BIBF Professional Award in Insurance Management (PAIM) study plan
BIBF Professional Award in Insurance Management (PAIM) · Give each week a clear focus.
8 weeks · About 7 hours per week
Insurance Principles and Risk Management
Define risk, uncertainty and hazard, and classify pure versus speculative risk with three original examples each
Explain indemnity, insurable interest, utmost good faith, contribution, subrogation and proximate cause, and state which principle resolves a given claim scenario
Distinguish life, health, property, liability and reinsurance product structures by their risk-transfer mechanics
Build a one-page risk-management process map (identify, measure, control, finance, monitor) and apply it to a mid-sized commercial client
Your checkpoint
A 12-item self-test on Domain 1 principles, scored with written corrections for every wrong answer, achieving at least 10/12
Insurance Law, Regulation and Compliance
Map the statutory and regulatory architecture governing insurer licensing, market conduct and policyholder protection
Summarise the duties of disclosure, fair treatment of customers and complaints handling, and apply them to two short case vignettes
Explain solvency and capital regulatory requirements at a conceptual level and identify which breaches trigger supervisory intervention
Draft a compliance checklist covering product approval, distribution conduct and claims handling touchpoints
Your checkpoint
A two-page compliance checklist with at least 15 control points, each tied to the conduct or prudential risk it mitigates
Underwriting and Risk Selection
Apply a structured underwriting process (information gathering, risk assessment, terms setting, monitoring) to three dissimilar risks
Evaluate hazard, moral hazard and adverse selection indicators and recommend declinature, loading or exclusion for each
Calculate a simple risk-adjusted premium using loss frequency, severity and expense loading assumptions
Distinguish delegated underwriting authority limits and identify when referral to a senior underwriter is required
Your checkpoint
Three completed underwriting assessment notes, each with a recommended decision, rating rationale and referral judgement
Claims Management
Trace the claim lifecycle from notification through investigation, reserving, settlement and recovery
Assess coverage, causation and quantum in two disputed-claim scenarios and justify the outcome
Explain the purpose and methods of case reserving, including IBNR, and identify reserve inadequacy signals
Describe fraud indicators and the escalation route for suspected fraudulent claims
Your checkpoint
A mock claim file for one disputed case containing coverage analysis, reserve recommendation and settlement rationale, plus a 10-question claims self-test
Reinsurance and Risk Transfer
Compare proportional and non-proportional reinsurance structures and select an appropriate structure for a stated portfolio profile
Explain how retention, cession and reinsurance commission affect net underwriting result
Interpret a simple reinsurance programme summary and identify gaps in catastrophe or accumulation cover
Describe the role of retrocession and the credit and counterparty risks reinsurance introduces
Your checkpoint
A one-page reinsurance programme recommendation for a hypothetical insurer, with retention level, structure choice and a 150-word justification
Financial Management, Accounting and Solvency
Distinguish technical reserves, unearned premium reserve and outstanding claims reserve and state how each is calculated
Read a simplified insurer balance sheet and income statement and compute loss ratio, expense ratio and combined ratio
Explain capital adequacy and solvency margin concepts and identify three levers management can use to restore a weakened position
Describe the treatment of reinsurance recoveries and deferred acquisition costs in reported results
Your checkpoint
A ratio-analysis worksheet computing at least six financial ratios from supplied figures, with a five-line interpretation of solvency strength
Insurance Operations and Technology & Strategy, Governance and Leadership
Map core insurance operations (policy administration, distribution, claims, finance) to the systems that support them
Evaluate the benefits and risks of automation, data analytics and digital distribution against governance and data-protection obligations
Draft a governance structure showing board, committee and executive accountabilities for risk and conduct
Apply a simple SWOT and stakeholder analysis to a strategic decision facing a mid-sized insurer
Your checkpoint
A one-page operational and governance map linking five core processes to their systems, owners and key controls
Professional Ethics and Conduct & Insurance Principles and Risk Management & Insurance Law, Regulation and Compliance
Apply the professional code of conduct to four ethical dilemmas, including conflicts of interest and confidentiality breaches
Justify a recommended course of action in each dilemma using a stated ethical decision framework
Revisit the weakest Domain 1 and Domain 2 objectives and close identified knowledge gaps
Complete a timed mixed-topic mock examination under exam conditions and review every error
Your checkpoint
A timed 40-question mixed mock exam scored at 75% or above, with a written error log and remediation notes for each miss
Milestones
Week 2: Score at least 80% on a combined Domain 1 and Domain 2 self-test and produce both the risk-management map and compliance checklist
Week 4: Complete all four technical-domain deliverables (underwriting notes, claim file, reinsurance programme, ratio worksheet) and score at least 70% on a 20-question mid-point test
Week 6: Demonstrate ratio-calculation accuracy of at least 90% and explain solvency margin concepts aloud without notes
Week 8: Achieve 75% or above on the timed mock exam with no domain scoring below 60%