Insurance Business and Finance
6 Credits (ECTS)
Insurance Business and Finance
Get 70% back via Tax Credit
Module Description
The Insurance Business and Finance module addresses the overall structure of the insurance industry and management of insurance business within the remit of the key principles and practices involved in finance and insurance business.
The module explores corporate governance and how the importance of its promotion within the financial sector as well as the various functions within insurance organisations.
The students will be exposed to the fundamental principles and practices of financial accounting and its relationship with other elements within an organisation.
This includes relevant accounting standards, analysis of financial ratios and financial strength of insurance businesses.
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
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 College team.
Learning Outcomes
Competences:
At the end of the module/unit the learner will have acquired the responsibility and autonomy to:
- Discuss the complex structure of the insurance business.
- Describe how insurance businesses are managed.
- Identify the key elements of corporate governance.
- Describe the different types of roles and functions that exist within insurance companies.
- Demonstrate knowledge and understanding regarding accounting principles and practices.
- Explain and describe accounting standards and insurance company accounts.
- Use accounting ratios to review and examine business performance and activity.
- Recognise the financial strength of insurance businesses.
Knowledge:
At the end of the module/unit the learner will have been exposed to the following:
- Discuss the complex structure of the insurance business.
- Describe how insurance businesses are managed.
- Identify the key elements of corporate governance.
- Describe the different types of roles and functions that exist within insurance companies.
- Demonstrate knowledge and understanding regarding accounting principles and practices.
- Explain and describe accounting standards and insurance company accounts.
- Use accounting ratios to review and examine business performance and activity.
- Recognise the financial strength of insurance businesses.
Skills:
At the end of the module/unit the learner will have acquired the following skills:
- Delineate the duties of the board of directors, managers, and supervisors.
- Outline the corporate governance framework and how risk can be managed and controlled within this framework.
- Explain the necessity for data protection and management.
- Discuss the role and functions of financial accounting and differentiate between the latter and management accounting.
- Interpret the financial records for businesses.
- Recognise the importance of accurate and precise claims reserving.
- Describe the reserving methods used by insurance entities.
- Illustrate the analysis of the financial strength of insurers.
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:
- Apply the accounting equation and key accounting concepts.
- Compute accounting ratios to interpret general accounts.
- Calculate financial ratios to interpret insurance company accounts.
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.