Insurance Scope & Opportunities
Insurance business in India is booming.
With the participation of private players as well as multinationals career opportunities in this sector has grown manifold. To embark in this field sound knowledge in mathematics, commerce, statistics, computers and English is desirable. Candidates are expected to have or to develop in-depth understanding of money, finance, market and insurance business. For the benefits of prospective career seekers in insurance industry our researchers at National Network of Education (NNE) have compiled here exclusive details.
Minimum educational qualification to join insurance sector is 10 or equivalent. You need to obtain License to work in this sector for which you need to appear in examination conducted by Insurance Institute of India. Actuary is one of the hot career options in the domains of insurance. Those who wish to work as an actuary needs to qualify in entrance exam conducted by Actuarial Society of India.
Work opportunities in insurance sector are enormous. Those who satisfy eligibility qualification works under following capacities in Insurance companies of India:
- Administrative Officer
- Assistant Administrative Officer
- Business Development Officer
- Insurance / Composite Agents
- Insurance Surveyors
- Insurance Underwriter
- Investment Professionals
These are some indicative posts related to insurance business. However actual positions in an insurance company may vary.
Government Insurance Companies pays salary and other benefits according to regulatory boards. However those hopping employment in insurance sector may expect to start with 15K / 20K per month income and salary goes upward as soon one gets experience and promotions. Commission is one of the most important parts of this business. Employees receives commission along with benefits for performance in work. The better one perform, higher one gets commission and chances becomes even to go up in the corporate ladder. There is no looking back in this sector for those who can prove their worth. Actuaries are most respected professional in insurance sector. A fresher Actuary may start with an annual salary of approx 8 lac per year along with other benefits. Though, salary and perks increases with performance and promotions.according
Select Your Career from The Below List:
Career as Insurance Agent
Insurance Agents represent an Insurance company to sell insurance policies to clients. They advise individuals or companies to select the right insurance protection policy as needed for life insurance, automobile, home and accident insurance .
About Insurance Agent :
- Job Profile
- Employment Opportunities
- How do I get there?
- Where to study?
Job Profile :
Insurance companies deal in 3 main areas: life insurance, health insurance, property and accident insurance.
An insurance agent is a person who has taken up agency for selling life insurance policies after training and certification. Insurance agents sell the three basic types of insurance : Life insurance, property-liability and health.
- Help individuals or companies select the right policy for their needs
- Plan for the financial security of individuals, families, and businesses, advise about insurance protection for an automobile, home, business, or other property
- Prepare insurance policy documents for the client
- Prepare reports and maintain records
- Help a policy holder obtain settlement of an insurance claim
- Ability to work with different people
- Analytical approach
- Ability to sell a policy
- Understanding people’s security related needs
- Good general awareness
- Ability to convince
- Insurance companies which hire agents to sell policies to prospective clients.
70 Thousand to 8.47 Lakhs per annum
(Salary data sourced from PayScale.com)
General Insurance Companies
Health Insurance Companies
Life Insurance Companies
How Do I Get There?
- Std 10th, Std 12th and Graduation In Any subject
- Selection Test Insurance Entrance Exam
- Training Insurance company
- Goal Insurance Advisor (Agent)
* On behalf of “Insurance Regulatory and Development Authority of India” Insurance Institute of India conducts “pre recruitment test” (electronic mode) for insurance advisors.
Eligibility: 10th or equivalent examination conducted by any recognized Board/Institution, where the applicant resides in a place with a population of five thousand or more as per the last census, and a pass in 10th standard or equivalent examination from a recognized Board/Institution if the applicant resides in any other place. Must complete from an approved institution
- 25 hrs. of training for license