An Introduction to Underwriting and Claims
6 Credits (ECTS)
An Introduction to Underwriting and Claims
Get 70% back via Tax Credit
Module Description
This module exposes the students to the fundamental principles and practices surrounding the underwriting and claims processes.
The module explores how the regulatory and commercial environment impacts underwriting policy and practice and addresses the legislative elements which may have an impact on how an underwriter operates and interacts with his customers.
The module then goes on to explore the underwriting cycle, how major incidents may affect it and whether the aid could be provided by the state and/or the insurance market.
This module continues by introducing students to claims practices and the handling and management of claims.
Students will be exposed to the relevant business and legislative considerations whim may impact claims assessment and settlement and explores the main techniques and methods of dispute resolution.
Entry Requirements
Candidates who apply for this course must possess one of the following:
• A related qualification at MQF Level 4
and/or
• One ‘A’ Level or equivalent and a pass in English Language*, Mathematics, and/or Business Studies at MQF Level 3 (‘O’ Level or equivalent).
• Preference will also be given to applicants having 1 year work experience related to the study programme.
*In the case of students who do not possess all the formal required academic qualifications, then the Recognition of Prior Learning (RPL) process could be applied such that if evidence of equivalent learning is found then the applicant could still be accepted in the course.
Target Audience
This course is targeted at:
- Individuals seeking to advance their academic and professional knowledge in Insurance.
- Individuals wanting to pursue a wide range of career paths within the insurance profession.
- Individuals wanting to enhance their ability to interpret, assess and communicate insurance related information.
Career Paths
This programme leads to a bachelor’s qualification that will cover the general requirements of the Chartered Insurance Institute, which will secure the competences for individuals who aspire for professional roles in this industry.
The potential positions for which this programme aims to prepare could be and are not limited to:
- Claims: Claims Handler Surveyor, Claims Executives
- Insurance Compliance Officer
- Insurance Advisor
- Insurance Business Analyst / Consultant
- Insurance Operations Executives
- Insurance Product and Business Development Executives
- Risk Management Executives
- Underwriting Executives
How you’ll be assessed
The course comprises:
- Evening classes for part-time courses.
- Classes held throughout the day for full-time courses.
- Guided learning, presentations, comprising synchronous online discussions, tutorials and/or videos.
- Self-study hours comprising research, reading and assignment work.
Assessment
Assessment is carried out via two mandatory components:
- Assessment 1
- Assessment 2
The programme includes different forms of assessment which allow for and promote students’ critical engagement. The 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.
Additional Info
Reading for the entire B.Sc. in Insurance Studies as presented herein costs €9,000.*
Upon successful completion of this course, students will be eligible for a 70% refund of the cost through the ‘Get Qualified’ scheme.**
Due to the modular structure of the course, you may also opt to take individual modules as stand-alone. The entry requirements still apply.***
*Prices are applicable to students who reside in Malta at the time of applying.
**Terms and conditions apply.
*** For the price of individual modules, please contact the IDEA Academy team.
Learning Outcomes
Competences:
At the end of the module/unit the learner will have acquired the responsibility and autonomy to:
- Demonstrate knowledge and understanding of how the regulatory and commercial environment impacts the underwriting process.
- Describe the underwriting policy and practice.
- Explain the role and function of statistical data in underwriting.
- Discuss the fundamental principles and practices that are involved in risk pricing.
- Gain an in-depth knowledge regarding risk exposure and control.
- Discuss the main aspects surrounding claims handling.
- Identify the key features involved in handling personal lines claims.
- Explain the main elements involved in handling property and business interruption claims.
- Outline the main elements involved in third party liability claims.
- Describe the link between underwriting and claims within the business cycle.
Knowledge:
At the end of the module/unit the learner will have been exposed to the following:
- Demonstrate knowledge and understanding of how the regulatory and commercial environment impacts the underwriting process.
- Describe the underwriting policy and practice.
- Explain the role and function of statistical data in underwriting.
- Gain an in-depth knowledge regarding risk exposure and control.
- Discuss the fundamental principles and practices that are involved in risk pricing.
- Discuss the main aspects surrounding claims handling.
- Identify the key features involved in handling personal lines claims.
- Explain the main elements involved in handling property and business interruption claims.
- Outline the main elements involved in third party liability claims.
- Describe the link between underwriting and claims within the business cycle.
Skills:
At the end of the module/unit the learner will have acquired the following skills:
- Describe the effects of legislation and litigation on the underwriting and claims practices.
- Analyse the effect of trends and major events on the underwriting practice.
- Discuss the need for a healthy relationship between underwriting and claims functions, in particular reserving.
- Discuss additional methods to limit and control exposure.
- Apply the main aspects of personal lines claim handling to different claims situations.
- Apply main aspects of property and business interruption claims handling to different claims contexts.
- Examine the investigation of a third-party liability claim.
- Apply main aspects of third-party liability claims handling to different claims contexts.
- Discuss the role of reinsurance in underwriting and claims.
Module-Specific Communication Skills:
The learner will be able to:
- Communicate ideas, problems, and solutions to both specialist and non-specialist audiences.
Module-Specific Learner Skills:
At the end of the module/unit the learner will be able to:
- Explain the purpose of the actuary and claims data in risk pricing.
- Describe how the indemnity for personal lines claim, property and business interruption claim, and third-party liability claim will be estimated.
Module-Specific Digital Skills and Competences:
The learner will be able to:
- Navigate through the online learning platform to benefit from assignments, discussion boards, literature, tutorials etc.