Diploma in Insurance and Risk Management (Level 5)
INSURANCE AND RISK MANAGEMENT
Diploma in Insurance and Risk Management (Level 5)
Overview
Insurance and Risk Management is the mechanism that enable companies, individuals and society to protect themselves against adverse outcomes from risk events and methodological process of managing risk at various societal levels, such as business, commerce, household, community or national to ensure that the adverse outcomes are avoided or minimised and maximise the opportunities that risk creates.
The NIT qualifications in Insurance and Risk Management were designed to meet the industrial revolution 4.0. They are for the industry and are taught, assessed and verified by local and international industry experts. They are career specific and are aimed at ensuring that the NIT students graduate as Vibrant, Skilled, Competent, and Work-prepared Entrepreneurial Technicians, Technologists, and Professionals to handle and confront the changing and demanding job roles within the Insurance and Risk Management industry.
Insurance and Risk Management qualifications are for career goal minded individual who would appreciate the career specific and practical fascinating insight of the NIT programs. With a qualification in Insurance and Risk Management, you’ll have many career options. What you choose depends on what most interests you.
The qualification level has broader coverage of knowledge and practical skills required for the vocational sector. The qualification has the potential to prepare learners for progression to the Diploma in Insurance and Risk Management (Level 6).
Who is this qualification for?
Insurance and Risk Management professionals are critical for the current generation and industry 4.0. Insurance and Risk Management careers focus on ensuring technologies created for the industry are safe and protected. With about 30% of theoretical learning, there will typically be much more of action, hands-on, practical learning to ensure that you are adequately prepared for insurance and risk management work when you graduate.
The insurance and risk management field offers a wide range of career opportunities. Apart from the traditional insurance industry, many organisations have departments requiring insurance and risk management skills. These include insurance divisions in commercial banks, motor vehicle manufacturers and finance houses, health insurers, reinsurance companies, risk consultants, broking firms, pension funds, regulatory and compliance departments within financial services firms and investment. The nature of jobs where insurance and risk management skills are required keeps evolving, with some traditional jobs also being redefined in the process.
From the airline industry to internet banking fraud to oil and gas expansion projects, insurance professionals are there, every step of the way. It’s so much more than traditional home and automobile policies. Career prospects are exceptional in the insurance and risk management field.
The Diploma in Insurance and Risk Management (Level 5) is an ideal qualification for anyone who works in any of the below-listed fields and seeks to develop career-specific skills and gain a solid qualification in Insurance and Risk management to support his/her position and anyone who wants to enter into or has just started a career in any of the following career areas:
- Claims Representative
- Processor
- Claims Adjuster
- Claims Resolution Specialist
- Risk Analyst
- Insurance Analyst
- Loss Control Representative
- Risk Consultant
- Risk Control Consultant
- Risk Management Consultant
- Business Risk Consultant
- Corporate Risk Consultant
What makes this course special?
The National Institute of Technology (NIT) is one of the world’s most successful and best-preferred applied (hands-on) learning brand. The National Institute of Technology qualifications place greater emphasis on self-employment and employer engagement and work readiness. The NIT-Namibia provides 70% practical and 30% theory teaching and learning methodologies coupled with various practical learning-focused activities that fully engage our students. The NIT programs in Mechanical Engineering are work-related qualifications for students taking their first steps into employment, or for those already in employment and seeking career development opportunities.
Why you must study with NIT?
At National Institute of Technology (NIT), we know how important it is for career ambitious people to get the right education in order to start and further develop their careers.
With today’s industry and employers demanding so much more than just a qualification to contain the effects of global competition and to attain competitive edge, here are the main six (6) reasons why you must choose to study at NIT:
Work Readiness
NIT courses will give you real hands on experience in pursuing your education. It is what is called learning by doing it or action learning. Based on a 70% practical (action learning, action research, projects, reflective thinking, critical thinking, etc.) and 30% theory teaching and learning and assessments methodologies, all the NIT students become work ready (prepared) during their first year of study and graduate with strong work ethics, analytical, problem solving, communication and entrepreneurial skills which are the major factors that employers are looking for in their new recruits.
