Master of Science (M.Sc.) in Insurance Studies

MQF Level 7

Master of Science

Insurance Studies

Start
TBC 2024
Price  (Local/EU)
Part-time
€9,775
Price  (Non-EU)
Full-time
€11,300
Part-Time
Part-Time: 26 months
Full-Time
Full-Time: 18 months
ECTS Credits
90 ECTS
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€6,843 refund on this course

Course Description

The Master of Science (M.Sc.) in Insurance Studies programme is designed for those looking to focus and expand their knowledge in the area of insurance and pensions. The programme gives students the opportunity to obtain an in-depth understanding of the industry and its operations.

Furthermore, this programme gives students a competitive edge since it exposes them to additional knowledge relating to disruptive technologies, artificial intelligence, and digital transformation processes (with attention to prototyping, business modelling, and venture innovation) which have grown to become important within the insurance industry.

The programme is apt for those who have successfully achieved the Bachelor of Science (Honours) in Insurance Studies with IDEA Academy, an Advanced Diploma from the Chartered Insurance Institute, and other relevant insurance or related qualifications.

It is also ideal for those who have been working professionally in the industry for a number of years and would like to substantiate their knowledge through a recognised qualification and/or are looking to move ahead in their careers.

Students will be exposed to both theory and practical application of the relevant areas of study with the aim of providing them with the tools necessary to function within managerial and c-level roles within the industry.

During its final year, the programme also requires students to apply the knowledge obtained and undertake detailed research in a relevant area of their interest, resulting in a dissertation.

Entry Requirements

Candidates who apply for this course will hold a:

  • Level 6 Degree related to one of the following areas: Insurance, Finance, Risk Management and/or any other area deemed relevant and approved by the Admissions board or an Advanced Diploma from the Chartered Insurance Institute or any other related qualification

OR

  • Level 6 degree not related to Insurance, Finance and/or Risk Management and a minimum of two years relevant experience

OR

  • Level 5 Diploma or Higher Diploma and 4 years’ work experience preferably in a position related to the subject area of this programme

In the case of mature students who do not possess all the formal required academic qualifications, then the RPL process could be applied such that if evidence of equivalent learning is found then the applicant could still be accepted in the course. Such RPL process will subject applicants to an interview held with a board of experts within the field, chosen specifically by IDEA Academy, so as to verify their experiences and prior learning.

Students whose first language is not English will be required to demonstrate English language capability at IELTS level 6.0 or equivalent.

Target Audience

  • People seeking for academic advancement within this area of study.
  • Individuals who have been working professionally in the industry for a number of years and would like to substantiate their knowledge through a recognised qualification and/or are looking to move ahead in their careers.

Career Paths

The programme prepares for positions such as and not limited to:

  • Claims: Claims Handler, Surveyor, Claims Senior Executives
  • Insurance Compliance Officer
  • Insurance Advisor
  • Insurance Business Analyst / Consultant.
  • Insurance Operations Senior Executives.
  • Insurance Product and Business Development Senior Executives.
  • Risk Management Senior Executives.
  • Underwriting Senior Executives.
  • Anti-Money Laundering Managers.
  • Money Laundering Reporting Officer and their deputies and managers with responsibilities for internal AML controls.

Modules

You are required to complete all 10 compulsory modules (90 ECTS) to fulfil to the requirements of this master's degree

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MQF Level 7

Master of Science (M.Sc.) in Insurance Studies


How you’ll be assessed

The method of assessment is assignment-based.

The course comprises:

  • 6 lectures per module;
  • 3-hour lectures (evening);
  • 12 hours of guided learning, presentations, comprising synchronous online discussions, tutorials and/or videos;
  • Self-study hours comprising research, reading and assignment work.

 

 

Assessment

Overall assessment of this programme consists of two main components: 1. Modular Assessment carries 60% of the final grade. 2. The Dissertation carries 40% of the final grade.

The formative and summative assessment tasks may include an in-class assignment and/or a home-based written assignment using diverse assessment tools which may take the form of online and in-class discussions, examinations, case studies, reports, proposals, essays, and presentations, etc., as applicable to the diverse modules.

  1. Modular Assessment

The modular score achieved at the end of the study programme modules is calculated by summing up and working an average of the overall grades obtained in all of the study modules. The final grade achieved by the modular component of the programme is calculated by working out 60% of the modular score obtained for the study modules.

Overall assessment weighting for each module consists of two assessment tasks, each carrying a weighting as below:

a) One Formative assignment carries 20% of total module mark achieved. b) One Summative assignment carries 80% of total module mark achieved.

2. Dissertation Assessment

Assessment of dissertations is primarily based on:

  • Depth of critical understanding of the theoretical framework;
  • Application of appropriate research tools;
  • Critical approach to analysis, interpretation and evaluation of research findings;
  • Depth and level of argumentation build-up;
  • Original contribution to the generation of new knowledge/hypothesis/models;
  • Scholarly presentation meeting academic standards
Assignments
Discussions

Course Intake Dates

TBC 2024
Local/EU
Part-time
€9,775
Non-EU
Full-time
€11,300

Learning Outcomes

Learning Outcomes for Knowledge:

The learner will be able to:

  • Critically analyse fundamental concepts in the insurance industry such as the insurance market, the main functions of insurance operations, and the Maltese regulatory framework.
  • Review the actuarial principles which are applicable to non-life and life insurance business.
  • Critically discuss the operating models, structures, and management of insurance organisations.
  • Indicate in which ways traditional financial theories are limited.
  • Critically discuss the impact of regulation on insurance businesses and the compliance function.
  • Develop and demonstrate an in-depth understanding of accounting principles as applicable to the insurance industry.
  • Critically discuss the different business models in entrepreneurship and the importance of digital taxonomy in an entrepreneurship context.
  • Navigate enterprise risk management and risk transfer techniques.

Learning Outcomes for Skills:

The learner will be able to:

  • Critically evaluate the types of risk that exist and how insurance can help mitigate, manage, and control these risks.
  • Appraise the actuarial control cycle.
  • Critically analyse insurance operations and offer solutions to the problems being posed which would lead to greater efficiencies and enhanced management of operational risks.
  • Evaluate the impact of behavioural heuristics on clients when managing risks or making financial decisions and propose adequate solutions.
  • Identify and critically appraise the causes of financial irregularities in investor psychology.
  • Critically examine how regulatory requirements affect insurance business.
  • Investigate the financial and organisational requirements for the setting-up of cell companies and captive companies.
  • Critically analyse the current digital platforms and the socio-technology process.
  • Analyse the use of insurance and other risk transfer mechanisms in an enterprise-wide risk programme and assess how such programme can be delivered effectively.
  • Conduct qualitative and quantitative research within relevant areas of the Insurance industry and conduct thematic analysis, parametric and non-parametric statistical tests, and regression analysis in relation to relevant research areas and relate how theory can in effect be relevant to practice.
  • Critically examine a problem applicable to an area of interest relevant to insurance business, conduct distinct specialised research and propose novel solutions which would result in enhanced outcomes.
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