The main goal of the study program of the second cycle of studies in the field of Insurance Management is to enable students to acquire in-depth knowledge in the field of insurance management and specific skills for its application in practice. To achieve these goals, the study program deals with the theoretical aspects of this field, focusing on their practical application.

List of compulsory and elective courses of the Second Cycle Program for Insurance Management:

1. Four compulsory courses determined by the study program in accordance with the semesters of study (maximum 57.1% of the total number of courses provided)
2. Three elective courses determined by the study program in accordance with the semesters of study (42.9% of the total number of suggested elective courses from the list of the Faculty of Economics – Skopje)

The student is expected to demonstrate the following knowledge, abilities and skills:

Knowledge and understanding:

• Acquires in-depth knowledge in non-life and life-insurance, insurance management, managers and management functions.
• Demonstrates knowledge related to the structure, functioning and development of the insurance companies and their intermediaries.
• Understands and comprehends topics in actuarial science, risk management in insurance companies, financial analysis, strategic planning, corporate management, business ethics and electronic business models applied in the insurance industry.
• Understands the role of information and information technology in the insurance industry.

Application of knowledge and understanding:

• Risk Assessment and Mitigation: Understanding of various risks and their potential impact helps insurance managers in assessing the likelihood of claims and developing strategies to minimize risk.
• Product Development: Knowledge of market trends, customer needs, and regulatory requirements helps insurance managers in developing new insurance products.
• Pricing: Understanding of actuarial science, market competition, and regulatory requirements helps insurance managers in setting appropriate premium rates for insurance products.
• Underwriting: Knowledge of the insurance industry, market trends, and individual risk factors helps insurance managers in making informed decisions about accepting or rejecting insurance applications.
• Claims Management: Understanding of the claims process, legal requirements, and fraud detection helps insurance managers in efficiently managing claims and ensuring fair treatment of policyholders.
• Investment Management: Understanding of financial markets, investment strategies, and risk management helps insurance managers in managing the investment portfolio of insurance companies.
• Customer Service: Understanding of customer needs, behaviour, and satisfaction helps insurance managers in providing excellent customer service and building customer loyalty.

Ability to assess and learning skills:

• creation of leadership, integrity and efficient analytical capabilities of managers for risk management and application of the mechanism of insurance in the undertaking and transfer of risk.
• increasing the capacity of managers in the insurance industry, as well as in pension funds, the health insurance system and other insurance sector institutions.
• making competitive and sustainable decisions, through the analysis of advanced elements of the internal and external environment in the insurance industry, the financial system at the national and international level.

Qualification acquired:

Masters in organizational science and Management (Management) in the field of Insurance Management.