Employability
NIT’s higher vocational, technical and professional courses prepare students for employment and self-employment. The NIT courses develop a student’s employability skills as they offer the experience of real-life practical tasks and work placements. NIT’s qualifications are generally well-regarded by employers as the courses enable students to develop useful hands-on skills in respective fields of study and in critical areas such as problem solving, time management, entrepreneurial, communication, work behavior, visionary and focus minded, team work, and project planning, execution to evaluation. The knowledge and skills you get from NIT programs will make you be sought after by employers locally and globally. NIT helps students to gain strong knowledge and skills that are essential to start and successfully run their own businesses and/or to be appreciated competent and productive employees that every employer would like to hire.
Relevant
NIT courses are designed and developed with the help of the employers, industrial experts, professional bodies, higher education experts and lecturers. This keeps the NIT curriculum to be industry driven and relevant for today and the future’s job market and self-employment. NIT’s qualifications provide students with industry-specific knowledge, skills and competencies which make graduates’ work outputs to be relevant to their employers’ missions, visions and goals.
Practical Teaching and Assessments
The NIT’s teaching and learning is based on the seven (7) major principles teaching and learning through which theory knowledge is practically applied into various practical teaching and learning methods including action learning, projects supported by verifiable tangible evidences (outcomes), critical reflective thinking, case scenarios, job placements, industrial site visits, public lectures led by industrial experts, etc.
The assessment for NIT courses is largely based on regular coursework and work experience, which makes them an ideal option for those who crumble under the pressure of exams.
All the NIT programs are assessed through objective and rigor based assignments and projects for which origination is examined through the Turnitin IT Application to ensure that each students submits his/her own true work. The outcome of these assignments must be in an implementable practical and quality standard.
Career Progression
Employers value NIT’s qualifications as courses are industry-centered and directed. In other words, unlike academic programs, the NIT courses give students the industry-specific knowledge and skills which makes them readily employable. This, combined with the problem solving, time management, entrepreneurial, communication, work behavior, visionary and focus minded, team work, and project planning skills they gained throughout their learning process give the NIT graduates a strong competitive edge to progress in senior job positions.
Education Progression
When developing the NIT programs in Insurance and Risk Management , we collaborated with a wide range of students, employers, higher education providers, colleges and subject experts, to ensure that the new qualifications meet their needs and expectations. We also worked closely with the relevant internationally recognized Professional Bodies, to ensure their rigor alignment with recognized professional standards and the correct level of learning.
The NIT Certificate in Insurance and Risk Management (Level 4) is also designed to reflect the increasing need for progression onto the high quality professional and technical education at levels 5 to 8 and beyond. These qualifications provide students with a clear career pathway so that they can be empowered to effectively and successfully progress and attain their career goals within the fastest period possible.
Reputation and Prestige
- The industry relevance, practicality, career specific and quality of the NIT qualification will make you to standout and visibly be seen and noticed in a cloud of many academically qualified graduates.
- As more employers expect their new employees to have relevant practical skills and competencies than costly academic knowledge, NIT makes your CV and profile standout.
- NIT is known for stringent quality standards which govern the provision of its higher vocational, technical and professional courses. NIT is also known for its practical, relevance and Industry driven courses.
- The above values, compounded with the work ethics, entrepreneurial and problem solving skills you will learn and practice while studying at NIT will grant you the respect, reputation and prestige within the industry sector you will work.
Qualification Purpose and Outcomes
Upon completion of Diploma in Insurance and Risk Management (Level 5), graduates will be able to:
- Evaluate and Package commercial insurance policies for clients.
- Analyse fundamentals risks in different sectors.
- Examine the insurance laws applicable to the different sectors.
