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Liberalization of economy along with open and competitive market has led to the tremendous
and profuse growth of insurance sector in India, which is now spreading in all directions. General insurance, life insurance, health insurance, auto insurance etc are all part of insurance sector. Today there is not even a single industry that is untouched from insurance so anyone who is thinking of career in insurance sector can surely get a bright future. Moreover as the population ages and wealth grows, it is predicted that the demand for Indian insurance professionals will also increase dramatically.
During the past several years, the business of life insurance has flourished so much that the insurance business is being considered to be one of the most rapidly developing area in the financial sector. Future demand for insurance personnel depends largely on the volume of sales of insurance and other financial products. Sales of health and long-term-care insurance are expected to rise sharply. In addition, a growing population will increase demand for insurance for automobiles, homes, and high-priced valuables and equipment. As new businesses emerge and existing firms expand
their insurance coverage, sales of commercial insurance also should increase, including coverage such as product liability, workers' compensation and employee benefits.
Insurance is such a wide area that there are numerous sectors that can be your career in insurance. You can get job in the following categories
- General insurance job
- Life insurance job
- Online insurance job
- Health insurance job
- Finance insurance job
- Travel insurance
Many insurance job opportunities make this a very good from career point of view.Top insurance recruiters in India
There are recruiters in India that are hiring professionals. Your insurance job search can end up with the correct insurance agency and recruiters who deals in every kind or specific insurance vacancy. To do government job
in insurance sector keep checking LIC and GIC job vacancies as these are the top agencies in this industry. Companies in abroad also demand insurance professionals from India as they have right mind set to do work. But you will have to clear their education and certification exam to start your career. Top insurance recruiters in India are
Courses in Insurance
Education in Insurance
- Fullerton India Credit Company Limited
- Sharekhan SSI
- Centurain Bank of Punjab
- Goldman Sacs
- India Infoline
To get a streamline career in insurance it is better to think very early. After your schooling you can opt for the subjects in commerce. You can start B.A. (insurance) or general B.A. with insurance as a main subject after 10+2. Along with this there exist option of 3 years PG Diploma in Certified Risk and Insurance management, three months Certificate course in intermediaries in Specific insurance subjects, 1 year PG Diploma in Insurance and Risk Management, B.S.C (with Actuarial science as a subject), 1 year PG Diploma in Insurance Science, 2 years M.S.C in Actuarial Science and 2 years Master's program in Insurance Business.
Insurance Institute of India and Insurance Certifications
To promote the education and training in insurance Insurance Institute of India was established that earlier was called the Federation of Insurance Institutes. Insurance Institute of India was formed in 1955. Here you can get advance education to further boost your career in insurance. You can go for the International Certification in Life & General Insurance. Even there is provision for Insurance Agent's Exam under Digital Certification. There are many other professional exams that are associated with insurance in India. These are
- Licentiate insurance exam
- Associateship insurance exam
- Fellowship exam
- Certificate in Insurance salesmanship
All the exam details is given on the website of Insurance Institute of India. You can check this to get any latest news on insurance sector in India as well as to check options of career in insurance.
Insurance Institutes in India
There are many Universities, colleges and insurance institutes in India that can give you the desirable education to start your career in insurance sector in India.
Career in Insurance
- Actuarial Institute of India, Mumbai
- University of Delhi, Delhi
- Academy of Insurance Management, Asia Pacific Institute of Management, New Delhi
- Kurukshetra University, Kurukshetra
- University of Bombay, Mumbai
- Guru Nanak University, Amritsar
- University of Kalyani, PO Kalyani- 741235, Nadia District
Career in insurance sector can be started by becoming insurance agent. Insurance agents are the people who actually introduce the policies to the people and business entities. You can join any insurance company as agent and sell their insurance products and related policies. Your education and certifications with help you to become an
employee of the company and will give boost to your insurance career. Insurance sector in India and abroad offers variety of career ranging from product liability insurance to financial planning services. You can also go for theteaching and education
in insurance. A career in insurance sector can mean many different things, like :
Actuaries use their analytical skills to predict the risk of writing insurance policies on property, businesses and people's lives and health. If you are a graduate in Mathematics or Statistics or Econometrics or Computer Science or have degree of MBA in finance then you can go for the training in actuary that is a career in insurance. The Actuarial Society of India (ASI), Mumbai and the Institute And Faculty of Actuaries, London, UK provide the training. You can then clear the entrance examination conducted by these two institutes in the May-June and October-November.
Agent and Broker
Agents and brokers advise people and organizations on how to protect things they value by selling customers insurance contracts. This is the first step as career in insurace.
Determines the extent of damage when an accident occurs and whether the damages are covered by the insurance policy. Arranges for repairs and is responsible for reaching settlements that are fair to both customers and the insurance company.
Service representatives are the link in the field between agents who sell policies and insurance companies who write the policies.
Customer Service Agent
Serves customers on a day-to-day basis in the agency by helping to keep policies and coverage up-to-date.
Loss Control Specialist
Helps to keep accidents and losses to a minimum by examining work areas, looking over machinery and recommending safety procedures.
A risk manager is employed by an organization to help identify the risks that it faces and to make recommendations for dealing with these risks.
Underwriters decide whether to provide insurance to applicants seeking coverage. An underwriter evaluates an applicant's exposure to risk and decides whether an applicant meets an insurer's standards.
It was the Oriental Life Insurance that in 1818 began the journey of insurance companies in India. It was established by European in Kolkata. But racial discrimination was practiced there. In 1870, the Bombay Mutual Life Assurance Society came into being that changed the scenario of insurance in India. Then came many acts and insurance companies in India to cater and regulate the insurance sector.
At present there are about 30 insurance companies in India including both government and private. The coverage of each insurance company is different. Like LIC deals in life insurance, GIC in non life insurance such as insurance for cars, accidents, medical etc. So depending upon your area of specialization you can join the company. Although there are many types of insurance in India yet the life and general insurance have high demand. So you can think of these branches to have career in insurance. There are many insurance companies that can be opted for job in insurance.
List of Insurance Companies in India
- Life Insurance Corporation In India (LIC)
- United India Insurance Co Ltd
- Aviva Life Insurance
- TATA AID Life
- Birla Allianz Life Insurance Company Limited
- HDFC Standard Life Insurance Co. Ltd
- ICIC Prudential Life Insurance Company Limited
- Max new York Life Insurance Co. Ltd
- Kotak Mohindra Old Mutual Life Insurance Limited
- SBI Life Insurance Co Ltd
- Sahara India Life Insurance
- Bharti AXA Life Insurance
- IDBI Fortis Life Insurance
- Religare Life Insurace
- New India Assurance
- Oriental Insurance Company
- United India Insurance
- United India Insurance
- General Insurance Corporation (GIC)