Management Diploma in Insurance (MDI)

Transcription

1 Management Diploma in Insurance (MDI) DI 1

2 CONTENTS 1. WHY COMPLETE THE MANAGEMENT DIPLOMA IN INSURANCE (MDI)? 4 2. MANAGEMENT DIPLOMA IN INSURANCE (MDI): AN OVERVIEW 5 I found the MDI an excellent qualification both in terms of helping me undertake my role day-to-day while also helping me to make real progress towards the ACII qualification. The support provided by The Insurance Institute was second to none in terms of the quality of the course material, availability of lecture notes and the selection of past papers. Cathal Lynch ACII Head of Injury and Liability Claims RSA 3. NEXT STEP: ADVANCED DIPLOMA IN INSURANCE (ACII) STUDY SUPPORTS PRIZES

3 PATHWAY TO SUCCESS Achieving and maintaining professional qualifications is the best way of ensuring your compliance and competitiveness in a value driven market. APA CIP MDI Professional Certificate in Insurance (APA) This is the entry level qualification on The Insurance Institute s framework and is ideal for New Entrants to secure their regulatory licence and meet the requirements of the Central Bank s MCC. It is also a good place for Grandfathered Persons to build their exam confidence and achieve a qualification. Professional Diploma in Insurance (CIP) While the Professional Certificate in Insurance (APA) is the entry level and minimum requirement for compliance, the Professional Diploma in Insurance (CIP) is the benchmark qualification and the expected standard across the industry. The modules you study for the APA make up 50% of this qualification, so once you ve completed the APA, just three more modules stand between you and the industry standard. Management Diploma in Insurance (MDI) As an advanced qualification, the Management Diploma in Insurance (MDI) meets industry demand for more in-depth and specialised insurance expertise, as well as greater business acumen at management level. MDI modules also allow you to accumulate CII credits that count towards the total ACII qualification. CII Advanced Diploma in Insurance (ACII) The CII s Advanced Diploma in Insurance is an advanced professional qualification for insurance staff working across all sectors of the industry. Fellowship of the CII (FCII) The highest standard and international recognition of professional excellence for those in the insurance industry.

4 1. WHY COMPLETE THE MANAGEMENT DIPLOMA IN INSURANCE (MDI)? 1.1 MAINTAIN YOUR MOMENTUM AND ADVANCE YOUR CAREER As a Qualified Person, you ve set yourself on a path of professional development that s central to achieving career advancement and improving your employability. Insurance is a competitive industry and standing out in it can be tricky, but achieving a higher level of technical skill than the expected standards demonstrates your appetite for career progression. We developed the Management Diploma in Insurance (MDI) in direct response to industry demand for a qualification that would advance the knowledge and skills of CIP holders. Your achievements to date show that you recognise the value of technical knowledge in your career. You ve worked out how to balance the challenges of studying while you work, so why not maintain your momentum and move up to the next level with the MDI? It may not be on your radar at this stage of your career, but it s good to know that while completing a qualification that will improve your current career prospects, you re also investing in your future professional development. 2. MANAGEMENT DIPLOMA IN INSURANCE (MDI): AN OVERVIEW As an advanced qualification, the Management Diploma in Insurance (MDI) meets industry demand for more in-depth and specialised insurance expertise, as well as greater business acumen at management level. 2.1 KEY FACTS While an end qualification in its own right, the MDI also acts as a bridge between the Professional Diploma in Insurance (CIP) and more advanced qualifications such as the CII Advanced Diploma in Insurance (ACII). Modules: 5 (2 compulsory + 1 diploma level + 2 advanced diploma level) Exam sittings: May and November Study: hours per module Fees: 545 per module Entry requirements: A relevant professional qualification (e.g. CIP, CDIP L.A., FSD, JFSD, solicitor, barrister) and/or Accredited Prior Experiential Learning 1.2 CUSTOMERS EXPECT EXCELLENCE AT A MANAGERIAL LEVEL From plumbers to dentists, when you call a professional you can expect a qualified, knowledgeable and competent person to look after you. It gives you peace of mind your customers feel the same. When customers engage with people at managerial level, it s usually because something has gone wrong or their case is particularly complicated. In these cases 1.3 TAKE A STEP CLOSER TO THE ACII Many of our MDI graduates have used the qualification as a stepping stone towards the CII Advanced Diploma in Insurance (ACII). Following consultation with Senior Executive across the insurance sector, we developed our MDI modules as Irish version of the ACII modules, specifically customers expect and deserve the reassurance that the person they re dealing with has the knowledge and skill to assist them effectively and efficiently. Continuing to add to your technical knowledge through advanced qualifications is the best way of delivering the highest possible standards of customer care. authored for relevance to the Irish legislative and regulatory landscape. Advanced qualifications differentiate you as an ambitious and talented individual, while demonstrating your commitment to personal learning and development. Designation The term designation refers to the letters graduates are entitled to use after their name following successful completion of a qualification i.e. Jane Smith, MDI. The designation must be maintained through CPD in line with the requirements of the Central Bank of Ireland s Minimum Competency Code 2011 (MCC). Qualification The Management Diploma in Insurance (MDI) qualification provides: an enhanced understanding of insurance, technical and business concepts a natural progression from the CIP that advances technical, business and product knowledge the opportunity to accumulate credits that can contribute to the 290 required for the Advanced Diploma in Insurance (ACII) The option of tailoring the qualification to specific career requirements. Changes to structure of qualification In response to the imminent changes that the CII are making to the Advanced Diploma in Insurance (see page 11), some changes have been made to the structure of the MDI qualification. This is to ensure that MDI graduates can seamlessly continue their studies towards the Advanced Diploma in Insurance, should they wish to do so. In summary, there are now 2 compulsory modules (MDI-01 and MDI-02), a choice of one diploma level modules (MDI-04, 05, 06 or 10) and a choice of two advanced 4 5

