Careers in Insurance

In the liberalization era the Indian insurance industry has witnessed exceptional growth with participation of both public and private sectors players. There are many public and private players both in the field of life and non-life insurance business. The major government companies are Life Insurance Corporation of India (LIC), General Insurance Corporation (GIC) and Postal Life Insurance. Private players 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 are also there. This sector not only provides a protective shield to the lives and assets of the nation but also generate thousands of jobs and career opportunities.

Course Details
To pursue a career in the insurance industry, one has to pass the entrance examination conducted by the Actuarial Society of India, Mumbai. Students who have passed 10 + 2 or equivalent exam are eligible. License is needed to work in this field which can be achieved through a training programme. Insurance Institute of India conducts Licentiate, Associateship and Fellowship plus other training programmes for insurance services.

Career Prospects
Post-graduates in any discipline can be recruited as Asst. Administrative Officers through the recruitment exam conducted by the insurance companies. Graduates can apply for Development Officer in insurance companies whose main task is to market and procure business. Besides this people who are certified by Actuarial Society of India can be an insurance agent. They are the people who advice the individuals and enterprises about insurance protection to their health, life and properties and sell the policies to provide protection against financial loss. Depending on their educational qualification and strengths, the agents have a good chance of becoming an employee of the company. Insurance agencies also employ independent professionals like mechanical engineers and doctors as insurance surveyor to access the actual loss and avoid the false claim made by insured. The post of Assistants, Typists, Machine Operators, Stenographer, Telephone Operators, Clerks etc. are open to graduates and school-leavers and the age limit is between 18 to 25 years.

Institutes Offering
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 etc.

Remuneration
The pay scale in the government sector is as per government rules depending on each position. In the private sector, the salary scales are more lucrative. They take in management graduates to work mainly in the areas of marketing and sales with an initial salary ranging from Rs 15,000 to Rs 25,000 per month. Commissions are the most common form of compensation for insurance agents and the amount depends on the type and amount of insurance sold. Earnings of surveyors depend upon nature of work and assignments.

Reference: http://entrance-exam.net

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