Insurance: Underwriting | Risks | Regulatory | Practices

Master the art of insurance underwriting, risk management, rate making, and regulatory compliance.

What you'll learn

Core Concepts of Underwriting: Understand the fundamentals of insurance underwriting, including its role in risk assessment and determining premiums.

Underwriting Processes and Decisions: Gain insights into the underwriting decision-making process, including how risks are evaluated and premiums are set.

Rate Making and Pricing Strategies: Learn the principles of rate making, including data-driven techniques for determining insurance premiums.

Risk Management Techniques: Master the art of risk management, from individual risk rating to loss recognition and mitigation strategies.

Insurance Regulations and Compliance: Study the role of regulatory bodies like the Insurance Regulatory and Development Authority of India (IRDAI)

Insurance Documentation and Filing: Become proficient in the key insurance documents such as policy forms, cover notes, endorsements, and proposal forms.

Claims Management: Understand the claims filing and settlement process for various types of insurance, including life, property, and accident insurance.

Health Insurance and Economics: Study the basics of health insurance products and the economic principles influencing health insurance markets.

Grievance Redressal and Policyholder Protection: Learn the procedures for addressing grievances, ensuring timely resolution of complaints, and protection

IT Applications in Insurance: Explore the use of information technology in insurance operations, including front-office systems and claims management software.

Advanced Insurance Concepts: Deepen your knowledge with advanced insurance terminology, regulatory guidelines, and key practices that govern the industry

Requirements

Basic Understanding of Insurance Concepts: It’s helpful to have a foundational knowledge of general insurance principles, although beginners can also follow the course.

Analytical Skills: Strong analytical and critical thinking skills are essential for understanding underwriting decisions and risk assessment.

Interest in Insurance and Risk Management: A genuine interest in the insurance sector, underwriting, and risk management will enhance the learning experience.

Basic Math Skills: Comfort with basic mathematics is required for understanding pricing strategies, rate making, and claims settlement processes.

No Prior Professional Experience Required: The course is open to beginners, students, and professionals looking to expand their knowledge in the insurance industry.