5 diploma level modules (MDI-03, 07, 08 and 09). If you have already completed some MDI modules and have any queries about these structural changes, please contact Exemptions At least one module must be completed by exam in order to be awarded the Management Diploma in Insurance qualification. Business (including marketing) and law degree holders may be entitled to direct exemptions. If you have previously completed IP05, 561, 756, 766 or 821 by examination you will be entitled to exemptions. For more information on exemptions please see iii.ie/exemptions to access our exemption policy documents. To find out what exemptions you may be eligible for, please contact 2.2 HOW THE QUALIFICATION WORKS One of the Management Diploma in Insurance s benefits is that students are under no obligation to take modules in any particular order. You can register for exams in any order to suit your own career journey. As MDI-01: Insurance and Business Law covers quite a lot of legislation, candidates often chose to begin with MDI-02: Insurance Business Environment to ease themselves into the qualification. The table on the next page further explains the structure of the MDI qualification. HOW THE QUALIFICATION WORKS Complete two compulsory modules MDI-01: Insurance and Business Law Contents: The Irish legal system legal personality law of torts law of contract agency insurance contracts and insurable interest utmost good faith Insurance contracts warranty, co-insurance and assignment making the claim measuring the loss the principle of indemnity subrogation and contribution. MDI-02: Insurance Business Environment Contents: Structure of the insurance industry management of insurance businesses: roles and responsibilities planning and control corporate governance common functions accounting principles and practices accounting standards insurance company accounts claims reserving financial ratios financial strength. Complete one of the following diploma level modules Exam: 3 hour written exam. Part I of the paper consists of 14 short answer questions relating to any part of the syllabus (carrying 140 marks) while Part II features two long answer questions (each carrying 30 marks) relating to chapters 6-11 of the textbook. Exam: 3 hour written exam consisting of 20 compulsory short answer questions. Completed CII exams If you registered for exams directly with the CII in the past, please contact Member Services on memberservices@iii.ie or to discuss. This is to ensure that you don t register for any MDI exams which correspond to CII modules that you have already completed. MDI-04: Motor Insurance Contents: Motor risk and motor insurance legislation minimising risk and uninsured driving scope of cover the practice of motor insurance risk perception, evaluation and underwriting private motor evaluation and underwriting commercial motor claims considerations and procedures. MDI-05: Liability Insurance Contents: Core concepts of liability torts underwriting and risk management in liability employers liability public liability product liability professional indemnity directors and officers liability specialist liability risks. Exam: 3 hour written exam. Part I consists of 14 short answer questions (carrying 140 marks) while Part II features 2 long answer questions from a choice of 3 (each carrying 30 marks). Exam: 3 hour written exam. Part I consists of 14 short answer questions (carrying 140 marks) while Part II features 2 long answer questions from a choice of 3 (each carrying 30 marks) Table continues on next page 6 7

