Insurance means being roofed or protected against any risks of life. It is a financial agreement that unites two people to contract which is known as Policy. Insurance can therefore cover life, equipments, health, good, or anything of value to the person or organization body.
The Indian insurance industry has witnessed excellent growth with private participation. This sector not only provides a protective shield to the lives and assets of the nation but also generate thousands of job opportunities. However, now many multinational companies have come into India with a wide variety of insurance schemes.
Job description of insurance agents:
In an insurance company person can take a job in and as:
1. Administration- deals with the registry of claims.
2. Accounts- deal with the management of funds and their disbursement.
3. Development - deals with marketing and procurement of business etc.
4. Investment - responsible for the investment of funds of insurance company.
Insurance agents, who can also be referred to as insurance sales agents, help out clients in choosing insurance policies that suit their needs. Captive agents work for an insurance company, and only sell that company's products. Independent insurance agents, or brokers, represent several companies. Many insurance agents also sell variable annuities, mutual fund and other securities.
Entry and eligibility for insurance career:
To pursue a career in the insurance industry, one has to pass the entrance examination conducted by the Actuarial Society of India. The eligibility criterion for recruitment to both the LIC and GIC is the same. An AAO (Assistant Administrative Officer (class I officer)) must be a graduate/postgraduate in any subject with minimum of 50 percent marks, from a well recognized university or institute. The age of the candidate’s should be between twenty-one and twenty-eight years. An insurance surveyor, to be qualified to hold a license, should fulfill one of the following qualifications:
1. Degree or diploma in naval architecture.
2. Degree of diploma from a recognized engineering institute.
3. Fellowship of associateship through the exam held by the Institute of Insurance Surveyors and adjusters (IISA), Mumbai.
Job prospects and remuneration in insurance career:
In both government and private sector there are plenty of jobs in the insurance sector today. Candidates who are multi-lingual and those who have a strong understanding of relevant technical and legal terms will have the best chance of getting hired.
The pay scale in the government sector is as per government rules depending on each position. In private sector, starting salaries are in the range of Rs 6000 to Rs 9000 per month, where management graduates can start with Rs 15,000 to Rs 25,000 per month.