Career in Insurance - options and opportunities
Career in Insurance - options and opportunities- Introduction, options, opportunities, courses, institutes, exams etc.
Discussion
- RE: Career in Insurance - options,opportunities & actuarial domain -manoj kumar (08/31/16)
- Hi, I doing associate from insurance institute of india, one paper to clear associate.
Present i m working actuarial consultant. Kindly advise what is scope and opportunities. How to qualify my self. - RE: Career in Insurance - options and opportunities -Rajani Sharma (11/28/11)
- Introduction
Insurance is a financial agreement known as policy which binds policy holder and insurere to certain obligations. It is a protection against any hazards of life. In simple words insurance is a contractual obligation between the policy holder who pays a premium at regular intervals for a stipulated periods and the insurer who pays compensation in certain eventualities e.g. fire, theft, accidents, etc. Policy holder is the one who buys insurance coverage and insurer is the one who sells the policy. In India there are about 30 insurance companies. The major government companies are Life Insurance Corporation of India (LIC), General Insurance Corporation (GIC) and Postal Life Insurance. LIC deals with insurance of life, GIC and its subsidiaries are concerned with non life aspects of insurance such as car, marine, accident, medical and fire insurance.
Performance and growth of industry in India
With the liberization in economy, insurance industry has become one of the booming sectors. Many private and public companies are participating in the Indian Insurance Industry which has exeptionaly increased the growth rate of this industry. Today both public and private players are in the field of life and non-life insurance business. The major government companies are General Insurance Corporation (GIC, Life Insurance Corporation of India (LIC), and Postal Life Insurance. Now many major Private companies like Om Kotak Mahindra, Birla Sun-Life, Tata AIF Life, Reliance, HDFC Standard Life-Insurance Co., Max New York Life, Royal Sundaram, Cholamandalam, IFFCO Tokyo and Tata AIG and multinational companies are also coming in this sector. Insurance Industry not only provides a protective shield to the lives and assets of the nation but also offer various lucrative career opportunities to aspirants.
Options and Opportunities
In India Insurance industry provides ample opportunities in actuarial, distribution, marketing, underwriting and investing. Some insurance agencies also recruit independent professionals like doctors, engineers etc. There is huge scope for insurance agents in India as they advice individuals, companies, firms, enterprises about the policies which are beneficial for them and sell them to provide protection against any financial loss. Graduate candidates can apply for development officer. Apart from that there are other posts also in this field such as stenographer, telephone operators, clerks, assistants etc which are open to graduates, school-leavers, housewives etc.
Courses Available
Insurance Institute of India conducts Licentiate, Associateship and Fellowship plus other training programmes for insurance services. Following are some of the courses:
- B. A (Insurance), B. A (pass) with Insurance as a 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
Qualification required
The eligibility criteria to pursue career in insurance industry is 10+2 or equivalent from any recognized board. Candidates are also required to pass the entrance examination conducted by the Actuarial Society of India, Mumbai.
Some good institutes
- 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
Entrance exams
- Amity School of Insurance and Actuarial Science PG Diploma Entrance Exam
- Birla Institute of Management Technology PGDRIM Admission Test
- DS Actuarial Education Services (DS ActEd)Aptitude Test
- Common Aptitude Test
- Narsee Monjee Institute of Management Studies PGDAS All India Admission Test
- International Institute for Insurance and Finance (IIIF) PG Diploma Entrance Examination
- Symbiosis National Aptitude (SNAP) Test
- IRDA Entrance Exams for the selectionof Insurance agents.
- Uttar Pradesh Management Common Aptitude Test (UPMCAT)