6 HOW THE QUALIFICATION WORKS (CONTINUED) MDI-06: Commercial Property and Business Interruption Insurance Contents: Fire and associated contingencies fire hazard and protection other hazards and their control property damage specified contingencies policies miscellaneous property and pecuniary policies practices of property insurance business interruption property and business interruption underwriting property and business interruption claims. MDI-10: Life Assurance & Pensions Administration Contents: New business processing and underwriting Reassurance Policy administration Customer documentation Claims administration Insurance intermediaries Legislation and regulatory requirements Life and Pensions market: the new challenges. Contents: Role of marketing in insurance understanding customers strategic marketing planning market research and information use product management branding pricing, distribution and service marketing communications Contents: Core concepts of claims managing the claims operation IT in claims handling quality management claims reserving outsourcing the claims function handling fraudulent claims external compliance and codes of practice claims settlement complaint handling dispute resolution role of litigation international aspects of claims handling. Exam: 3 hour written exam consisting of 14 compulsory short answer questions (carrying 140 marks) and 2 case study / essay from a choice of 3 (each carrying 30 marks). Exam: 3 hour written exam consisting of 14 compulsory short answer questions (carrying 140 marks) and 2 case study / essay from a choice of 3 (each carrying 30 marks). Complete two of the following advanced diploma level modules MDI-03: Marketing Insurance Products & Services in Ireland MDI-07: Advanced Claims Management Exam: 3 hour written exam consisting of a compulsory case study (80 marks) and 2 scenario questions from a choice of 3 (40 marks each). It is important to read additional sources as 10% of the exam mark is allocated for evidence of further reading and the use of relevant examples. Exam: 3 hour written exam consisting of a compulsory case study (80 marks) and a choice of 2 from 3 scenario questions (40 marks each). It is important to read additional sources as 10% of the exam mark is allocated for evidence of further reading and the use of relevant examples. MDI-08: Advanced Underwriting Management Contents: Start-up scenario underwriting strategy underwriting policy and practice planning process in underwriting claims reserving principles and practice of pricing reinsurance monitoring and operational controls. MDI-09: Advanced Risk Management Contents: Overview of risk management process and practice role of risk management in insurance risk management framework regulatory perspectives management of strategic risks management of insurance risk management of financial risk operational risk capital management. Exam: 3 hour written exam consisting of a compulsory case study (80 marks) and a choice of 2 from 3 scenario questions (40 marks each). It is important to read additional sources as 10% of the exam mark is allocated for evidence of further reading and the use of relevant examples. Exam: 3 hour written exam consisting of a compulsory case study (80 marks) and a choice of 2 from 3 scenario questions (40 marks each). It is important to read additional sources as 10% of the exam mark is allocated for evidence of further reading and the use of relevant examples. A 55% pass mark applies to MDI-01, -02, -04, and -10. A 50% pass mark applies to all other MDI modules. 2.3 LEARNING OUTCOMES On completion of this qualification you can expect to: Contextualise the theory and practice of general insurance in the wider legal and business environment. Demonstrate knowledge of the major business disciplines and insurance functions both theoretically and practically. Appreciate the role and implications of the critical elements of technical insurance products and functions, in your management of relevant insurance processes. Communicate acquired knowledge to your peers, supervisors and relevant stakeholders. Use skills acquired to independently undertake further studies throughout your career. 8 9

