Career in Insurance Sector: Growth and Opportunities

Career in Insurance Sector: Growth and Opportunities

Insurance means to protect things with some financial condition under a written agreement is done between the insurer (an entity which provides insurance is known as insure) and the buyer. The customer pays some amount of money known as the premium on a monthly or annual basis for insuring his/her things from getting destroyed or loses of it. 

The customer pay a large amount of money would be paid to the insured in case of an adversity or miss happen occurs. It is better to have insurance as it helps in protecting and in comes out from difficult situations like someone in the family falling sick or in case of an accident or robbery Insurance companies have different policies for almost any kind of situation one could imagine.

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There are some popular forms of Insurance policies sold by companies are Life Insurance, Travel Insurance, Vehicle Insurance, Health or Medi claim Insurance and Home Insurance. There are several government body viz. Life Insurance Corporation, National Insurance and private companies such as ICICI Prudential, Max New York, Birla Sun Life, Bajaj Allianz, and Tata AIG amongst others, which sell Insurance policies.

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Career	Insurance
Qualification	MBA or Graduation
Sector	Government and Private Sector
Age	20 year to 30 year

Growth & Career

The student who wanted to make a career in Insurance sector after graduation yes they can make opportunity for them. A few students prefer to take up the subject after twelfth standard itself. Several companies wants these days are offering part-time jobs to students after school and colleges. But we recommended that you finish college and then pursue a Master in Insurance Management to be thorough with the subject.

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The following is the course content that a Master Degree in Insurance broadly offers:-

1. Principles and Practices of Life and General Insurance

2. Life and Non Life Insurance Domains

3. Insurance Laws

4. Life Insurance Underwriting and Risk Management

5. Liability of Insurance and Life Insurance Claims

6. Reinsurance and Life Insurance Products

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Eligibility

The minimum educational qualification to join insurance sector is 10 + 2 or equivalent to this. You need to get license to work in this sector, you need to appear in examination conducted by which is conduct by Insurance Institute of India.  It requires more actuaries which is one of the important career options in the domains of insurance.

Age

The minimum age for the making career in Insurance sector is 20 year and maximum age is 30 year. There is relaxation of age as per Government rule.

There are some posts wise eligibility is as follows-:

Posts	Qualifications	Age
Administrative Officer (AO)	Graduate/ Postgraduate with minimum of 50% marks	21 and 28 years
Development Officer	Graduates	21 and 26 years
Insurance Agents	The minimum educational qualification is 10 + 2	21 and 30 years
Composite Agent	The minimum educational qualification for 10 + 2	20 and 30 years
Actuaries	Graduates with Mathematics/ Statistics/ Econometrics/ Computer science or MBA in finance, CA, CWA, MCA	21 and 28 years

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Posts in Insurance Sector-:

·         Administrative officer

·         Insurance agents

·          Insurance surveyors

·         Actuary

·         Banc assurance executive

·         Insurance agent

·         Underwrite

·         Other jobs

·          Investment Professionals

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Lists of Colleges

There are some good colleges in India that provides good study and gives complete knowledge in insurance sector. Some of listed as bellow -:

·         Institute of Insurance and Risk Management, Hyderabad

·          The ICFAI School of Finance and Management, Hyderabad

·         Acharya Nagarjuna University Centre for Distance Education

·         Annamalai University

·         Manonmaniam Sundaranar University Directorate Of Distance and Continuing Education

·         Pondicherry University Directorate of Distance Education 

·         Punjabi University Department Of Correspondence Studies

·         Institute of Actuaries of India

·          College Of Insurance, Mumbai

·         Birla Institute of Management & Technology, New Delhi

·         National Insurance Academy, Pune

·         Insurance Institute of India etc.

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Courses for Insurance Sector-:

There are some courses that have to complete in order to make career in Insurance sector.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

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Salary Scale -:

Posts	Salary
Actuarial Analyst	Rs. 4 lakh
Area Sales Manager	Rs. 6.5 lakh
Branch Manager	Rs. 7 lakh
Business Development Manager	Rs. 4.5
Manager in Operation	Rs. 5.5 lakh
Manager in Sales	Rs. 4 lakh
Training Manager	Rs. 4.7 lakh

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Lists of Insurance Companies-:

1.       Government Sector -:

·         Life Insurance Corporation

·         National Insurance etc.

2.       Private Sector -:

·         ICICI Prudential

·         Max New York

·         HDFC

·         Birla Sun Life

·          Bajaj Allianzra

·         Tata AIG and many more

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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 selection of Insurance agents.
- Uttar Pradesh Management Common Aptitude Test (UPMCAT)

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Selection Process

·         Written test

·         Interview

·         Document Verifications

Other Information-:

How to apply in Government Sector	For Government link: http://www.insuranceinstituteofindia.com.
How to apply in Private Sector	Just visit all sites of companies and recruitment sector
Syllabus	Aptitude, general awareness, reasoning, maths (graduation level), English.

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There are the full information to make career in Insurance sector. We hope you have get all the information from this article and helpful in future.

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