Management Diploma
in Insurance (MDI)
MDI
1
CONTENTS
“
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
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1. WHY COMPLETE THE MANAGEMENT
DIPLOMA IN INSURANCE (MDI)?
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2. MANAGEMENT DIPLOMA IN
INSURANCE (MDI): AN OVERVIEW
5
3. NEXT STEP: ADVANCED DIPLOMA
IN INSURANCE (ACII)
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4. STUDY SUPPORTS
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5. PRIZES
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PATHWAY TO SUCCESS
Professional Certificate in Insurance (APA)
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.
Achieving and maintaining
professional qualifications
is the best way of ensuring
your compliance and
competitiveness in a value
driven market.
Professional Diploma in Insurance (CIP)
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)
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.
1. WHY COMPLETE THE MANAGEMENT DIPLOMA IN INSURANCE (MDI)?
2. MANAGEMENT DIPLOMA IN INSURANCE (MDI): AN OVERVIEW
1.1 MAINTAIN YOUR MOMENTUM AND ADVANCE YOUR CAREER
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.
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.
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
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.
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
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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.
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).
2.1 KEY FACTS
Modules: 5 (2 compulsory + 1 diploma level + 2 advanced diploma level)
Exam sittings: May and November
Study: 125–150 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
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).
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.
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.
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
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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
memberservices@iii.ie.
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 memberservices@iii.ie.
Completed CII exams
If you registered for exams directly with
the CII in the past, please contact Member
Services on memberservices@iii.ie or
01 645 6670 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.
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.
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.
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.
Exam: 3 hour written exam consisting of 20
compulsory short answer questions.
Complete one of the following diploma level modules
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.
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).
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)
Table continues on next page
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HOW THE QUALIFICATION WORKS (CONTINUED)
MDI-06: Commercial Property and Business Interruption Insurance
MDI-08: Advanced Underwriting Management
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.
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.
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).
MDI-09: Advanced Risk Management
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.
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
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
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.
MDI-07: Advanced Claims Management
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.
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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.
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.
A 55% pass mark applies to MDI-01, -02, -04, -05 -06 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.
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2.4 REGISTERING FOR THE MANAGEMENT DIPLOMA IN INSURANCE (MDI)
Before registering for MDI exams, give Member Services a call on 01 645 6670 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 2014-2018.
Significant changes come into effect from
01 January 2017. Please visit
www.cii.co.uk 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
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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
www.cii.co.uk
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3.1 MOVING FROM THE MDI TO THE ACII
A. K
eep your Insurance Institute
learning statement
C. Request your CII learning
statement
Upon successful completion of each
MDI module, The Insurance Institute will
forward confirmation of completion to each
candidate.
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.
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. A
pply 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.
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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 01 645 6670.
Further information
To learn more about the CII’s process for
Recognition of Prior Learning and to obtain
and application form, please visit
www.cii.co.uk/prior-learning
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 www.cii.co.uk
3.2 CREDITS
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
MDI-01: Insurance and Business Law
25 Diploma
P05
MDI-02: Insurance Business Environment
25 Diploma
P92
MDI-04: Motor Insurance
25 Diploma
P94
MDI-05: Liability Insurance
25 Diploma
P96
MDI-06: Commercial Property and Business
Interruption Insurance
25 Diploma
P93
MDI-10: Life Assurance & Pensions
Administration
Awaiting
Accreditation
Complete two compulsory modules
Complete one of the following diploma
level modules
Complete two of the following advanced
diploma modules
MDI-03: Marketing Insurance Products &
Services in Ireland
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.
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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.
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 www.iii.ie or on iiiConnect for
finalised dates once you’ve registered for
your exam.
• 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.
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-03
20 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-07
20 Feb, 9 Apr, 23 Apr
3 Sept, 24 Sept, 15 Oct
MDI-08
20 Feb, 9 Apr, 23 Apr
3 Sept, 24 Sept, 15 Oct
MDI-09
20 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
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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 email. Our Member Services team is
always happy to help.
Our dedicated number is 01 645 6670 or
you can email 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 01 645 6629
or email NGaffney@iii.ie
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
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5. PRIZES
In recognition of the achievements of
members, each Local Institute awards an
array of prizes annually.
• Excellence in Education Award
– General Insurance: awarded to an
employer at the IBA Service Awards.
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.
•
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
€250-500. 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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Insurance Centre
5 Harbourmaster Place
IFSC, Dublin 1
D01 E7E8
18
01 645 6600
info@iii.ie
www.iii.ie