Comprehensive Course Structure
| Semester | Course Code | Course Title | Credit (L-T-P-C) | Prerequisites |
|---|---|---|---|---|
| 1 | INS-101 | Introduction to Insurance | 3-0-0-3 | - |
| 1 | MAT-101 | Calculus and Analytical Geometry | 4-0-0-4 | - |
| 1 | MAT-102 | Statistics and Probability | 3-0-0-3 | - |
| 1 | ECO-101 | Principles of Economics | 3-0-0-3 | - |
| 1 | ENG-101 | English Communication | 2-0-0-2 | - |
| 1 | PHY-101 | Physics for Engineers | 3-0-0-3 | - |
| 1 | CHE-101 | Chemistry for Engineers | 3-0-0-3 | - |
| 2 | INS-201 | Risk Theory and Management | 3-0-0-3 | INS-101 |
| 2 | MAT-201 | Linear Algebra and Differential Equations | 4-0-0-4 | MAT-101 |
| 2 | ECON-201 | Microeconomics | 3-0-0-3 | ECO-101 |
| 2 | INS-202 | Insurance Law and Ethics | 3-0-0-3 | INS-101 |
| 2 | INS-203 | Financial Accounting | 3-0-0-3 | - |
| 2 | ENG-201 | Technical Writing | 2-0-0-2 | ENG-101 |
| 2 | PHY-201 | Thermodynamics and Heat Transfer | 3-0-0-3 | PHY-101 |
| 3 | INS-301 | Life Insurance Principles | 3-0-0-3 | INS-201 |
| 3 | INS-302 | Property and Casualty Insurance | 3-0-0-3 | INS-201 |
| 3 | INS-303 | Actuarial Science Fundamentals | 3-0-0-3 | MAT-201 |
| 3 | ECO-301 | Macroeconomics | 3-0-0-3 | ECON-201 |
| 3 | INS-304 | Insurance Marketing and Sales | 3-0-0-3 | - |
| 3 | MAT-301 | Probability and Statistical Inference | 3-0-0-3 | MAT-102 |
| 4 | INS-401 | Reinsurance Theory and Practice | 3-0-0-3 | INS-301, INS-302 |
| 4 | INS-402 | Insurance Regulation and Supervision | 3-0-0-3 | INS-202 |
| 4 | INS-403 | Insurance Technology and Innovation | 3-0-0-3 | INS-201 |
| 4 | INS-404 | Risk Management in Insurance | 3-0-0-3 | INS-201 |
| 4 | INS-405 | International Insurance Markets | 3-0-0-3 | ECO-301 |
| 4 | MAT-401 | Time Series and Forecasting | 3-0-0-3 | MAT-301 |
| 5 | INS-501 | Advanced Life Insurance Products | 3-0-0-3 | INS-301 |
| 5 | INS-502 | Commercial Property Insurance | 3-0-0-3 | INS-302 |
| 5 | INS-503 | Actuarial Modeling and Valuation | 3-0-0-3 | INS-303 |
| 5 | INS-504 | Insurance Claims Management | 3-0-0-3 | INS-201 |
| 5 | INS-505 | Cyber Risk and Insurance | 3-0-0-3 | INS-403 |
| 5 | INS-506 | Behavioral Aspects of Risk | 3-0-0-3 | - |
| 6 | INS-601 | Climate Risk Assessment | 3-0-0-3 | INS-504 |
| 6 | INS-602 | Insurance Product Design | 3-0-0-3 | INS-501, INS-502 |
| 6 | INS-603 | Insurance Data Analytics | 3-0-0-3 | MAT-401 |
| 6 | INS-604 | Regulatory Compliance in Insurance | 3-0-0-3 | INS-402 |
| 6 | INS-605 | Insurance Research Methodology | 3-0-0-3 | - |
| 7 | INS-701 | Thesis/Project Proposal | 0-0-6-6 | - |
| 7 | INS-702 | Advanced Insurance Topics | 3-0-0-3 | - |
| 8 | INS-801 | Final Year Project/Thesis | 0-0-6-6 | INS-701 |
| 8 | INS-802 | Industry Internship | 0-0-6-6 | - |
Detailed Course Descriptions for Advanced Departmental Electives
Insurance Technology and Innovation (INS-403)
This course delves into the cutting-edge intersection of insurance and technology, examining how digital transformation is reshaping the industry. Students explore emerging technologies such as artificial intelligence, blockchain, IoT, and big data analytics in the context of insurance operations. The course covers topics including smart contracts, robo-advisors, predictive underwriting, and digital claims processing systems. Through hands-on projects and case studies, students gain practical insights into how insurtech startups and established insurers are leveraging these technologies to create innovative products and services.
Insurance Claims Management (INS-504)
This comprehensive course focuses on the systematic approach to managing insurance claims from inception to resolution. Students learn about claim investigation techniques, fraud detection methods, loss adjustment processes, and legal aspects of claims handling. The curriculum covers various types of claims including property damage, casualty, health, and life insurance claims. Through real-world scenarios and simulations, students develop skills in claims analysis, settlement negotiation, and regulatory compliance within the claims management framework.
