Draft:Institute of Insurance and Risk Management

Established in 2002 by the Insurance Regulatory and Development Authority, the Institute of Insurance and Risk Management (IIRM) was founded to provide education and training in Insurance, Risk Management, and financial disciplines. Its premier offering, the PGDM (2 years Masters Level Program), is duly approved by AICTE.

IIRM is a management institute established by IRDAI, focusing on educating aspiring professionals in Finance, Financial Services, Insurance, Risk Management, Analytics, Actuarial Science and Marketing.

Academics
IIRM offers a diverse range of postgraduate, and executive education programs, focusing primarily on areas related to finance, financial services, insurance, risk management, actuarial science, data science & analytics, marketing, and human resource management.

Two-year PGDM (Dual Specialization Program)
The main program offered at IIRM is a two-year full-time PGDM, designed as a dual specialization program that covers a wide range of management disciplines. It includes areas such as finance, financial services, insurance, risk management, actuarial science, data science & analytics, marketing, and human resource management. The program consists of six trimesters beginning in June and ending in April of the second year. During the first year, students take foundational courses across different disciplines, while the second year offers a variety of elective options suited to individual career goals.

One-year PDGM
IIRM offers a one-year full-time PGDM program tailored for experienced professionals seeking advanced management education. This program leverages participants' extensive industry backgrounds, focusing on developing strategic leadership abilities. Similar to its two-year counterpart, the curriculum covers essential management disciplines and diverse elective courses, promoting a personalized and enriching learning experience.

The one-year PGDM program at IIRM is tailored for executives aiming to enhance their managerial skills and pursue careers in various fields such as finance, financial services, insurance, risk management, actuarial science, data science & analytics, marketing, or human resource management.

Specializations
IIRM offers specialized full-time PGDM programs focusing on niche areas such as:


 * Finance
 * Financial Services
 * Insurance
 * Risk Management
 * Actuarial Science
 * Data Science & Analytics
 * Marketing Management
 * Human Resource Management

These specialized programs are carefully designed to meet specific industry needs, offering deep insights and expertise in their respective fields.

Corporate Training Programs
IIRM offers executive education programs aimed at mid-career professionals seeking to improve their skills and knowledge in various fields including finance, financial services, insurance, risk management, actuarial science, data science & analytics, marketing, and human resource management. These programs are designed to be flexible for working professionals, incorporating real-world case studies and industry best practices. They provide practical insights and leadership skills necessary for career growth.

Admission Process
Admission to the programs at IIRM involves a thorough selection process aimed at identifying candidates with strong academic capabilities and managerial aptitude. The institute evaluates candidates based on scores from well-recognized management entrance exams including CAT (Common Admission Test), CMAT (Common Management Admission Test), and MAT (Management Aptitude Test).

Accreditation
Both the Insurance Institute of India (III) and the Institute of Actuaries of India (IAI) have accredited the IIRM. The programs adhere to the standards established by professional bodies within the insurance and actuarial sectors in India.

Swiss Re and IIRM MoU
Swiss Re and the IIRM have entered into a strategic partnership aimed at strengthening the re/insurance academia in India. This collaboration involves initiatives such as improving educational programs, organizing industry-focused lectures, and supporting internships and job placements. The partnership aims to equip students with practical skills, deepen industry insights, and explore joint certification and research projects to advance knowledge in the insurance sector.

2024 Spencer-RIMS Risk Management Challenge
During the 2024 Spencer Soirée, Megan Miller, Executive Director of the Spencer Educational Foundation, recognized the IIRM Hyderabad team as winners of the Spencer-RIMS Risk Management Challenge. The team, known as The Vigilant Challengers, emerged victorious among 38 universities from 9 countries with their innovative risk management presentation on the City of Tukwila. This global competition, hosted at RISKWORLD® in San Diego, CA, highlighted IIRM Hyderabad's prowess in risk management education, emphasizing their standing as emerging leaders and future professionals in the industry.

IRDAI Bima Manthan - Interaction with the Indian Insurance Industry
IIRM, recognized as a center of excellence in insurance and risk management, underscored its dedication to promoting collaboration between academia and industry. During a presentation, IIRM emphasized its efforts to bolster human resource capacity in the insurance sector through specialized training and skill development for students. This initiative seeks to close the gap between theoretical education and practical industry requirements, aiming to cultivate a skilled workforce capable of meeting the dynamic demands of the insurance industry.

ICICI Lombard
The Institute of Insurance and Risk Management has partnered with ICICI Lombard General Insurance Company Ltd to establish a Post Graduate Program in Risk and General Insurance. Aimed at addressing the need for specialized skills in the Indian insurance industry, the eight-month course will combine comprehensive theoretical education with practical industry insights. The program seeks to equip graduates with deep domain knowledge and expertise in risk management, preparing them for specialized roles within the sector.

ICICI Prudential Life
ICICI Prudential Life Insurance, in collaboration with the Institute of Insurance and Risk Management (IIRM), has introduced an executive programme in insurance and risk management. This one-year course aims to train professionals in underwriting, claims, and risk management through classroom sessions and an internship at ICICI Prudential Life Insurance. The initiative responds to the growing demand for skilled professionals in India's expanding insurance sector, emphasizing the importance of industry-academia partnerships for nurturing talent.

Collaboration with IIPH
The Indian Institutes of Public Health, Hyderabad (IIPH), and the Institute of Insurance and Risk Management (IIRM) have partnered to launch an educational program. This initiative includes a three-month executive course followed by a six-month skill development course focused on training professionals in health insurance and public health. The collaboration is supported by a memorandum of understanding (MoU) between IIPH and IIRM, backed by the insurance regulatory body IRDAI and the Telangana government.

Insurance Hubs Initiative
The Insurance Regulatory and Development Authority of India (IRDAI) has announced plans to establish specialized hubs for motor insurance at the Institute of Insurance and Risk Management (IIRM) and for property insurance at the National Insurance Academy (NIA). These initiatives are part of broader efforts to enhance loss prevention measures within the general insurance industry. The hubs will focus on developing guidelines for vehicle inspections and standard operating procedures for vehicle owners in case of losses. Additionally, an advisory committee under the NIA director has been formed to oversee these initiatives and create standardized reports for risk inspections.

IIRM and IIT Patna MoU
IIRM and IIT Patna have signed an MoU to offer a six-month Collaborative Certification Program, namely the Diploma in Insurance and Risk Management (DIRM).

Notable Alumni

 * M Jagannath, Managing Director, Life Insurance Corporation
 * Russel Effandy, Head of Expansion Project, NASCO Insurance Group