Post Graduate Diploma in Insurance & Relationship Management (PGDIRM) is a 6 month full-time program with 3 months of full-time class work and 3 months of supervised internship. It aims to create industry ready professionals endowed with knowledge, skills and attitudes required for insurance through relationship management.
Read on to know more!
To go directly to Program Objectives - click here
To go directly to Course Contents - click here
The current economic scenario in India
The Indian economy is soaring high. From a level of 8.4% in 03-04, 8.3% growth in, 04-05 in 9.2% in 05-06, it has moved up to 9.7% in 06-07 thus clocking an average growth rate of 8.9% between 2003 and 2007. The sharp acceleration witnessed would mean that 'average income would now double in a decade, well within one generation, instead of after a generation' (two decades). With the current economic growth India emerges as the fourth largest economy in the world.
The manufacturing and services sectors continue to maintain impressive growth at over 11%. Services sector is clearly driving growth this fiscal year and growth in most services continues to accelerate through the years. 'Financing, insurance, real estate and business services', which grew at 10.8% in the first half of the 2007, are estimated by Central Statistical Organization (CSO) to have grown at 11.7% for the full year.
Insurance: Ready to takeoff
The opening of the Indian Insurance industry in 2000 marked a new era for the Indian Insurance sector. A proliferation of new entrants, many in the form of joint ventures with foreign insurers, changed the competitive landscape substantially. The new entrants brought with them innovative product designs and creative distribution strategies, which led to rapid growth in premium income over the past few years.
The insurance segment is slated to grow by 15% to USD 7.3Bn (Rs 29,000 crore) in the same period compared to USD 6.4Bn a year ago (Rs 25,600 crore). The private sectors players clocked premium growth of 27%. This growth coincides with the growing affluence of the Indian middle class and an expansion phase of Indian corporations. A growing consumer class, rising insurance awareness, increased investments and enlarged infrastructure spending provide a strong platform for premium expansion.
Five years after the opening of the insurance sector to private players, foreign insurance majors are making a beeline for the Indian insurance market. That is because India is turning into one of the top markets in Asia.
Need for professional insurance advice
In today's scenario where there is a huge expansion of middle class with lot of disposable income; the financial asset protection needs have also increased. Hence developing and delivering appropriate products and services has become the need of the day.
Consider the following figures:
- Rising income levels - Asia Pacific Consensus Forecasts April 2007, pegs the income growth around 8% for the coming decade
- Young and growing population - As per United Nations population statistics, India's population is estimated to touch 1.5Bn by the year 2030, making it the world's most populous country. India's working population, defined as people aged between 25 and 59 years, would reach 700 Mn by 2030 and would account for almost half of India's population
- Growing middle class with smaller family size - The number of middle and high income households is forecast to increase from 70Mn today to over 100Mn by 2010 as a result of rising income levels and the breakdown of family ties, resulting in a greater number of smaller nuclear families. These are the key target segments for the insurance companies
- Increased insurance awareness - The level of insurance penetration tends to rise as income levels increase. This is particularly true for the insurance sector. We expect policies to be purchased for savings and investments in addition to general protection purposes
We can thus see a clear growth on both the supply side as well the demand side for insurance products and services. The entry of the private players has widened the product range and a lot of choice is now available with the Indian consumer. For a consumer, it is a difficult task to take an informed decision as he has neither the required knowledge nor the time to continuously track the market. Thus, there is a need for insurance professionals who will understand the customers' financial asset protection needs and develop and deliver appropriate products and services.
Emergence of the "New Age Insurance Professional"
The new age Insurance Professionals of today needs to possess knowledge of the foundation blocks of financial services sector and knowledge of Insurance principles , and also have an in-depth understanding of products, processes and practices of insurance. Most importantly they need to understand the customers' financial asset protection needs and accordingly develop and deliver appropriate products and services.
The key attributes of today's new age Insurance Professionals is they have to possess high customer service orientation, effective communication, positive attitude, team spirit, flair for sales and marketing and the art of building relationships. He /she should also be driven by a genuine desire to render professional support to customers.
The main challenge is that this special caliber, the New Age Insurance Professionals, is an emerging tribe who are endowed with certain specific attributes. The accelerated demand for this category calls for specific training efforts to make them productive. As a corollary, this obviously points towards a potential career opportunity and rapid growth prospect for the New Age Insurance Professionals.
The need of the hour is to evolve a program which blends knowledge, skill and application so that students, who undergo this program, become Insurance professionals and are industry ready on day one. They will be sought after not only by the organizations who are offering insurance services but also by the individuals who need this support.
Launch of Post Graduate Diploma in Insurance & Relationship Management(PGDIRM)
In response to the market potential, career opportunities and manpower needs of the industry for such special caliber new age Insurance Professionals IFBI has announced the new Post Graduate Diploma in Insurance and Relationship Management (PGDIRM) in March 2008.
PGDIRM - Program Objectives
At the end of the program, the learner will be able to
- Appreciate the need for professional services in the insurance sector
- Appreciate market linkages
- Explain various insurance products
- Explain the insurance process
- Demonstrate communication skills
- Appreciate the need for grooming and inculcate the habit
- Demonstrate selling skills
- Demonstrate relationship management skills
PGDIRM - Overview of Course contents
The PGDIRM program is unique in both its contents as well as methodology. The core contents of the program are delivered in the 3 month fulltime classwork and consist of the following courses and modules:
Classwork -
| Course # |
Course Title |
Modules |
| 1 |
Fundamentals of Finance ( with IT Embedded) |
- Indian Financial System
- Financial Maths
- Financial Accounting
- Basics of Information Technology
|
| 2 |
Professional Skills |
- Professional Communication
- Soft Skills
|
| 3 |
Overview of Insurance |
- Overview of Insurance
|
| 4 |
Principles and practices of General / Life Insurance |
- Principles and Practices of General Insurance
- Principles and Practices of Life Insurance
|
| 5 |
Selling Skills & Techniques |
- Selling Skills & Techniques
|
| 6 |
Sales planning and administration |
- Sales planning and administration
|
| 7 |
Relationship and team management |
- Relationship and team management
|
| 8 |
Application Projects |
- ISAS
- Live Project
- Book Review
|
Internship -
Three months of classroom training are followed by three months of Supervised Internship at the insurance organization. This Internship component is evaluated, and forms part of the requirements for successful completion of the PGDIRM. On one hand the Internship component ensures the integration of all knowledge and skills acquired, and on the other, becomes the live practice-ground for application-orientation, IT applications and customer-servicing.
PGDIRM - Key features of the program
- Program available in Full Time and Part Time mode
- Full Time Mode has 3 months Class Work and 3 month internship
- Part Time Mode has 6 months Class Work and 3 month internship
- Appointment Offer letter at the time of joining (select candidates)
- Three months supervised internship
- Up to date and modern curriculum and courseware created by industry experts
- Multiple learning mechanisms - class-work, projects, case studies, book reviews
- Experienced faculty
- Learning Management System
- Program offered in select cities for March-April 2008 admission cycle
Recommended Entry Profile
- Fresh graduates OR
- Graduates with less than two years of field experience in banking or financial services OR
- Aspirants for a career in insurance with less than two years of experience who are graduates
Admission Process
- You can apply online or visit any of the IFBI centers ( See list on Contact Us page)
- Appear for Online Admission test - ICET
- Appear for Interview
- Documentation check
- If selected, complete admission formalities
How to apply and get to know more
- -Walk in to any of the IFBI centers ( See list on Contact Us page)
- For details SMS IFBI to 56161 or call at our toll free numbers : 1800-209-7050
- To apply for PGDIRM - Click here
Click here to download PGDIRM brochure (142 KB 
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