Advanced Life Insurance Products (INS-501)
This advanced course examines the complexities of modern life insurance products including whole life, universal life, variable life, and indexed universal life policies. Students explore product design principles, pricing strategies, mortality analysis, and investment options within life insurance contracts. The course covers regulatory aspects of life insurance products, tax implications, and ethical considerations in product development. Through detailed case studies and simulations, students gain expertise in designing and marketing sophisticated life insurance solutions.
Climate Risk Assessment (INS-601)
This specialized course addresses the growing importance of climate risk in insurance and financial planning. Students examine the scientific basis for climate change impacts on various sectors including agriculture, infrastructure, and real estate. The curriculum covers climate modeling, extreme weather event analysis, and scenario planning methodologies. Students learn to assess physical risks such as flooding, droughts, and hurricanes, as well as transition risks associated with policy changes and market shifts. Through data-driven approaches and stakeholder engagement strategies, students develop skills in climate risk quantification and adaptation planning.
Insurance Data Analytics (INS-603)
This course provides students with advanced analytical tools and techniques for insurance data management and interpretation. Students explore statistical modeling, machine learning algorithms, and predictive analytics specifically applied to insurance datasets. The curriculum covers data mining, customer segmentation, risk scoring models, and pricing optimization techniques. Through hands-on experience with industry-standard software tools, students learn to extract insights from large-scale insurance data, enabling evidence-based decision-making in underwriting, claims management, and product development.
Risk Management in Insurance (INS-404)
This course provides a comprehensive framework for identifying, assessing, and managing risks within the insurance industry. Students examine internal and external risk factors including operational, financial, strategic, and regulatory risks. The curriculum covers risk measurement techniques, risk mitigation strategies, and enterprise risk management frameworks. Through practical applications and case studies, students develop expertise in risk governance, risk reporting, and integrated risk management practices that align with industry best practices and regulatory requirements.
Cyber Risk and Insurance (INS-505)
This emerging field course explores the intersection of cybersecurity and insurance risk management. Students examine cyber threats, data breaches, and digital vulnerabilities that pose significant risks to businesses and individuals. The curriculum covers cyber risk assessment methodologies, insurance coverage options for cyber incidents, and regulatory compliance requirements. Through real-world examples and expert guest lectures, students gain insights into how insurers are developing specialized products and services to address the growing cyber risk landscape.
Insurance Product Design (INS-602)
This course focuses on the systematic approach to designing insurance products that meet market needs while ensuring regulatory compliance. Students learn about product development lifecycle, customer research methodologies, competitive analysis, and pricing strategies. The curriculum covers product innovation frameworks, risk assessment tools, and regulatory approval processes. Through collaborative projects and peer reviews, students develop skills in creating insurance products that balance commercial viability with customer value and regulatory soundness.
Insurance Regulation and Supervision (INS-402)
This course provides an in-depth examination of the regulatory environment governing insurance operations. Students explore the structure and functions of insurance regulators, regulatory frameworks across different jurisdictions, and compliance requirements for insurance companies. The curriculum covers licensing procedures, solvency requirements, consumer protection regulations, and capital adequacy standards. Through case studies of regulatory actions and industry responses, students gain insights into how regulatory changes impact business operations and strategic decision-making in the insurance sector.
Insurance Research Methodology (INS-605)
This course equips students with advanced research skills specifically tailored to insurance and risk management disciplines. Students learn about research design, data collection methods, statistical analysis techniques, and academic writing standards relevant to insurance studies. The curriculum covers both quantitative and qualitative research approaches, literature review strategies, and ethical considerations in insurance research. Through guided research projects and mentorship, students develop the capacity to conduct original research that contributes to the advancement of insurance knowledge.
Project-Based Learning Philosophy
The Insurance program at The Institute Of Chartered Financial Analysts Of India University Aizawl is built upon a strong foundation of project-based learning, which emphasizes experiential education and practical application. This approach recognizes that insurance professionals must be able to translate theoretical knowledge into real-world solutions through hands-on experience and collaborative problem-solving.
Mini-Projects Structure
Throughout the program, students engage in a series of mini-projects designed to reinforce learning objectives and develop practical skills. These projects are typically completed in teams and span 4-6 weeks, allowing students to apply concepts learned in lectures and labs to specific insurance challenges. Mini-projects are structured around real-world scenarios provided by industry partners or faculty members, ensuring relevance and applicability to current industry practices.
Final-Year Thesis/Capstone Project
The capstone experience culminates in a comprehensive final-year thesis or project that integrates all knowledge and skills acquired throughout the program. Students select a topic relevant to their specialization area, conduct independent research, and present findings to faculty and industry mentors. The project typically spans 12-16 weeks and requires students to demonstrate mastery of advanced concepts, critical thinking abilities, and practical application skills.
Project Selection and Mentorship
Students have multiple opportunities to select projects that align with their interests and career goals. Faculty mentors guide students through the project selection process, helping them identify suitable topics and develop research questions. The mentorship system ensures that students receive ongoing support throughout their project journey, from initial concept development to final presentation and documentation.
Evaluation Criteria
Projects are evaluated based on multiple criteria including technical proficiency, innovation, practical applicability, teamwork, presentation quality, and adherence to academic standards. Students must demonstrate both analytical rigor and creative problem-solving abilities throughout their project work, with feedback provided at various stages to facilitate continuous improvement.