Duration 2 days – 14 hrs
Overview
This training course provides a comprehensive introduction to the insurance industry, its key principles, types of insurance, policy structures, and risk management concepts. It is designed to help participants understand how insurance works, its role in financial planning, and the legal and regulatory environment governing the industry. The course is ideal for newcomers to the insurance field or staff from non-technical roles who need a better understanding of insurance processes and products.
Objectives
- Understand the fundamental concepts and purpose of insurance
- Differentiate between life, non-life (general), and health insurance products
- Explain how insurance policies are structured and underwritten
- Describe the insurance value chain: from underwriting to claims management
- Understand basic risk management principles
- Identify the legal and regulatory frameworks in the insurance industry
Audience
- New employees in insurance companies
- Bank and financial institution staff dealing with insurance products
- Customer service representatives handling insurance-related inquiries
- Sales and marketing personnel promoting insurance services
- HR and administrative professionals in insurance firms
- Anyone interested in gaining a working knowledge of insurance
Pre- requisites
- No prior experience required
- Basic knowledge of financial services or customer interaction is an advantage
Course Content
Day 1: Introduction and Insurance Fundamentals
- Overview of Insurance
- History, definition, and purpose of insurance
- The concept of risk and risk pooling
- Types of Insurance
- Life insurance: term, whole, endowment
- Non-life (general) insurance: motor, property, travel, liability
- Health insurance basics
- Principles of Insurance
- Utmost good faith
- Insurable interest
- Indemnity
- Contribution and subrogation
- Insurance Contracts and Policy Structure
- Key components: declarations, insuring agreements, exclusions, conditions
- Underwriting process and policy issuance
Day 2: Operations and Regulation
- Claims Management
- Steps in the claims process
- Roles of adjusters, assessors, and claims officers
- Fraud prevention and detection
- Risk Management in Insurance
- Identifying and assessing risks
- Risk control and transfer
- Role of reinsurance
- Insurance Sales and Distribution Channels
- Agents vs. brokers
- Bancassurance and digital platforms
- Customer education and product suitability
- Legal and Regulatory Framework
- Overview of local insurance laws and compliance requirements
- Role of the Insurance Commission and regulatory bodies
- Ethical considerations and industry standards
