Insurance is a good career opportunity available these days. A wide range of career opportunities are available in this sector. The various positions available for career in insurance depends on the education, specialization etc. of the candidate.
What is Insurance?
In simple terms insurance is a way to reduce the risk by creating an agreement. One who buys insurance is called a policy holder and one who sells insurance is the insurer. There are many types of insurances are there depends upon what is insured or how it is insured. Insurance is available in different sections like life insurance, health insurance, vehicle insurance, theft insurance, property insurance, etc.
In India about 30 companies are operating in insurance sector. All these Insurance companies come under the Insurance Regulatory and Development Authority (IRDA) which is established to regulate, promote and ensure orderly growth of Life and General insurance.
Roles and Responsibilities in an Insurance Career
Job and career opportunities available in the insurance are of varied type. The job and responsibilities of a person employed in insurance depends upon the position they are holding in the company. Some job responsibilities are selling policies, underwriting, actuarial and investment specialist, branch management, business development, administrative works, etc.
Educational Qualification Required
As there are different career options available in insurance sector, the educational qualifications required are also different. An insurance agent can be of any educational qualification. Administrative officers have some degree or specialization. Actuarial or investment specialists must have specialist degree of actuary or specialization in investment. Business development managers and other managers are having higher qualifications as per the requirement.
Skills and Knowledge Required
Personal skills required for a career in insurance are varied for different posts. Some of the skills includes presentation skills, communication skills, analytical ability, persuasive skills, organizing skills, hard work, flexibility, team player, etc.
How to get a Career in Insurance?
One can become an actuarial specialist by passing an actuarial exams conducted by Actuarial Society of India. Details about this course and opportunities are discussed in another article “Career in Actuary or Actuarial Science”.
There are many fellowships, associate-ships and licentiate courses available in this field organized by different authorized institutions.
To get many other jobs in this field is by obtaining specific qualifications required for that position. There may be entrance exams and interviews for each position. Insurance agents are some jobs all persons can get into.
Different Jobs and Career in Insurance
There are different career options available in insurance sector. Some of them are as follows:
Insurance Agent, Composite Agent, Administrative Officer (AO) & Assistant Administrative Officer (AAO), Development Officer, Insurance Surveyor, Actuaries, Insurance Underwriter, Investment Professionals, etc.
Jobs like Assistants, Typists, Machine Operators, Stenographer, Telephone Operators, Clerks etc. are also available in this sector.
Where do I get the Job?
Many companies are there in the insurance industry. The companies are both in private and public sector. There are about 30 companies are operating in India in insurance sector. Some of the main players includes Life Insurance Corporation of India (LIC), General Insurance Corporation (GIC), Postal Life Insurance, ICICI prudential, Kotak Mahindra, Birla Sun-Life, Tata AIF Life, Reliance, HDFC Standard Life Insurance, Max New York Life, SBI Life Insurance, ING Vysya Life etc. So it creates many job opportunities in different fields of insurance.