7 2.4 REGISTERING FOR THE MANAGEMENT DIPLOMA IN INSURANCE (MDI) Before registering for MDI exams, give Member Services a call on and one of our team will be happy to chat you through the module options. Alternatively, you can apply online for your MDI module and one of our team will be in touch to verify your application. Already a member of The Insurance Institute? Go to iii.ie. Click on the Member Area (top right corner). Log in. Click Apply/Renew Here to choose your module. Not a member? Go to iii.ie. Click on the Member Area (top right corner). Click sign up and complete the online form. A member of our staff will contact you to discuss your requirements. 3. NEXT STEP: ADVANCED DIPLOMA IN INSURANCE (ACII) If you have identified the Advanced Diploma in Insurance (ACII) as a professional goal, registering for the Management Diploma in Insurance (MDI) first will make achieving that goal much easier and you ll complete a new qualification along the way. Changes to Advanced Diploma in Insurance (ACII) The Chartered Insurance Institute (CII) continue to make changes to their qualification framework as part of their qualification framework review Significant changes come into effect from 01 January Please visit for full details. See below for a brief overview. KEY CHANGES A minimum of 150 Advanced Diploma credits will be required to complete the Advanced Diploma, as opposed to 90 at present. Complete three compulsory units as opposed to the current requirement of two. - (P05/M05) Insurance Law; and - (P92/M92) Insurance business and finance or (530) Economics and business Plus one of the following: - (820) Advanced claims; or - (930) Advanced insurance broking; or - (960) Advanced underwriting CURRENT REQUIREMENTS The current Advanced Diploma completion requirements up to 31 December 2016 remain: 290 credits required in total Of these a minimum of 205 credits at Diploma or Advanced Diploma level, with 90 at Advanced Diploma Complete 2 compulsory units: - (P05/M05) Insurance law; and - (P92/M92) Insurance business and finance or (530) economics and business It is important that you make yourself aware of these changes and understand how they may impact your studies. Further information is available at

8 3.1 MOVING FROM THE MDI TO THE ACII 3.2 CREDITS A. Keep your Insurance Institute learning statement Upon successful completion of each MDI module, The Insurance Institute will forward confirmation of completion to each candidate. This will arrive in the form of a learning statement which will detail the current number of credits the CII may award for the module(s) you ve completed. IMPORTANT: these credits are not automatically added to CII records. B. Apply to the CII for recognition of prior learning Upon receipt of your Insurance Institute learning statement, forward the relevant documents with the CII Recognition of Prior Learning application form to the CII. Doing this promptly protects against any potential change in credits that the CII may make in the future. IMPORTANT: the CII will award a maximum of 210 credits for qualifications from external bodies including The Insurance Institute. It is therefore vital that you request an updated learning statement from the CII after each exam you so you can keep track of credits and exemptions. The CII have agreed a reduced Recognition of Prior Learning fee for Insurance Institute members of 1 per credit for MDI modules only. C. Request your CII learning statement Once you decide to move on to the Advanced Diploma in Insurance (ACII), you should request a learning statement from the CII to see exactly how many credits you have been awarded by the CII. Check with The Insurance Institute that the modules on your CII learning statement match your Insurance Institute academic record. Consult The Insurance Institute Member Services team when calculating the number of credits outstanding, as they will support you in planning your remaining ACII modules efficiently. You can contact them on memberservices@iii.ie or Further information To learn more about the CII s process for Recognition of Prior Learning and to obtain and application form, please visit The CII awards Diploma and Advanced Diploma credits for MDI modules. As noted earlier, the CII are making changes to the requirements for the Advanced Diploma in Insurance. Further information is available at In light of proposed changes by the CII to the Advanced Diploma in Insurance (ACII), the structure of the Management Diploma in Insurance has changed slightly so that candidates are in a better position to progress to the ACII. Below is a table of the current credits awarded by the CII for MDI modules; please note that this information is subject to change. Management Diploma In Insurance (MDI) CII Credits CII Recognition of Prior Learning Award Complete two compulsory modules MDI-01: Insurance and Business Law 25 Diploma P05 MDI-02: Insurance Business Environment 25 Diploma P92 Complete one of the following diploma level modules MDI-04: Motor Insurance 25 Diploma P94 MDI-05: Liability Insurance 25 Diploma P96 MDI-06: Commercial Property and Business Interruption Insurance MDI-10: Life Assurance & Pensions Administration Complete two of the following advanced diploma modules MDI-03: Marketing Insurance Products & Services in Ireland 25 Diploma P93 Awaiting Accreditation 30 Advanced 945 MDI-07: Advanced Claims Management 30 Advanced 820 MDI-08: Advanced Underwriting Management 30 Advanced 960 MDI-09: Advanced Risk Management 30 Advanced 992 Note: The CII will award a maximum of 210 credits for qualifications from external bodies including The Insurance Institute. The above CII credit and Recognition of Prior Learning awards are correct at the time of publication but may be subject to change. It is important to apply to the CII for credits once you receive results for each exam. Confirmation of the credits available will be provided upon application to the CII

