Master of Science in Insurance Management

BU MET’s Master of Science in Insurance Management is designed specifically for professionals who have earned designation as a Chartered Property Casualty Underwriter (CPCU). Offered part-time on campus as well as in a flexible, fully online format, the MS in Insurance Management cultivates the advanced management knowledge required to handle high-level responsibilities and to achieve career advancement.

The Insurance Management master’s is ideal for professionals who hold positions such as underwriter, senior underwriter, underwriting manager, underwriting quality review auditor, product specialist, operations specialist, claims adjuster, claims specialist or manager, account executive, and other members of the insurance ecosystem (such as insurance risk managers, consultants, business developers, relationship managers, management analysts, and insurance data analysts) who wish to gain a broad graduate-level education in management that complements their expertise.

Students hone their ability to anticipate and solve challenges that span the legal, ethical, financial, and global aspects of the insurance business while developing valuable skills in business analytics, enterprise risk analytics and management, project management, decision-making, finance, and innovation. Graduates of the master’s program in Insurance Management will be poised to put their leadership abilities to work in in an evolving insurance landscape.

Holders of the CPCU credential can earn the master’s degree by completing just eight required online courses, including four core management courses and four additional courses. Students have the option to choose a concentration in one of the following specialties:

• Applied Business Analytics
• Corporate Finance
• Project, Program & Portfolio Management
• Supply Chain Management

In addition, with appropriate advanced planning, you can use program electives from your online Master of Science in Insurance Management to satisfy up to two required courses in an Administrative Sciences graduate certificate program—leaving only two additional courses to be completed in order to receive a graduate-level certificate.

Certificates can also serve as building blocks to the master’s degree. The following graduate certificate programs share courses with the master’s degree:

• Graduate Certificate in Applied Business Analytics
• Graduate Certificate in Corporate Finance
• Graduate Certificate in Enterprise Risk Management
• Graduate Certificate in International Business Management (on campus only)
• Graduate Certificate in Project Management
• Graduate Certificate in Project, Program & Portfolio Management
• Graduate Certificate in Supply Chain Management

Students must demonstrate achievement of the Chartered Property Casualty Underwriter (CPCU) credential to be eligible for the MS in Insurance Management. Those who complete the master’s degree in Insurance Management will be able to demonstrate:

• Business knowledge and competence in incorporating insurance management decisions in developing a company’s business strategy.
• Knowledge on how to position insurance management to the critical differentiators facing the insurance industry in the years ahead, such as (i) digital transformation of the insurance processes that can be automated; (ii) balancing the data management with the privacy concern of the customers; (iii) developing and implementing flexible business models for personalization by offering policies and prices to suit the needs and lifestyle of the individual; (iv) risk avoidance and positive reinforcement of behavior shaping; (v) knowledge on how to build hyper-connected solid customer communities online and offline; (vi) knowledge on how to transform insurance offerings into integrated ecosystems to address customers’ lifestyle needs.
• Knowledge of crucial insurance management issues and tools needed for analyzing and defining the importance of insurance-related decisions and their implementation by the customers and the service providers.

In addition, those who complete the Insurance Management master’s concentration in Applied Business Analytics will be able to demonstrate:

• The knowledge and skills necessary to better utilize available information in operational, tactical, and strategic decision-making in organizations.
• Experience with various powerful emerging technologies and techniques for increasing the value of both in-house and third-party data sets.
• An understanding of how organizations are using interlinked data-inputs, analytics models, and decision-support tools to better understand their operations, customers, and markets.
• Expertise in web analytics and metrics, and the ability to procure and process unstructured text, and delve into hidden patterns within data sets.
• The ability to facilitate knowledge discovery using data mining and visualization techniques over vast amounts of data.
• Experience with building and assessing machine learning models.

Those who complete the Insurance Management master’s concentration in Corporate Finance will be able to demonstrate:

• The ability to analyze financial statements and financial models.
• Skill in performing discounted cash flow analysis and valuation.
• Expertise in calculating net present values and internal rates of return.
• Understanding of investment rules and the ability to make capital investment decisions.
• Proficiency in risk analysis and capital budgeting.
• Understanding of the capital structure of the firm.
• The ability to use econometric methods to analyze financial data.
• The knowledge to analyze industry trends, regulations, and finance system participants.
• Comprehension of the significance and importance of ethical behavior in all aspects of business.
• The capacity to investigate and analyze how changing regulatory environment in the US and abroad impacts finance.

Those who complete the Insurance Management master’s concentration in Project, Program & Portfolio Management will be able to:

• Evaluate critical success factors for projects and programs across industries, and use these factors to create project portfolios that align with strategic goals of the organization and describe best practices for managing such a portfolio.
• Construct a program management plan that describes best practices for the creation and management of programs and how to plan and coordinate resources, procurement, schedule, finance, risk, and change.
• Acquire in-depth practical knowledge of enterprise tools used in organizations to plan and manage a portfolio of programs and projects, and leverage project analytics data to make well-informed decisions.

Those who complete the Insurance Management master’s concentration in Supply Chain Management will be able to demonstrate:

• An understanding of the importance of supply chain management decisions in developing a business strategy for a firm.
• Foundational knowledge in supply chain management and its core principles, including logistics operations and/or import/export operations, lean practices, and/or Six Sigma practices.
• Knowledge of key supply chain management issues and tools vital in analyzing supply chain decision problems.

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