Insurance Fundamentals for Professionals new to the Insurance Industry

Insurance companies rely on experts from many different functions — from IT, HR and finance to operations, customer service and project management. For professionals new to insurance, however, industry terminology, products, processes and market structures can quickly become difficult to navigate.

This online training provides international employees from IT, finance and adjacent functions with a structured understanding of the insurance business and key insurance fundamentals. Participants explore the nature of risk and risk management, different types of insurers and sales systems, regulation, legal principles, contract analysis, financial operations and selected aspects of commercial insurance. In addition, the course helps participants follow insurance-related developments in their home markets and better understand market dynamics and industry discussions in an international business context.

• Risk and insurance: definition of risk, burden of risk on society, characteristics of insurance, law of large numbers.
• Risk management: meaning and objectives of risk management, risk management decision-making.
• Types of insurers, distribution, underwriting, reinsurance: types of private insurance, distribution channels, underwriting, AI in insurance operations, reinsurance.
• Governance and regulation: reasons and methods for insurance regulation, state versus federal regulation, current issues in insurance regulation (e.g., EU AI Act).
• Legal principles: principle of indemnity, principle of insurable interest, principle of subrogation, law and the insurance agent.
• Insurance contracts: requirements and parts of an insurance contract, coinsurance, other insurance provisions.
• Financial operations: ratemaking in property and casualty, and life insurance.
• Commercial insurance, insurance markets: commercial property and liability insurance, captives, selected differences of insurance markets.
   

Participants must complete all modules and take part in the group presentation to receive the final certificate.