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Career opportunities in Insurance Sector

The globalization of the Indian economy and opening up of the insurance sector has opened new doors to private competition and the new and improved insurance sector today promises several new job opportunities. With private players now in the field, there will be innovative products, better packaging, improved customer service, and, most importantly, greater employment opportunities.

There are a number of options to choose from for a career in Insurance. An insurance company will have openings in the marketing, distribution, actuarial, underwriting, operations and investing departments. Though some jobs like investing, marketing and distribution are the same in any other industry, actuarial and underwriting jobs are exclusive to the insurance industry.

Actuaries
Underwriter
Surveyor
Investment
Marketing & Distribution
Third Party administrator
Insurance investigation and fraud detection

Learning Grounds:
Following institutes offer specialized training and courses in the areas of insurance and reinsurance:

Insurance Institute of India

National Insurance Academy, Pune

Actuarial Society of India

Apart from the above, certain universities and colleges also offer courses in the field of insurance and actuarial sciences which are much in demand.

Job Prospects:
Insurance is the new sunrise industry and a large number of openings are generally available. A plain graduate in the area of marketing and sales an expect anything between 8000/- to 15000/- per month plus incentives to begin with. Highly qualified professionals in the area of actuarial science are much in demand and command a very lucrative career. Their starting salary is the region of 50000/- and more per month and rises as more and more experience is gained. Most of the companies pay a very good premium to the qualification and offer incentives to retain the right people. Also the salaries rise exponentially with right kind of experience and qualifications.

Insurance is a very good career option for those who want to be part of the tremendous growth story being seen in the sector. The good thing is that jobs are aaiable

is a tremendous potential for an actuary not only in India but also worldwide, given that, the regulations now prescribe that every company must have an appointed actuary. The actuary, basically is a mathematician, statistician, who works out the premium rates, the product design, and infact, he decides on the solvency margin of insurance companies. We have an Actuarial Society of India in Bombay which conducts these professional examinations and currently, more than 1200 members are pursuing this education.”

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