9 4. STUDY SUPPORTS 4.1 SUPPORTS AVAILABLE As an advanced qualification the course material for the Management Diploma in Insurance (MDI) is more demanding than the Professional Diploma and Certificate, we provide a range of enhanced study supports. Master the material Get to grips with the subject matter by attending lectures with leading experts across a 20 week term. Face to face lectures with subject matter experts Note taking guide to help you make the most of attending lectures Copy of lecturers PowerPoint slides Key points per chapter for all modules. Our research shows that those who attend lectures perform better on exam day. Lectures take place over three full Saturdays in the weeks leading up to each exam session in Dublin. Below are indicative dates for the coming year that are subject to change. Please check or on iiiconnect for finalised dates once you ve registered for your exam. Flexible learning Study on the move or when it suits your schedule with additional supports available online in the Member Area of iii.ie. Virtual classes Textbooks in e-book form, compatible with Kindle, Nook and Kobo. Webinars (recorded lectures) for all modules. Prepare through practice Review past papers with examiner s notes on how best to answer Submit assignments for marking to gauge your progress throughout the term Perfect your exam technique through tutorials available online and face to face. don t hesitate to give us a call or drop us an . Our Member Services team is always happy to help. Our dedicated number is or you can them at memberservices@iii.ie. Our Client Support Manager Naomi Gaffney regularly holds information sessions during site visits to insurance companies. Through her work, Naomi meets people considering qualifications and some in the middle of exams to give them a chance to have their queries answered in a one-to-one environment. If you d like to have a chat with her about your options, contact her on or NGaffney@iii.ie Lecture timetable Module May Exams November Exams MDI-01 6 Feb, 5 Mar, 16 Apr 27 Aug, 10 Sept, 8 Oct MDI-02 6 Feb, 5 Mar, 16 Apr 27 Aug, 10 Sept, 8 Oct MDI Feb, 9 Apr, 23 Apr 3 Sept, 24 Sept, 15 Oct MDI-04 6 Feb, 5 Mar, 16 Apr 27 Aug, 10 Sept, 8 Oct MDI-05 6 Feb, 5 Mar, 16 Apr 27 Aug, 10 Sept, 8 Oct MDI-06 6 Feb, 5 Mar, 16 Apr 27 Aug, 10 Sept, 8 Oct MDI Feb, 9 Apr, 23 Apr 3 Sept, 24 Sept, 15 Oct MDI Feb, 9 Apr, 23 Apr 3 Sept, 24 Sept, 15 Oct MDI Feb, 9 Apr, 23 Apr 3 Sept, 24 Sept, 15 Oct MDI-10 6 Feb, 5 Mar, 16 Apr 27 Aug, 10 Sept, 8 Oct Learning plans These provide revision schedules broken down week by week to help you manage your time. They also feature a breakdown of key words and how they re used to frame exam questions, as well as suggested exam timings and top tips arising from common mistakes. A comprehensive list of tips to help you prepare for the exam as well as a checklist for what you ll need on the day is also included in your learning plan. 4.2 TALK TO US If you have any questions about the Management Diploma in Insurance (MDI) or if you want to clarify CII credits, please 14 15

10 5. PRIZES In recognition of the achievements of members, each Local Institute awards an array of prizes annually. Academic prizes recognise the achievements of those with the highest marks and time taken in the overall completion of a programme, while additional prizes are awarded for contributions to the wider insurance community, service awards and awards to those achieving ACII and FCII. Excellence in Education Award General Insurance: awarded to an employer at the IBA Service Awards. Life Administration Award: awarded to a Life company for excellence in education and training in administration and client support. In general, academic prizes are awarded at conferral ceremonies. These prizes consist of a certificate and a cash gift of Other prizes are awarded at events including Local Institute Dinners, IBA Service Awards ceremony etc. Current prizes include: Local Institute Academic Prizes: awarded to those with the highest mark and time taken in the overall completion of a programme from the local membership who completed APA, CIP, MDI and ACII in an academic year. The Insurance Institute National Prize: awarded to those who achieved the highest mark from the national membership who completed APA, CIP, MDI and ACII. President s Award: awarded by a Local Institute President to an individual whose services or contribution to the insurance community, sector or the insurance institute over a period of time, deserves special commendation and recognition

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