Description

Introduction: Insurance underwriting plays a crucial role in assessing risk, determining premiums, and ensuring the financial stability of insurance providers. This course offers an in-depth exploration of underwriting principles, processes, and the broader aspects of insurance operations. Whether you're a beginner or seeking to deepen your knowledge, this course covers the fundamentals, advanced concepts, and modern practices in underwriting, risk management, rate making, and regulatory compliance. The aim is to provide students with the knowledge necessary to navigate the complexities of the insurance industry effectively.Section 1: Introduction to UnderwritingThis section introduces students to the core concepts of underwriting, explaining the importance and objectives of the process. Students will learn about the underwriting process, its various functions, and how insurance premiums are determined. Additionally, the significance of retention and reinsurance as part of risk mitigation strategies is explored.Section 2: Types of Underwriters and Underwriting DecisionsIn this section, students are introduced to the different types of underwriters, such as those in life and health insurance. The focus then shifts to understanding how underwriting decisions are made, rates determined, and how these decisions are monitored. The procedures and scrutiny involved in underwriting new business are also discussed in detail.Section 3: Acceptance and Renewal in UnderwritingThis section delves into the specifics of underwriting acceptance, covering the limits of acceptance and when approval from controlling offices is necessary. The risks associated with underwriting extra hazardous conditions and the processes involved in the renewal of policies are also explored in this segment.Section 4: Introduction to Rate MakingRate making is a critical aspect of underwriting, and this section introduces students to its principles across four comprehensive lectures. The section also covers the importance of data mining in determining rates and how various loading factors affect insurance pricing.Section 5: Rate Making and its ApproachesBuilding on the previous section, this segment explores various rate-making approaches and discusses the projected ultimate loss. Students will gain an understanding of the principles and methods used to project losses and how they inform rate-setting decisions.Section 6: Risk Management and Regulatory ComplianceIn this section, students learn about risk management techniques, including individual risk rating and loss recognition. The focus then shifts to regulatory supervision, highlighting the goals, duties, powers, and functions of the Insurance Regulatory and Development Authority of India (IRDAI).Section 7: Guidelines and Filings in InsuranceThis section addresses the legal guidelines surrounding the filing and usage requirements for general insurance products. Students will learn about IRDA’s role in overseeing insurance product filings and its ability to question terms and issue directions.Section 8: Board Approval and ComplianceHere, students will understand the importance of board approval in underwriting policies. They will explore the steps involved in ensuring compliance with regulatory and corporate governance guidelines in underwriting processes, which is crucial for maintaining transparency and accountability.Section 9: Product Classification and DocumentationThis section covers the classification of insurance products and the documentation required for filing, including the prospectus, proposal form, cover note, and policy form. Students will gain practical insights into the essential paperwork that underpins insurance transactions.Section 10: Grievance Redressal and ComplianceThis section delves into the grievance redressal mechanisms available in the insurance industry. It covers the guidelines, procedures, and timelines for resolving disputes between policyholders and insurers, ensuring fair treatment of all parties involved.Section 11: Risk ManagementRisk management plays a vital role in insurance, and this section guides students through the steps of risk assessment, risk control, and risk financing. Through practical examples, students will learn how insurers identify, analyze, and mitigate risks to maintain a balanced portfolio.Section 12: Insurance DocumentationInsurance documentation is key to binding agreements between insurers and policyholders. This section introduces the different forms and documents used in insurance underwriting, such as prospectuses, proposal forms, cover notes, and policy forms, and the role they play in the underwriting process.Section 13: Conditions and EndorsementsConditions and endorsements are crucial components of an insurance contract. This section focuses on understanding both implied and express conditions, as well as the various types of endorsements that modify coverage or clarify contract details in insurance policies.Section 14: Claims and ReinsuranceThis section focuses on the claims process in insurance, from the filing of claims forms to their final approval. It also delves into the concept of reinsurance, which is essential for distributing risk among different insurers, ensuring the long-term viability of insurance companies.Section 15: Insurance Product ClassificationThis section teaches students how insurance products are classified, with a focus on deductibles and general insurance products. Understanding the differences between product categories enables students to match coverage to client needs effectively.Section 16: Property and Engineering InsuranceIn this section, students are introduced to property and engineering insurance. They will explore topics such as fire insurance and project insurance, gaining insight into how insurers underwrite and assess risks in these specialized fields.Section 17: Marine and Liability InsuranceThis section provides an overview of marine and liability insurance, covering the intricacies of insuring against risks associated with marine activities and legal liabilities. Students will also explore how liability insurance is structured and the unique risks it addresses.Section 18: Personal and Accident InsurancePersonal and accident insurance is the focus of this section. Students will learn about the products and policies available for personal protection, as well as how insurers evaluate risks related to personal accidents and injuries.Section 19: Policyholder Protection and ProposalsIn this section, the course emphasizes the protection of policyholder interests, particularly at the point of sale. It also covers the detailed process of insurance proposals and how insurers ensure that policyholders are treated fairly and transparently.Section 20: Grievance Redressal and Turnaround TimeThis section discusses the grievance redressal procedures within insurance companies, focusing on the timelines and procedures in place to resolve complaints promptly. It also addresses how insurers maintain efficient turnaround times for their processes.Section 21: Insurance Legislation and Claims ProcedureThis section offers insight into the legal aspects of insurance, particularly the requirements outlined in the Protection of Policyholder's Interest Act, 2002. It provides a step-by-step guide to handling claims procedures in line with legislative standards.Section 22: IT Applications in InsuranceInformation technology plays an integral role in modern insurance operations. This section focuses on how IT systems are applied in general insurance, streamlining front-office operations, claims processing, and customer relationship management.Section 23: Front Office Systems in General InsuranceThis section delves deeper into the front-office systems used in the general insurance industry, providing students with a clear understanding of how customer interactions, claims initiation, and policy management are handled efficiently.Section 24: Principles & Practices in Insurance and Key ConceptsIn this section, students explore the fundamental principles and practices of insurance. Topics such as insurable interest, utmost good faith, indemnity, subrogation, contribution, and proximate cause are explained in detail, providing a solid foundation for understanding how insurance contracts are formed and enforced.Section 25: Insurance Terminology and Advanced ConceptsThis section explores advanced insurance terminology and concepts, including CAPORT, FAPR, DOH, and others. These technical terms are crucial for professionals who seek to navigate the complexities of insurance documentation and operations effectively.Section 26: Claims and ProceduresThis section covers the various types of insurance claims, such as life insurance benefits, maturity claims, and death claims. It also highlights the verification processes and key factors that influence the settlement of claims.Section 27: Regulatory Bodies and ComplianceIn this section, students learn about the key regulatory bodies that govern the insurance industry, including IRDAI, and their roles in ensuring compliance with laws and regulations. It also covers the requirements for transparency and accountability in insurance operations.Section 28: Health Economics and Health Insurance FundamentalsThis section provides a thorough overview of health economics, explaining core concepts such as the law of demand, elasticity, supply, and market economy. The fundamentals of health insurance, including the various schemes available in India, are also discussed.Conclusion: This course offers a comprehensive exploration of underwriting and risk management, providing learners with practical knowledge and theoretical insights into the insurance industry. From underwriting processes to risk management, rate making, and regulatory compliance, students will be equipped with the essential skills to excel in the insurance field.

