Secure Your Career by Finding a Job in the Insurance Sector
As the insurance sector in India has witnessed a great spurt, new opportunities are produced in this field. Also, with the liberalization of the economy, the insurance sector has become one of the most promising career choices among people. At present, there are over 30 insurance companies which have their existence in India, including both private & government sectors. If we would say that the insurance is not only offering a safeguarding shield to the lives and assets of the nation, but it is also producing an ample of career opportunities for job aspirants then there would be no exaggeration. There are various insurance companies which have their offices in the city and some of the reputed ones are listed below-
HDFC Standard Life
Max New York Life
ICICI Prudential
Kotak Mahindra
Birla Sun
Tata AIG
SBI Life
ING Vysya
Bajaj Allianz
Metlife
Aviva
Sahara India
Royal Sundaram Alliance
Reliance
ICICI Lombard
Cholamandalam
If reports published in a leading newspaper to be believed, insurance is a highly untapped market and therefore, there is a high demand for advisory, human resource professionals, market specialists, etc. Moreover, there are jobs in insurance sector in marketing, sales and advertisement.
Some of the available profiles in the insurance sector are-
a) Administrative officer and Assistant
b) Development officer
c) Insurance agents
d) Insurance surveyors
e) Actuary
f) Bancassurance executive
g) Insurance agent
h) Underwriter
I) Claims Adjuster
Top skills which are needed for the insurance sector-
In order to achieve success in the insurance sector, it is useful if you possess any of the below traits-
Organizational Skills
Communication Skills
Vast industrial Knowledge
Enthusiasm
Self-confident
Disciplined
Able to handle pressure
Team player
Hardworking
Salary structure
If we talk about the salary packages offered in the insurance sector, then salaries usually start in the range of Rs10,000-25,000/month. After some years, your salary could even reach to Rs 3-4 lakh/annum. Moreover, companies pay bonuses and commissions to those insurance employees who have accomplished targets. It means, apart from your basic salary, you can earn performance based incentives.
Similarly, in the sales function, agents are only paid commission, whereas employees are able to earn both salary and commission. The number of policies you have sold will determine your commission.
What education you need to possess in order to make it big in the insurance sector?
The Insurance Institute of India offers Licentiate, Associate ship and Fellowship along with various other training programs for different insurance services. Some of the most popular insurance courses are-
- B. A (Insurance), B. A (pass) with Insurance as a core subject
- B. Sc (with Actuarial science as a subject)
- Master's Program in Insurance Business
- M. Sc in Actuarial Science
- PG Diploma in Certified Risk and Insurance management
- PG Diploma in Insurance and Risk Management
- PG Diploma in Insurance Science
- PG Diploma in Management of Insurance and Financial Services
In order to find a job in insurance sector, the minimum eligibility is Class 12th. For the higher positions, it is advised to possess a graduate degree.
Have a look on some of the reputed institutes which are offering insurance related education in India-
- Actuarial Society of India, Mumbai
- Amity School of Insurance and Actuarial Science, Noida
- Birla Institute of Management & Technology, New Delhi
- College of Insurance, Mumbai
- Institute of Insurance & Risk Management, Hyderabad
- International Institute for Insurance and Finance, Hyderabad
- International School of Actuarial Sciences (ISAS), Hyderabad
- National Insurance Academy, Pune
- The ICFAI School of Finance and Management, Hyderabad
Available jobs in insurance sector
You can find bountiful of opportunities in the insurance sector. As per an estimation, in next few years, the need for training professionals in the insurance sector is only going to be more than 30,000. Also, this sector provides part time opportunities also. There are many such people who have their full-time job, but they are also acting as an insurance agent on a part time basis.
Also, India could become the insurance hub, if government would ready to implement proposals and increase the cap on foreign direct investment to 49%. Also, the Indian prime minister has promised to make banking & insurance products accessible to all Indians by 1 January 2016. Furthermore, it has been decided now that all insurance policies will have to be electronically registered with the Insurance Repository System (IRS). The move would not only create more jobs in insurance sector, but it will also be first of its kind globally.
HDFC Standard Life
Max New York Life
ICICI Prudential
Kotak Mahindra
Birla Sun
Tata AIG
SBI Life
ING Vysya
Bajaj Allianz
Metlife
Aviva
Sahara India
Royal Sundaram Alliance
Reliance
ICICI Lombard
Cholamandalam
If reports published in a leading newspaper to be believed, insurance is a highly untapped market and therefore, there is a high demand for advisory, human resource professionals, market specialists, etc. Moreover, there are jobs in insurance sector in marketing, sales and advertisement.
Some of the available profiles in the insurance sector are-
a) Administrative officer and Assistant
b) Development officer
c) Insurance agents
d) Insurance surveyors
e) Actuary
f) Bancassurance executive
g) Insurance agent
h) Underwriter
I) Claims Adjuster
Top skills which are needed for the insurance sector-
In order to achieve success in the insurance sector, it is useful if you possess any of the below traits-
Organizational Skills
Communication Skills
Vast industrial Knowledge
Enthusiasm
Self-confident
Disciplined
Able to handle pressure
Team player
Hardworking
Salary structure
If we talk about the salary packages offered in the insurance sector, then salaries usually start in the range of Rs10,000-25,000/month. After some years, your salary could even reach to Rs 3-4 lakh/annum. Moreover, companies pay bonuses and commissions to those insurance employees who have accomplished targets. It means, apart from your basic salary, you can earn performance based incentives.
Similarly, in the sales function, agents are only paid commission, whereas employees are able to earn both salary and commission. The number of policies you have sold will determine your commission.
What education you need to possess in order to make it big in the insurance sector?
The Insurance Institute of India offers Licentiate, Associate ship and Fellowship along with various other training programs for different insurance services. Some of the most popular insurance courses are-
- B. A (Insurance), B. A (pass) with Insurance as a core subject
- B. Sc (with Actuarial science as a subject)
- Master's Program in Insurance Business
- M. Sc in Actuarial Science
- PG Diploma in Certified Risk and Insurance management
- PG Diploma in Insurance and Risk Management
- PG Diploma in Insurance Science
- PG Diploma in Management of Insurance and Financial Services
In order to find a job in insurance sector, the minimum eligibility is Class 12th. For the higher positions, it is advised to possess a graduate degree.
Have a look on some of the reputed institutes which are offering insurance related education in India-
- Actuarial Society of India, Mumbai
- Amity School of Insurance and Actuarial Science, Noida
- Birla Institute of Management & Technology, New Delhi
- College of Insurance, Mumbai
- Institute of Insurance & Risk Management, Hyderabad
- International Institute for Insurance and Finance, Hyderabad
- International School of Actuarial Sciences (ISAS), Hyderabad
- National Insurance Academy, Pune
- The ICFAI School of Finance and Management, Hyderabad
Available jobs in insurance sector
You can find bountiful of opportunities in the insurance sector. As per an estimation, in next few years, the need for training professionals in the insurance sector is only going to be more than 30,000. Also, this sector provides part time opportunities also. There are many such people who have their full-time job, but they are also acting as an insurance agent on a part time basis.
Also, India could become the insurance hub, if government would ready to implement proposals and increase the cap on foreign direct investment to 49%. Also, the Indian prime minister has promised to make banking & insurance products accessible to all Indians by 1 January 2016. Furthermore, it has been decided now that all insurance policies will have to be electronically registered with the Insurance Repository System (IRS). The move would not only create more jobs in insurance sector, but it will also be first of its kind globally.
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