The Hyderabad-based Institute of Insurance and Risk Management (IIRM), in a way, typifies the robust growth that Indian insurance sector witnessed in the last decade. While the sector grew by leaps and bounds, the institute has emerged into a truly global institute in insurance education within seven years from its inception. IIRM stands out from among other institutes because it was established by the Insurance Regulatory and Development Authority of India (IRDA) it self, says Vepa Kamesam, Managing Director of IIRM and former Deputy Governor, RBI.
The papers and courses offered at IIRM have accreditation by global insurance bodies such as Chartered Insurance Institute (CII), London, Institute of Risk Management (IRM), London, Society of Actuaries (SOA), Illinois, USA and Insurance Institute of India (III), Mumbai. Students of IIRM get degrees that are recognised by Indian, American and European bodies simultaneously, informs Mr. Kamesam.
“For example, to become an associate of CII, one needs to qualify through an exam consisting of 10 papers. Our students need to clear only three papers of the same exam as CII recognises seven papers of our programme,” he explains. Many students from IIRM clear the exams conducted by global professional bodies such as CII, III and IRM and these qualifications allow them to take up managerial positions any where in the world, he informs.
Courses offered
IIRM offers one-year International Post Graduate Diplomas in the streams of Life Insurance, General Insurance and Risk Management through regular and distance modes. International School of Actuarial Sciences, an institute affiliated to the IIRM, offers 15-month P.G. Diploma in Actuarial Sciences, which includes a three-month internship. In all, the institute accepts 70 students per year into all its courses.
Admissions
Graduate in any discipline with 50 per cent marks can apply for the insurance programmes. For Actuarial Science, students should have graduate or postgraduate degree in mathematics, statistics, econometrics or actuarial science with a minimum of 50 per cent marks. Admissions into all the IIRM courses will be through a written test and interview conducted by the institute. Last date for the submission of application forms is May 15. For more details, one may visit the website ‘ www.iirmworld.org.in’.
Fees : Tuition fee for the insurance programmes is Rs. 2lakh and Rs. 1.05lakh respectively for regular and distance modes excluding the service tax. It is Rs. 4.5lakh for actuarial science programme. Students can avail themselves of soft loans from different banks, with which IIRM has a special arrangement.
Opportunities
The institute enjoyed 100 per cent placement record till last year with an average salary of Rs. 3.5 per annum. Many IIRM alumni are working in different parts of globe. The institute has placed 42 out 70 students this year through campus recruitment with an average salary of Rs. 2.5 per annum.
Quite a few students are getting easy admissions in foreign universities thanks to the reputation of the institute. For example, IIRM students can take direct admission into M.S. in Accountancy programme of Suffolk University, Boston, even without the scores of GRE and TOFEL.