- Apply fundamentals of insurance planning for different sectors.
- Market Healthcare, Household and Motor insurance products to various industry clients.
- Contribute positively to good practice in the Insurance and Risk Management environment through effective use and combination of the knowledge and skills gained in different parts of the qualification.
- Progress to Diploma in Insurance and Risk Management (Level 6).
How will I learn?
The NIT tutors/lecturers are equipped with various traditional teaching methods which are all used to create and develop of Vibrant, Skilled, Competent and Work-prepared Entrepreneurial Technicians, Technologists and Professionals. The teaching and learning practices involve 70% practical and 30% theory methodologies by applying a wide range of action learning techniques stipulated in the course specification.
What does the course involve?
You will study a combination of theory, applied theory, and practical subjects across a broad range of units. To succeed, your effective time management and focus are both very critical. You will cover twelve (12) units. For each unit, you will do a main test, assignment, and examination in addition to an integrated action project. These assessments do not include the informal tests, homework, and assignments that your lecturers will require you to do in each learning outcome. To pass this applied qualification, it is critical that constantly monitor, formalize yourself with and operate alongside developments taking place within the Insurance and Risk Management field by regularly visiting different Insurance and Risk Management related projects and/or organizations, reading news and articles, etc.
Assessment Methods
The NIT programs are assessed using a combination of: a) Informal Assessments b) Formal Assessments Informal assessments are conducted by lecturers on each covered component of the unit outcome to weigh knowledge created into his/her students in order that necessary teaching practices adjustments can be made as appropriate. Formal Assessments are further classified into two parts: [1] Formal Continuous Assessments which comprise of: a) Major Test b) An Integrated Project [2] Formal Final Assessments which comprise of: a) Major Examination b) Unit Assignments
What are the Career Progression Opportunities?
Learners who have achieved the Diploma in Insurance and Risk Management (Level 5) can progress on to Diploma in Insurance and Risk Management (Level 6). They can also competently serve in any of the below-listed job areas.
What are the Articulation Opportunities?
The credit transfers from other programs offered by other institutions or other NIT programs will be dealt with according to NIT rules and regulations on Recognition of Prior Learning. Provided that an applicant has qualification accredited by NQA and verifiable through the NQF, the NIT rules provide for course by course credits as well as credit transfer by volume under certain conditions. Maximum credits that can be granted from none technical (hands-on) programs are 15% of the credits for a qualification. Maximum credits that can be granted from the technical (hands-on) programs of similar standards with those of NIT are 50% of the credits for a qualification.
What career opportunities can this lead to?
The Diploma in Insurance and Risk Management (Level 5) is an ideal qualification for anyone who works in any of the below-listed fields and seeks to develop career-specific skills and gain a solid qualification in Electronics and Electrical Engineering to support his/her position and anyone who wants to enter into or has just started a career in any of the following career areas:
- Claims Representative
- Claims Processor
- Claims Adjuster
- Claims Resolution Specialist
- Risk Analyst
- Insurance Analyst
- Loss Control Representative
- Risk Management Consultant
- Risk Manager
- Business Risk Consultant
- Corporate Risk Consultant
What are the Fees?
Our fees include:
- Application/Registration Fees
- Tuition Fees
- External Assessments
- Other Fees e.g. the usage of outsourced additional educational facilities such as library and the costs of study manuals, costs of educational and/or industrial site tours, action research practices.
For more information about our fees, please contact any of our Call Centre at any of our Campuses or the Marketing and Public Relationships Department.
Funding Opportunities
There are many funding options for the NIT’s accredited programs. Most of our students have over the past years been funded by their employers while others finance their studies on their own. Students can also apply for study loans with Namibia Students Financial Assistance Fund. NIT also provides scholarships and bursaries to students who meet requirements as stipulated in our annual prospectus.
Withdrawal/Cancellation
Any cancellations/withdraw or refunds are executed in accordance with the institutional policies. For more details, refer to the Students Registration Agreement and the Withdraw Policy.
