He said IIM-A doesn’t have the necessary expertise to train students in the insurance sector, while ESSEC has a very advanced Masters course in insurance. IIM-A will benefit highly from this association, he added.

He said, “Insurance is probably the worst-hit sector in the global economic meltdown.”

Prof Barua and Pierre Tapie, the Dean and President, ESSEC group, were addressing the media on the comprehensive strategic partnership between the two business schools.

Also in the pipeline are programmes related to the real estate sector, luxury management and the retail sector. Both business schools have a double-degree programme to help students achieve a profound learning experience in coherence with the academic and business environment of the host institution.

“At present, this programme has five seats, which will soon be increased,” said Prof Barua.

On the larger question of the causes, effects and the future of the economic crisis, Tapie said that IIM-A and ESSEC School can play a big role in framing the ‘Mission of the Future Business Education.’