Gain practical skills, sharpen strategic insights, leverage AI, and supercharge career growth
- Comprehensive introduction to the principles and practices of life insurance from product design to claim settlement.
- Covers both theoretical foundations and practical procedures crucial for all life insurance operations.
- Prepares students for careers in the insurance industry by imparting deep knowledge of key concepts, regulations, and industry practice.
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Compliance, Governance and Risk Management in Insurance
Discover How We Efficiently Cover Every Detail?
Module 1: Introduction to Insurance Regulation and Compliance
- Importance of regulation in insurance
- Regulatory authorities (IRDAI in India, FCA/PRA in UK, NAIC in US)
- Key regulatory frameworks and guidelines
- Comparative regulatory approaches (India’s IRDAI vs Singapore’s MAS vs UAE’s IA)
- Principles-based vs. rules-based regulation
- Compliance lifecycle in an insurance company
Module 2: Corporate Governance in Insurance
- Definition and importance of corporate governance
- Governance structures in insurance companies
- Role of Board of Directors, Audit Committee, and Risk Committee
- Governance best practices and codes (OECD principles, GCG guidelines)
Module 3: Risk Management Fundamentals
- Risk vs. uncertainty in insurance
- Types of risks in insurance: underwriting, market, credit, operational, reputational
- Enterprise Risk Management (ERM) frameworks
- Role of Chief Risk Officer (CRO)
Module 4: Legal and Ethical Considerations
- Ethical principles in insurance operations
- Data privacy and protection laws (GDPR, Indian Data Protection Act)
- Anti-money laundering (AML) and combating financing of terrorism (CFT)
- Fraud risk management
- Conflicts of interest and whistleblowing mechanisms
Module 5: Compliance Risk and Internal Controls
- Definition and sources of compliance risk
- Designing an effective compliance program
- Internal audit and internal control mechanisms
- Compliance monitoring and reporting
- Key Risk Indicators (KRIs) and Key Performance Indicators (KPIs)
Module 6: Risk-Based Capital and Solvency Regulations
- Concept of solvency and capital adequacy
- Solvency II (Europe), RBC (US), IRDAI solvency norms (India)
- Indian vs. global solvency norms (Compare IRDAI’s Ind-AS with IFRS 17)
- Capital Modeling and stress testing
- Impact of solvency on pricing, reserving, and underwriting
Module 7: Emerging Risks and Strategic Risk Management
- Climate risk, cyber risk, geopolitical risk
- ESG (Environmental, Social, Governance) risks
- Role of technology (Insurtech, RegTech)
- Strategic risk planning and scenario analysis
- Future trends in insurance compliance and risk management
Practical Knowledge from Industry Professionals
Our faculty’s extensive industry experience is the cornerstone of our exceptional insurance training