A Career In Insurance

By Author: make mycareer
Total Articles: 21
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Insurance is a form of assurance given to a person against any future loss, damage, illness or death that may be occurred at any point of time. The practice to provide such compensation in exchange of money is called insurance. The insurer is an organization who sells the insurance schemes and the insured or the policyholder is the person who buys the policy schemes. Inshort, we can call it a contract to manage any form of possible risk. An insurance agent is a person who works as an intermediary between the insurance company and the policy holder. This sector comprises all life and non-life policy segments.

In India, the insurance sector is governed by nationalized organizations like Life Insurance Corporation of India (LIC) and General Insurance Company (GIC) with its 4 subsidiaries. While LIC provides life insurance, GIC is related to non life insurance that may include motor, fire, health and personal accident insurance etc.

Following are the level of positions available in this sector-
The main career option open in this sector is that of an insurance agent. Compulsory Training is given to insurance ...
... agents to attain proficiency in their works. They provide guidance to persons to choose a right policy and help them in the settlement of the claim. This is a job where many challenges involved as selling an insurance policy is never an easy task. LIC Recruit agents on the basis of a written test and an interview followed by a training period of 3 years. For that candidates should be Graduates within the age group of 21 to 35 years .The agents can be appointed as employers judging on the basis of their educational qualification and strengths.
Class I and class II level professionals comprises administrative and development officers in this sector and that of assistants, typists, stenographer etc come under class III level category. The candidates applying for these posts have to go through a written test and an interview.
An actuary in this profession engage in solving different financial problems with regard to insurance.
Underwriters in this sector are employed to assess the risk in the business and take care of risk management
Marketing professionals are required for the insurance of a product which requires a great skill. People holding degrees and experience in marketing and finance fields can have bright prospects in this sector.
Professionals in operation are needed for elaborate databases, network solutions and for in house packages etc.
Investment professionals are there in insurance sector as well.

 The Institute of Insurance and Risk Management (IIRM Andhra Pradesh
 Institute of Finance, Banking and Insurance IFBI  New Delhi
The Guru Jambheshwar University of Science & Technology, Hisar,
Calcutta Business School
V.G.Vaze College, Mumbai

Remuneration is excellent at all levels in this sector. The average salary of an insurance agent can be between Rs 15,000 to Rs 25,000 per month. They can earn larger amounts through the commissions.

Apart from government sector, insurance professionals can get work in various corporate sectors including stock broking firms, finance companies, etc. The coming of IRDA, Insurance Regulatory and Development Authority bill, has made possible the entry of foreign as well as Indian private companies to the insurance sector. It has significantly added value to the present insurance services. This entry of private companies will definitely give a boost to the employment opportunities in this sector.