Overview

Section 1: Introduction to Underwriting

Lecture 1 Introduction To Underwriting

Lecture 2 Purpose and objective of underwriting

Lecture 3 Objective of Underwriting

Lecture 4 Underwriting Process

Lecture 5 Function of Underwriting

Lecture 6 Retention and Reinsurance

Lecture 7 How Insurance Premiums are set

Section 2: Types of Underwriters and Underwriting Decisions

Lecture 8 Types of Underwriters

Lecture 9 Life and health Insurance Underwriters

Lecture 10 Underwriting Decisions

Lecture 11 Determining Rates

Lecture 12 Monitoring Underwriting Decisions

Lecture 13 Underwriting Of New Business And New Business Procedures

Lecture 14 Scrutiny Of Insurance Application

Section 3: Acceptance and Renewal in Underwriting

Lecture 15 Limits Of Acceptance

Lecture 16 Acceptance Subject To Controlling Office Approval

Lecture 17 Acceptance Of Extra Hazardous Risk

Lecture 18 Underwriting Renewal Business

Section 4: Introduction to Rate Making

Lecture 19 Introduction to Rate making Part 1

Lecture 20 Introduction to Rate making Part 2

Lecture 21 Introduction to Rate making Part 3

Lecture 22 Introduction to Rate making Part 4

Lecture 23 Data Mining in Rate Making Part 1

Lecture 24 Data Mining in Rate Making Part 2

Lecture 25 Loading Factors

Section 5: Rate Making and its Approaches

Lecture 26 What is Rate Making Part 1

Lecture 27 What is Rate Making Part 2

Lecture 28 Rate Making Approaches Part 1

Lecture 29 Rate Making Approaches Part 2

Lecture 30 Projected Ultimate Loss Part 1

Lecture 31 Projected Ultimate Loss Part 2

Section 6: Risk Management and Regulatory Compliance

Lecture 32 Recognition of losses

Lecture 33 Individual Risk Rating Part 1

Lecture 34 Individual Risk Rating Part 2

Lecture 35 Goals of Regulatory Supervision of Insurance Business Part 1

Lecture 36 Goals of Regulatory Supervision of Insurance Business Part 2

Lecture 37 Duties, Powers and Functions of IRDAI

Section 7: Guidelines and Filings in Insurance

Lecture 38 Guidelines on File and Use requirements for General Insurance Products Part 1

Lecture 39 Guidelines on File and Use requirements for General Insurance Products Part 2

Lecture 40 Filing of Insurance Products Part 1

Lecture 41 Filing of Insurance Products Part 2

Lecture 42 IRDA's right to question terms and issue directions and Forms of Filing Part 1

Lecture 43 IRDA's right to question terms and issue directions and Forms of Filing Part 2

