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 Jobs
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
- Fullerton India Credit Company Limited
- Sharekhan SSI
- Centurain Bank of Punjab
| - Goldman Sacs
- India Infoline
|
Courses in Insurance
Education in Insurance
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.
- 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
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 the
teaching and education in insurance.
A career in insurance sector can mean many different things, like :
Actuary
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.
Claims Adjuster
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
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.
Risk Manager
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.
Underwriter
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.
Insurance Companies
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)
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