Both are Tier-1 colleges under CMAT but BIMTECH is superior. You're interested in insurance, which is a rare banking sales offering. Few jobs fit this category.

1. Actuary (CAT profile)
2. Hardcore insurance field sales
3. Business development officer/advisor/relationship manager (70–75% sales outdoor, 25–30% office

IMI Bhubaneswar boasts a strong faculty, a Ph.D., and over 25 years of expertise in academics. The teachers here aid with assignments and offer after-school tutoring.

Go with BIMTECH because it has a good name. BIMTECH wins, and they have a track record of finding jobs faster for their Insurance students than for their Core students.

All these three colleges come under the tier 3 or 4 categories of B-schools in India and provide more or less similar opportunities. Choosing the correct MBA college which is a good fit for you depends on a number of factors such as career goals, subject interests, financial constraints, the brand name of the B-school, and location preferences. 

Here is a detailed comparison of the three colleges.
 

Based on the above comparison SIBM Nagpur seems to be the best out of the three options. 

Even though BIMTECH is synonymous with top PGDM programs, choosing from the vast array of programs it offers can be challenging. All of its programs are created using a thorough design process to adhere to national and international standards.

While picking a course must always be based on your area of interest, there are other aspects that can influence your choice. Here are a few of the main criteria that could aid in your decision between insurance and retail.

Some salient features of the Retail Management course:

• Well-accredited: Accredited by the NBA (National Board of Accreditation). BIMTECH also has tie-ups with the Retail Association of India.
• Practical Knowledge: The pedagogy at BIMTECH consists of case studies, live sessions, seminars, and live projects coupled with a short-term project to understand the tools, techniques, skills, and concepts that make up a successful retail manager.
• Training: While still in college, students experience a retail store’s functioning as a part of field learning initiated through tie-ups with various institutes
• Industrial Visits: The RM program also helps students get familiar with industry experts, and industrial visits are organized during the course.

Some salient features of the Insurance Management Course:

• Well-accredited: Accredo By the NBA (National Board of Accreditation). The college also has a tie-up with Swiss Re Global Services, Bangalore.
• Global touch: For a global exchange program, BIMTECH has teamed up with the Life Office Management Association (LOMA) in the US.
• Well-designed course structure: The course is structured with demanding live sessions, seminars, case studies, short-term projects, guest lectures from experts, industrial trips, and interactions with seniors working in the sector to give potential insurance managers a real-world once-over.

Placements are another crucial factor to take into account. While the college has enough connections for placements in the retail management course, the same cannot be said for the insurance management course. Enough companies extend offers to students in the insurance management domain, yet the return on investment is lower than retail management.

In the insurance sector, there are very few chances in the domestic market. But in the global market, there are a number of well-paying positions, giving you more options to investigate.

SOIL, which was established in 2008, is a reputed B-school in India. They also started their new campus in 2018.

Before deciding on any B-school three things are important:

1. Academics: SOIL has a unique approach to developing students. IT not only offers an industry-relevant curriculum but also focuses on self-development through leadership classes, theatre workshops, mentor-mentee interactions, etc.
2. Batch profile: For Business leadership programs, SOIL Gurgaon seeks talent from a variety of industries and individuals from across India with a minimum of two years of work experience.
3. Placements: After joining SOIL, there is a one-week induction program that helps students bond, followed by peer learning. Last but not least, there are placements. The average package stands at 11 LPA, while the highest goes up to 19 LPA. 

The alumni network is the most important aspect. You would be connected to an alumnus who is currently performing the same role that you are aspiring to, making it much easier for you to prepare for the same.