Section 8: Board Approval and Compliance

Lecture 44 Board Approval of Underwriting Policy Part 1

Lecture 45 Board Approval of Underwriting Policy Part 2

Lecture 46 Responsibility of Compliance Part 1

Lecture 47 Responsibility of Compliance Part 2

Section 9: Product Classification and Documentation

Lecture 48 Classification of Products Part 1

Lecture 49 Classification of Products Part 2

Lecture 50 Documents required to be filed and Data Support Part 1

Lecture 51 Documents required to be filed and Data Support Part 2

Section 10: Grievance Redressal and Compliance

Lecture 52 Grievance Redressal Guidelines part 1

Lecture 53 Grievance Redressal Guidelines part 2

Lecture 54 Elements of Grievance redressal part 1

Lecture 55 Elements of Grievance redressal part 2

Section 11: Risk Management

Lecture 56 Risk Management

Lecture 57 Steps of Risk Management Part 1

Lecture 58 Steps of Risk Management Part 2

Lecture 59 Risk Assessment Part 1

Lecture 60 Risk Assessment Part 2

Section 12: Insurance Documentation

Lecture 61 Documents - Prospectus and Proposal Form part 1

Lecture 62 Documents - Prospectus and Proposal Form part 2

Lecture 63 Documents - Cover note and Policy Form Part 1

Lecture 64 Documents - Cover note and Policy Form Part 2

Section 13: Conditions and Endorsements

Lecture 65 Schedule and Conditions - Implied and Express Part 1

Lecture 66 Schedule and Conditions - Implied and Express Part 2

Lecture 67 Endorsements Part 1

Lecture 68 Endorsements Part 2

Section 14: Claims and Reinsurance

Lecture 69 Claim Forms Part 1

Lecture 70 Claim Forms Part 2

Lecture 71 Reinsurance Part 1

Lecture 72 Reinsurance Part 2

Section 15: Insurance Product Classification

Lecture 73 Deductibles

Lecture 74 Classification of General Insurance Products Part-1

Lecture 75 Classification of General Insurance Products Part-2

Section 16: Property and Engineering Insurance

Lecture 76 Property Insurance Fire Insurance part-1

Lecture 77 Property Insurance Fire Insurance part-2

Lecture 78 Engineering Insurance Project Insurance Part-1

Lecture 79 Engineering Insurance Project Insurance Part-2

Section 17: Marine and Liability Insurance

Lecture 80 Marine Insurance Part-1

Lecture 81 Marine Insurance Part-2

Lecture 82 Liability Insurance Part-1

Lecture 83 Liability Insurance Part-2

Lecture 84 Liability Insurance Part-3

Section 18: Personal and Accident Insurance

Lecture 85 Personal Insurance Part-1

Lecture 86 Personal Insurance Part-2

Lecture 87 Personal Accident Insurance Part-1

Lecture 88 Personal Accident Insurance Part-2

Section 19: Policyholder Protection and Proposals

Lecture 89 Protection of Policyholders Interest - Point of sale Part-1

Lecture 90 Protection of Policyholders Interest - Point of sale Part-2

Lecture 91 Proposal of Insurance Part-1

Lecture 92 Proposal of Insurance Part-2

Section 20: Grievance Redressal and Turnaround Time

Lecture 93 Grievance Redressal Procedure Part-1

Lecture 94 Grievance Redressal Procedure Part-2

Lecture 95 Turn around Time Part-1

Lecture 96 Turn around Time Part-2

Section 21: Insurance Legislation and Claims Procedure

Lecture 97 Matters to be stated in General Insurance Part-1

Lecture 98 Matters to be stated in General Insurance Part-2

Lecture 99 Claims Procedure vide Protection of Policyholder's Interest Act 2002 Part-1

Lecture 100 Claims Procedure vide Protection of Policyholder's Interest Act 2002 Part-2

