
 modes used by the insurance companies in channelizing their funds.
6. Reinsurance:
 reinsurance in the insurance sector.
 Areas of the application of reinsurance.
7. Information Technology in Insurance
 application of information technology in the insurance sector,
 role of insurance companies in insurance security,
 contours of the future of insurance in rural areas.

Course Delivery Mode

Lecture 3 hours per week, Tutorial 1hour per week, Independent study 1 hour per week,
Assignment 1 hour per week.
 Mode of Assessment
 Course work 40%
 End of semester examination: 60%

Reference
1. TRDA Regulations
2. Dickson, P. G. M. (1960). The Sun Insurance Office 1710–1960: The History of Two and a
half Centuries of British Insurance. London: Oxford University Press.
3. Hubbard, Douglas (2009). The Failure of Risk Management: Why It's Broken and How to
Fix It. John Wiley & Sons
4. Crockford, Neil (1986). An Introduction to Risk Management (2 ed.). Cambridge, UK:
Woodhead-Faulkner.
5. Flyvbjerg, Bent (2003). Megaprojects and Risk: An Anatomy of Ambition. Cambridge
University Press.
6. Understanding the Insurance Industry: An overview for those working with and in one of the
world's most interesting and vital industries. 2014 A.M. Best Company
7. Insurance and Behavioral Economics: Improving Decisions in the Most Misunderstood
Industry 2013 Professor Howard C. Kunreuther Professor Mark V. Pauly
8. Applied Insurance Analytics: A Framework for Driving More Value from Data Assets,
Technologies, and Tools (FT Press Analytics) 1st Edition. Patricia L Saporito
9. Insurance: Concepts & Coverage Paperback – October 23, 2012 Marshall Wilson III Reavis