The Diploma in Insurance and Risk Management (Level 5) is made up of twelve units. It is structured to be studied for one year through Distance Learning, Online, Virtual Campus, Part-Time, Full-Time, Or Blended Learning.
Total Unit/Modules
The following is a compressive list of course modules you will cover in this program:
Diploma in Insurance and Risk Management (Level 5)
- 1IRM201 Fundamentals of Insurance Planning
- 1IRM202 Fundamentals of Risk Management
- 1IRM203 Packaged Commercial Insurances
- 1IRM204 Household Insurance Products
- 1IRM205 Healthcare Insurance Products
- 1IRM206 Motor Insurance Products
- 1IRM207 Insurance law
- 1STU201 Entrepreneurship and Business Development
- 1STU202 Applied Statistics for Decision Making
- 1STU203 Project Management
- 1STU204 Professional Work Etiquettes and Employability
- 1STU205 Specialized Industry Related Project
Work placement/experience requirements
Although there are no specific mandatory elements of work placement/experience required for the Diploma in Insurance and Risk Management (Level 5), students are expected to apply theories learned through various methods and carry out the practical learning activities as provided in the qualification specification.
Completion of Study Enrollment Form
Download and complete the Student’s Enrollment Agreement (SEA) form or obtain one from our Call Centre at any of our Campuses, print and complete it and submit it with proof of payment for the stipulated registration fees together to any of our Campuses before the stipulated application deadlines to avoid paying late application/registration fees. To be considered for approval, the completed enrollment agreement form must be accompanied by certified copies of documents as stipulated on the Student’s Enrollment Agreement (SEA) form.
Applicant must ensure that:
- The enrollment agreement form is properly and fully completed and that each page is initialed and signed;
- He/she provides all the required documentations such as certified copies of qualifications, Identity Card/Pass port photos, Supporting letters from employers,
- He/she deposits registration fees into the respective Campus’ Bank Account provided on the enrollment agreement form and submits original copy of the deposit as proof before being issued with an official receipt
- He/she is issued with an official Institutional Receipt, stamped with Official Company Stamp and Signed by the Head of Call Centre for every payment made to the NIT.
- Please note that NIT does not receive cash payments, all payments must be directly into the bank account with student’s number as reference
- He/she obtains a written acknowledge letter confirming that his/her completed enrollment agreement form has been received
- He/she obtains status of his/her application for studies within 30 working days.
- If admitted, an Admission letter issued by the Admission section in the Office of the Registrar, must also be obtained through the respective Campus together with the Time Table, Syllabuses, and any other information.
When can I apply?
NIT has a round circle of accepting new applications from students from all over the world. However, please take note that applications for Semester One which starts in February each year are only considered up to March of each year. This period includes late registration. Unsuccessful applications for Semester one and applications which are received late are considered for the Second Semester which start in July each year. The following are two (2) annual teaching and learning intakes for students to register to study on this program at NIT:
- February – June
- July – November
Applications must be made in-time to avoid late registration fees and to be disappointed if spaces are allocated to earlier applicants.
What must I have to qualify?
The entry to this qualification shall be based on:
The applicant must meet the minimum General Admission Requirements of NIT. Specifically, applicants must have passed 80% or all the courses (Units) work for Certificate in Insurance and Risk Management (Level 4).
Qualifications obtained from other higher education institutions will be considered for entry to this program on subject to subject similarity and comparability basis and in terms of the NIT regulations.
Resources for Prospecting Students
- Qualifications Brochure
- Prospectus
- Online Application
- Application Form
Resources for Registered Students
- Students Handbook
- Institutional Calendar
- Learning and Assessments Policies
- Qualifications Specifications
- Assessments Schedules
- Recorded Lessons’ Presentations
- Virtual Classrooms
- Virtual Library
- Virtual Laboratories
- Study Manuals and Books
