Course Overview
This training course provides a foundational understanding of risk assessment and underwriting principles in the insurance industry. Participants will gain insights into evaluating risk, pricing policies, and making informed underwriting decisions while ensuring regulatory compliance and profitability.
Course Duration
5 Days
Target Audience
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Underwriters and risk assessors
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Insurance professionals and actuaries
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Claims and policy analysts
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Brokers and insurance agents
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Compliance and risk management officers
Personal Impact
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Develop core underwriting skills to assess and manage risk effectively.
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Enhance decision-making abilities in policy evaluation and pricing.
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Gain knowledge of regulatory and ethical considerations in underwriting.
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Learn to use data and analytics for improved risk assessment.
Organizational Impact
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Improved risk management leading to lower loss ratios.
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Increased efficiency in underwriting operations.
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Enhanced policy pricing accuracy and customer satisfaction.
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Strengthened compliance with industry regulations and standards.
Course Outline
Course Objectives
By the end of this course, participants will be able to:
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Understand key principles of risk assessment in insurance.
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Apply underwriting methodologies to different insurance products.
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Evaluate risk factors and determine policy pricing.
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Utilize data analytics and predictive modeling in underwriting.
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Ensure compliance with legal and regulatory frameworks.
Course Modules
Course Outline
Module 1: Introduction to Risk Assessment and Underwriting
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Core principles of risk assessment
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Role of underwriting in insurance
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Identifying and evaluating risk factors
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Case Study: Underwriting practices in life and non-life insurance
Module 2: Risk Classification and Underwriting Guidelines
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Types of risks and their classifications
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Underwriting process and risk selection criteria
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Impact of fraud and moral hazard in underwriting
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Case Study: Assessing high-risk vs. low-risk policyholders
Module 3: Data-Driven Underwriting and Risk Analytics
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Role of big data and AI in underwriting
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Predictive modeling for risk assessment
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Actuarial science applications in underwriting decisions
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Case Study: Leveraging data for enhanced underwriting accuracy
Module 4: Compliance, Ethics, and Legal Considerations
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Regulatory requirements in underwriting
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Ethical considerations in risk assessment
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Anti-money laundering (AML) and fraud detection in underwriting
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Case Study: Ensuring compliance in underwriting practices
Module 5: Advanced Underwriting Strategies and Market Trends
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Emerging trends in underwriting and risk assessment
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Innovations in InsurTech and digital underwriting
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Strategies for improving underwriting efficiency and accuracy
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Real-Life Project: Developing a risk assessment and underwriting framework
Related Courses
Course Administration Details
Methodology
These instructor-led training sessions are delivered using a blended learning approach and include presentations, guided practical exercises, web-based tutorials, and group work. Our facilitators are seasoned industry experts with years of experience as professionals and trainers in these fields. All facilitation and course materials are offered in English. Participants should be reasonably proficient in the language.
Accreditation
Upon successful completion of this training, participants will be issued an Indepth Research Institute (IRES) certificate certified by the National Industrial Training Authority (NITA).
Training Venue
The training will be held at IRES Training Centre. The course fee covers the course tuition, training materials, two break refreshments, and lunch. All participants will additionally cater to their travel expenses, visa application, insurance, and other personal expenses.
Accommodation and Airport Transfer
Accommodation and Airport Transfer are arranged upon request. For reservations contact the Training Officer.
Tailor-Made
This training can also be customized to suit the needs of your institution upon request. You can have it delivered in our IRES Training Centre or at a convenient location. For further inquiries, please contact us on:
Payment
Payment should be transferred to the IRES account through a bank on or before the start of the course. Send proof of payment to [email protected]
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