Course Overview:
This 5-day course on General Insurance Essentials provides a foundational understanding of insurance principles, practices, and the various types of general insurance products. Participants will gain insights into risk management, the role of underwriting, claims handling, and the importance of reinsurance. The course is designed to offer both theoretical knowledge and practical skills through case studies, ensuring participants can apply what they learn in real-world situations.
Course Duration:
5 Days
Target Audience:
- New entrants to the insurance industry
- Insurance professionals looking to refresh their knowledge
- Risk managers and underwriters
- Financial advisors and planners
- Business owners seeking to understand insurance for their enterprises
- Individuals interested in gaining a comprehensive understanding of general insurance
Course Outline
Course Objectives:
By the end of this course, participants will:
- Understand the fundamentals of general insurance.
- Learn about various general insurance products and their applications.
- Gain insights into risk assessment and management.
- Understand the underwriting process and its importance.
- Learn the principles of claims handling and dispute resolution.
- Understand the role and mechanisms of reinsurance.
- Apply knowledge through practical exercises and case studies.
Organizational Impact:
- Improved ability of employees to effectively manage insurance-related tasks.
- Enhanced understanding of risk management across the organization.
- Better decision-making in selecting and managing insurance products.
- Increased employee competence in handling claims and underwriting processes.
- Strengthened organizational resilience through informed risk transfer strategies.
Personal Impact:
- Enhanced understanding of personal and business insurance needs.
- Improved ability to make informed decisions regarding insurance products.
- Increased confidence in dealing with insurance professionals.
- Better risk management skills applicable to both personal and professional life.
- Practical knowledge that can be applied immediately in various insurance-related scenarios.
Course Modules
Module 1: Introduction to General Insurance
- Definition and importance of general insurance.
- Key principles of insurance: indemnity, insurable interest, utmost good faith, etc.
- Overview of the insurance market and its participants.
- Types of general insurance: property, liability, health, motor, etc.
Module 2: Risk Management and Assessment
- Understanding risk and its role in insurance.
- The risk management process: identification, analysis, evaluation, and treatment.
- Techniques for managing risks: avoidance, reduction, transfer, and retention.
- Role of insurance in risk management.
Module 3: Underwriting and Policy Issuance
- The underwriting process and its importance.
- Factors affecting underwriting decisions: risk assessment, historical data, etc.
- Types of policies and coverage options.
- Policy issuance and documentation.
Module 4: Claims Handling and Dispute Resolution
- The claims process: notification, investigation, settlement.
- Types of claims: partial loss, total loss, liability claims, etc.
- Role of adjusters, assessors, and investigators.
- Common disputes in claims and methods for resolution.
Module 5: Reinsurance Essentials
- Definition and importance of reinsurance.
- Types of reinsurance: facultative, treaty, proportional, non-proportional.
- The role of reinsurance in risk management and capital relief.
- How reinsurance affects underwriting and claims.
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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