Career in insurance sector

Career in insurance sectorCareer in insurance sector

Career in insurance sector

Introduction

Insurance is a consensus between the insurer and the insured where the insured deposits a fixed monthly or annual amount with the insurer as a ‘premium’. In return, the insurer pays the insured more than the premium in the event of an accident. Insurance proves to be very beneficial in the event of a person becoming ill in the family, disasters such as accident or robbery. Today insurance companies have policies to deal with almost every situation. Life insurance, travel insurance, auto insurance, health insurance and home insurance are the most prevalent among them. Government companies such as Life Insurance Corporation. Apart from the national insurance company, several private companies like ICICI Prudential, Max New York, Birla Sun Life, Bajaj Allianz and Tata AIG are also working in this field.

Phased process

Students can make a career in this field after graduation. However, some students prefer to join the insurance sector only after class XII. Nowadays many companies also offer part-time jobs to graduate students. Nevertheless, it will be best to take a masters degree in insurance management after college to get full knowledge of the subject.

The postgraduate course in insurance consists of the following subjects:

Principles and Uses of Life Insurance and General Insurance

  • Life insurance and non-life insurance sectors
  • Insurance law
  • Life insurance underwriting and risk management
  • Insurance Liability and Life Insurance Claim
  • Re-insurance and life insurance products

The main purpose of this study is to introduce you to various aspects of the insurance sector.

Debut

If you have selling skills, people skills and you are always ready to understand the problems of the people and give financial help to them, then the insurance sector is best for you. But if you consider it as a means of earning money, then do not choose it as a career. The importance of insurance in the real world should be understood at the outset.

Is this the right career for me?

If you have ever felt that you have good people and selling skills during your student life or after school, then the insurance subject will be appropriate for you. You can start a career as an insurance agent or sales executive – insurance of a well-known insurance company. For this, you have to pass the agent examination conducted by IRDA (Insurance Regulatory Authority of India). After working like this for a few years, you can also become an insurance manager.

Insurance requires two types of skills to make a career – first, to make friends easily and second, to properly identify their problems and convince them of the importance of insurance. You can explain to them how insurance provides protection against any future accident. Insurance can at least provide protection to people financially.

What will be the cost?

According to the university and institute, the annual fees for MBA-insurance courses can be between 1 to 2 lakhs. ICFAI, NIA and Birla Institute are some of the best insurance schools. Apart from this, many institutes offer courses in insurance through diploma courses and distance education.

Scholarship

No separate loan of any kind is provided for the insurance course. But working professionals can get scholarship from their company for this course. Similarly, education loans up to 7.5 lakh rupees can be obtained from banks like State Bank of India.

Job opportunities

Job prospects for insurance professionals are increasing day by day. You can start a career as an insurance agent (insurance agent) where you have to sell insurance policies to people. For this you are given a fixed target which you have to fulfill by earning for the company as a premium. In return, you are paid a commission. Apart from this, the position of Sales Manager – Insurance is also important where you have to handle a team of insurance agents. You can also start your career as an insurance underwriter.

pay scale

According to the company, from the beginning 10000 to 30000 rupees can be easily obtained. On reaching a higher position, you can also get a monthly salary of 1 lakh rupees. If you have done MBA in Insurance from a famous B-school, then you can expect a better salary scale in your first job.

Demand and supply

Nowadays there is a lot of demand for insurance professionals. Today, only 14 percent of the world’s population is insured by insurance agents, which means that 86 percent of the people still have no insurance of any kind. Hence demand is much more than supply. Today this area needs people with a keen and business vision. Since it is often said that “insurance is a matter of prayer”, good income can be obtained through the right policy and a clean system.

Market watch

Over the years, many companies like Max New York, ICICI Lombard, Bajaj Allianz have come up with new policies to attract people. Most policies are reliable and for the benefit of the people. The insurance industry has always touched new heights, except in 2009, in which year almost all the big companies registered a decline in their income.

International performance

Insurance is the best means of securing financial condition, movable and immovable property and life. In developed countries like US and UK, this area is reliable and well-organized. In India, it is under development and is emerging rapidly. But two companies LIC and GIC are very reliable, apart from this, all private companies work according to the strict rules of the Insurance Regulatory Development Authority.

Positive / negative aspect

Affirmative

  • Industry is on the path of development. The possibilities are increasing day by day for people with good people and selling skills.
  • In the next few years, the insurance sector will touch new heights, which will ultimately benefit the students making a career in this field.
  • Many good institutions are working in this field like NIA of Pune which offers excellent courses in insurance sector. In addition, institutions like Birla Institute and ICFAI offer courses in this subject through both regular and distance education.

Negative

  • Students or insurance professionals should have a high ability to convince people about the policy and persuade them to buy what can sometimes be disliked by people.
  • Day by day new companies are making their debut in this area. Recently, Reliance has stepped into this field. Hence people are less able to trust these companies.

Role and Designation

Insurance policies can be sold under different names but ultimately their aim is to protect the future in the event of a natural disaster, theft or any other accident. Some of the many types of insurance are life insurance, health insurance, home insurance, auto insurance etc.

Leading companies

The top ten companies providing employment opportunities based on optional statistical information are as follows:

Life Insurance Corporation of India, Bajaj Allianz General Insurance, ICICI Lombard General Insurance, ICICI Prudential Life Insurance, New India Insurance Company, IFFCO Tokyo General Insurance, Oriental Insurance Company and HDFC Standard Life Insurance.

Tips for employment

You can get a job after taking a bachelor’s or master’s degree in insurance with the following suggestions:

  • Regularly checking the websites of good companies and applying for them at job openings
  • Increase the scope of your friends and acquaintances which you can use in future in your insurance deal
  • Read the book to increase business practices, communication and selling skills
  • Keep an eye on the global insurance scenario and new strategies that have not yet been launched in the country
  • Keep information about new laws and regulations like IRDA Act and amendments therein.
  • Keep an eye on the big finance companies and their position on the stock market so that you can plan your bargaining and selling.
komal mishra: