NAME OF THE COURSE |
CERTIFIED MASTER IN INSURANCE RISK AND CLAIMS MANAGEMENT |
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CERTIFICATION |
CERTIFIED MASTER IN INSURANCE RISK AND CLAIMS MANAGEMENT |
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COURSE OVERVIEW |
Insurance Risk Management is the assessment and quantification of the likelihood and financial impact of events that may occur in the customer’s world that require settlement by the insurer, and the ability to spread the risk of these events occurring across other insurance underwriters in the market. Risk Management work typically involves the application of mathematical and statistical modeling to determine appropriate premium cover and the value of insurance risk to ‘hold’ vs. ‘distribute’. |
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This course examines modern techniques for managing financial risks associated with the Insurance industry. |
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These Financial / Insurance risks are generally classified into market risks, due to movement in financial prices or volatilities, credit risks, due to the fact that counter-parties are unwilling or unable to fulfill their contractual obligations, liquidity risks, when transactions cannot be conducted at prevailing market prices, perhaps due to cash flow constraints, and operational risks, which arise from human or technical problems. |
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TRAINING DURATION |
Total Training Hours : 22 Hours |
Training Duration : 1 Week |
Total Training Days : 4-5 Working Days |
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TRAINING SCHEDULE |
Weekdays (Sunday to Thursday) |
Regular Sessions: 4 – 6 Hrs Per day (9am to 2pm or 3.00pm to 9.00 pm) |
Food & refreshments Included |
Weekends (Friday & Saturday) |
Fast Track Sessions: 8 Hours per day (9am to 5pm) |
Food & refreshments Included |
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CERTIFICATION |
Globally recognized certificate from “Kings Global Career Academy” |
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TEST |
No |
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LEARNING AIDS |
Yes |
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COURSE MATERIAL |
Hard & Soft Copies of Study Material |
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LANGUAGE OF INSTRUCTION |
English |
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INSTRUCTOR HELPLINE |
Yes |
1. Email |
2. Social Media (For Emergency requirements) |
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REGISTRATION REQUIREMENTS |
1. Passport Copy |
2. Curriculum Vitae |
3. Passport size photographs |
4. Course Fee |
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MODE OF PAYMENT |
Cash / Cheque / Credit Card / Bank Transfer. |
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ELIGIBILITY CRITERIA |
This programme is suited for: |
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- Risk manager / Contract Risk Professionals
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- Contractors and equipment/material suppliers
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- Contract Administrators and
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- Insurance Professionals who are accountable and responsible for strategic, operational, financial, compliance, and information technology risks
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- Officers in the field of insurance / finance /risk management departments, who need to understand the principles of insurance risks for business
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COURSE BENEFITS |
- Explain the fundamentals of risk management and insurance concepts.
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- Examine and explain the legal aspect of insurance is a contract.
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- Apply the understanding of the legal principles in insurance.
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- Appraise the different insurance products and evaluate the benefits and limitations of each product class.
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- Compute insurance amount needed.
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- Analyze and evaluate client situational context in terms of insurance needs.
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- Organize and present a recommendation of products.
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- Explain the theory behind the structure of each insurance product class.
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- Critique and assess the future development of the insurance industry.
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- Apply excel spreadsheet skills or the use of a financial calculator to work out insurance planning needs.
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- Demonstrate proficiency in research and writing coupled with the interpersonal skills to work effectively in a team.
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- Formulate and implement insurance planning in a systematic and coherent manner.
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- Evaluate and appraise the insurance product suites and make apt recommendations.
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COURSE CONTENTS |
Module 1: |
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- Methods of classifying risk and risk management methods
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- Concept of insurable risk
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- Identification of life, health, household, motor and other risk exposures
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- Legal principles of insurance
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- Role of insurance in financial planning
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- Factors affecting insurance needs
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- General insurance policy analysis
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- Life insurance policy analysis
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- Health insurance analysis
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Module 2: |
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- Risk Strategies & Frameworks for Insurance
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- Assessment, design, and implementation of Insurance Strategies
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- Assessment, design, and implementation of Insurance Risk Frameworks
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- Assessment, design, and implementation of insurance risk-related risk portfolios and assessment methodologies
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- Assessment, design, and implementation of Insurance Risk Appetite Statements
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- Claims Function KPI design
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- Commodity Sector Strategy Input
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- Insurance Product Pricing
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- Underwriting Function KPI design
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- Reinsurance Program Design
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Module 3: |
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- Assessment, design, and implementation of Insurance Risk Management functions
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- Claims Function – Assessment
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- Underwriting Function Assessment
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- Interim management solutions
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- Concept of Risk Management
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- Types of Risks in the Insurance industry
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- Particular Risk; Fundamental Risk
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- Static Risk; Dynamic Risk; Emerging Risks
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- Forecasting risks based on events across the globe
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Module 4: |
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- Emerging risks & claims management
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- Managing Claims and Disputes
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- Managing the legal process
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- Controlling costs – and including them in your thinking
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- Overview of main contractual provisions relevant to claims and counter-claims.
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- Types of claims, in construction and other areas – and their distinctive features
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- Causes of typical claims.
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- Set up project management assessment – PMA.
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- Counterclaims – how they differ from claims.
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- Force majeure- when it applies and when not.
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Module 5: |
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- Variations & Delay Claims
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- Disputes on variation claims;
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- Obligation to perform Work
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- Extension of Time (EOT) & Acceleration
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- Acts of Prevention by the Employer
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- Obligation to complete on time.
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- When is “time of the essence” ?
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- Acceleration claims; Disruption claims.
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- Acts of Prevention; Global claims; Concurrent claims
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- Claims Presentation & review of claims
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- Requirements for claim presentation
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- Notices; Timing, and time limits
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- Defining features of claims evaluation and management
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- Recognizing the causes of claims
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- Warning signs of disputes; Recording claims
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