Section 22: IT Applications in Insurance

Lecture 101 ITApplications in Insurance Introduction part-1

Lecture 102 ITApplications in Insurance Introduction part-2

Lecture 103 General Insurance Applications Part-1

Lecture 104 General Insurance Applications Part-2

Section 23: Front Office Systems in General Insurance

Lecture 105 Front Office System In the General Insurance Industry Part-1

Lecture 106 Front Office System In the General Insurance Industry Part-2

Section 24: Principles & Practices in Insurance and Key Concepts

Lecture 107 What is insurance

Lecture 108 Insurable interest & Utmost good faith

Lecture 109 Indemnity & Subrogation

Lecture 110 Contribution

Lecture 111 Proximate cause

Lecture 112 Classification of risk & Risk management tools

Lecture 113 Classification of loss & Handling of risk

Section 25: Insurance Terminology and Advanced Concepts

Lecture 114 CAPORTand FAPR and DOH and CRFEPand PLE

Lecture 115 PR and PPAOP and DBGIRALIR and FAUPOI and TR

Lecture 116 WTATRON and PHIGI

Lecture 117 PHILI and MH

Lecture 118 HPHAAFUILI and HPHAAFUBGI

Lecture 119 D and FOSAASI and MP

Lecture 120 UDHBOC and TWTICSWACIR and CIACF and AOSASR

Lecture 121 CDAD and AAPOI and AAMOI and SANSC and RFTIICODOCAQD

Section 26: Claims and Procedures

Lecture 122 Life insurance are benefit policies

Lecture 123 verification in respect of all types of claims

Lecture 124 Maturity claims

Lecture 125 Death claims

Lecture 126 factors commonto death and maturity claims and DUR

Section 27: Regulatory Bodies and Compliance

Lecture 127 IRDA and CP and IC

Lecture 128 ITPIB and IEATand SS

Lecture 129 IITDFGTand RFWOand CLIHIGS

Lecture 130 TICTAP and IIP and RIGM

Section 28: Health Economics and Health Insurance Fundamentals

Lecture 131 Introduction to economics and Concept of health eco

Lecture 132 Concept Of Demand

Lecture 133 Law Of Demand

Lecture 134 Exception To The Law Of Demand

Lecture 135 Elasticity Of Demand

Lecture 136 Importance And Factors Affecting Elasticity Of Demand

Lecture 137 Cross Elasticity Of Demand

Lecture 138 Supply

Lecture 139 Asumptions & Exceptions to law of supply

Lecture 140 Elasticity of supply

Lecture 141 Supply schedule & Supply curve

Lecture 142 Market economy

Lecture 143 Monopoly

Lecture 144 Demand forecasting

Lecture 145 Importance of demand forecasting

Lecture 146 Methods of demand forecasting

Lecture 147 Criterias of demand forecasting

Lecture 148 What is financial management of health?

Lecture 149 Mobilization of resources

Lecture 150 Curtailment of wasteful expenditure

Lecture 151 Requirement of health systems in India

Lecture 152 Requirement of health systems in India in depth

Lecture 153 Meaning of Health Insurance

Lecture 154 Essentials in health insurance

Lecture 155 Basic elements in health insurance program

Lecture 156 CGHS

Lecture 157 Employee State Insurance Scheme (ESIS)

Lecture 158 Employee State Insurance Scheme benefits

Lecture 159 UHIS and RSBY

Lecture 160 Private Health Insurance

Lecture 161 Private Health Insurance- Issues and Challenges

Lecture 162 Community Health Insurance

Lecture 163 Performance of community Health Insurance

Aspiring Insurance Professionals: Individuals looking to start a career in the insurance industry, particularly in underwriting, claims, and risk management roles.,Insurance Industry Employees: Professionals already working in the insurance sector who want to deepen their knowledge of underwriting processes, risk assessment, and regulatory compliance.,Students of Insurance and Finance: Students studying finance, business, economics, or insurance-related courses who want to expand their understanding of insurance underwriting and risk management.,Entrepreneurs and Business Owners: Business owners who need to understand insurance underwriting and risk management to better manage their own risks or those of their company.,Financial and Risk Analysts: Individuals involved in financial analysis, risk management, or regulatory roles who want a more detailed understanding of insurance underwriting and the broader insurance sector.,General Insurance Enthusiasts: Anyone with an interest in learning about insurance policies, underwriting, and risk management, whether for personal knowledge or potential career shifts.