Undergraduate Diploma in Insurance Studies

The programme delves into the structures and mechanisms of the insurance market and the various types of general and long-term insurance contracts and the principles underlying them.

Students will also cover important related areas including:

• Risk Management.
• Anti-Money Laundering and Compliance.
• Financial aspects and more modern considerations in the industry.

Additional knowledge is provided to students about managerial, operational, analytical, and research skills which are required of insurance professionals.

Upon learning the general insurance principles, the course will delve deeper into aspects of:

• Regulatory and legislative aspects of insurance
• Insurance products
• Retirement planning and Pensions
• Reinsurance

Beyond the core units, students will be required to undertake a project which gives them the opportunity to choose from a range of topics covered throughout the programme and focus on a particular area that is of interest to them

For Knowledge:

The learner will be able to:

• Navigate the Maltese and European insurance market and gain an overall knowledge and understanding of its structure and organisation, including participants, legislation and operations
• Demonstrate detailed knowledge and understanding of products and services about general and long-term insurance business and their application
• Demonstrate an understanding of the Maltese pensions framework
• Identify the main features of organisations operating within the General Insurance, Life Insurance and Pensions sectors
• Outline and describe the main financial principles which are relevant to the long-term insurance business
• Explain in detail the operational processes within insurance businesses, including underwriting and claims
• Recognise the importance of fair treatment of customers and positive customer outcomes
• Navigate relevant Maltese and European legislation and regulations pertaining to insurance and financial services
• Gain an overall understanding of financial planning. · Demonstrate an ability to understand and apply risk management techniques and analysis
• Illustrate the regulatory and legal considerations applicable to the insurance business
• Appraise AI and machine learning-related topics within an insurance context

For Skills:

The learner will be able to:

• Apply risk management skills and knowledge to a given set of circumstances
• Demonstrate the ability to resolve disputes
• Critically appraise contractual documents relating to insurance
• Recommend methods to combat financial crime within the insurance industry
• Deal with issues related to fraud and money laundering
• Analyse and apply knowledge of financial planning
• Critically analyse the relationship between the underwriting and the claims functions
• Recommend financial solutions for individual and corporate clients
• Demonstrate sufficient managerial, good corporate governance, analytical, research and communication skills as required by executives operating within the industry
• Recognise the role of the various operational functions within insurance businesses
• Apply ESG principles and standards to ensure sustainability within an insurance company

Prerequisites

Candidates who apply for this course must possess one of the following:

• A related qualification at MQF Level 4 and/or
• One ‘A’ Level or equivalent and a pass in English Language, Mathematics, and/or Business Studies at MQF Level 3 (‘O’ Level or equivalent)
• Preference will also be given to applicants having 1 year of work experience related to the study programme
• In the case of students who do not possess all the formal required academic qualifications, then the Recognition of Prior Learning (RPL) process could be applied such that if evidence of equivalent learning is found then the applicant could still be accepted in the course.

Target Audience

This course is targeted at:

• Individuals seeking to advance their academic and professional knowledge in Insurance
• Individuals wanting to pursue a wide range of career paths within the insurance profession
• Individuals wanting to enhance their ability to interpret, assess and communicate insurance-related information

Career Paths

This programme will lead to a bachelor’s qualification that will cover the general requirements of the Chartered Insurance Institute, which will secure the competencies of individuals who aspire to professional roles in this industry.

The potential positions for which this programme aims to prepare could be and are not limited to:

• Claims: claims handler surveyor, claims executives
• Insurance compliance officer
• Insurance advisor
• Insurance business analyst/consultant
• Insurance operations executives
• Insurance product and business development executives
• Risk management executives
• Underwriting executives

Modules

You are required to complete all 10 modules to obtain the Diploma in Insurance Studies

How you’ll be assessed

This is a full-time programme and will typically take 8 months to complete. The programme comprises a total of 10 study modules and a work placement. The method of assessment is assignment-based.

The course comprises:

• 6 lectures per module
• 3-hour lectures
• 12 hours of guided learning, and presentations, comprising synchronous online discussions, tutorials and/or videos
• Self-study hours comprising research, reading and assignment work

IDEA College is Malta’s largest private further education institution focused on cultivating future leaders through specialized and accredited courses. With a philosophy centred around the students, IDEA College designs its part-time courses to seamlessly integrate into the personal and professional schedules of its attendees.

The curriculum is deeply rooted in industry needs, equipping students with practical skills and knowledge essential for success in their careers. The Academy distinguishes itself with personalized attention, access to expert mentors, an extensive resource library, and flexible payment options.

IDEA College offers a diverse range of programs, from introductory courses to advanced degrees from MQF/EQF level 4 all the way through Doctorate programs, all within a supportive, student-first environment.