Introduction of Insurance
Insurance is a deal between the insurer and the insured, where the present pays a fixed amount of money known as the premium on a monthly or an annual basis. The former give a large amount of money would be paid to the insured person in case of an adversity. Insurance is a better option and it helps bail out of risk situations like someone in the family dropping sick or in case of an accident or robbery. Insurance firms have different policies for almost any kind of context one could imagine. The most top forms of Insurance policies sold by firms are Travel Insurance, Life Insurance, Health or Mediclaim Insurance, Vehicle Insurance and Home Insurance. There are numerous government bodies viz. Life Insurance Corporation, National Insurance firm and private firm such as Max New York, ICICI Prudential, Bajaj Allianz, Birla Sun Life, and Tata AIG amongst others, which sold the Insurance policies.
Various Roles, various Names
Insurance can sell with various names but ultimately the aim is to insure someone against untoward incidents like thefts, accidents and natural calamities. The various types of insurance policies contain Life Insurance, Health and Mediclaim Insurance, Vehicle Insurance and Home Insurance to name a few.
Market Watch
In the past some years, several popular Insurance firms such as ICICI Lombard, Max New York, Bajaj Allianz and others have come up with the latest policies to charm the buyers. Most of the policies are credible and of benefit to people. The market has only viewed an upswing for the Insurance field except at the time of the slowdown of 2009, when there was an exceeding decline in financial position of all top firms.
International Focus
Insurance is a very popular process of securing one’s assets, finances, properties and life. The field is highly trusted and systematic in advanced countries like the United States and the United Kingdom. In India, the systems are enhancing and will take some time to obtain importance. However, firms such as LIC (Life Insurance Corporation of India Ltd.) and GIC (General Insurance Company of India Ltd.) are 2 of the most trusted firms. Besides these, all private firms work under the Insurance Regulatory Development Authority (IRDA) Act.
Positives/Negatives
+ives:
The industry enhance is on an upsurge. The opportunities are rising day by day for people with strong people talents and selling skills.
The overall industry enhance is assumed to touch an all-time large in the coming years. Insurance is shows as the career of the future for the candidates etc.
There are numerous professional institutes like NIA in Pune that offer excellent courses in Insurance for candidates. Besides, there are collages such as Birla Schools and ICFAI that offer different courses to candidates, both in regular and distance education-wise.
-ives:
The candidates or Insurance professionals need high convincing talents to persuade public in buying insurance policies. Sometimes, this may be disfavor.
There are several firms venturing into this business Day by day. For instance, Reliance is one recent firm to have ventured into Insurance business field. Due to this, sometimes it may be very difficult to trust the reliability of the organisation.
Step-by-Step
As a candidate, you may want to pick up Insurance as a career after your graduation. However, a few candidates prefer to pick up the subject after 12th standard itself. Several firms these days provide part-time jobs to candidates after school. Although, it is recommended that you complete college and then follow a Master’s in Insurance Management to be absolute with the subject.
The following list is the course content that a Master’s Degree in Insurance broadly provides;
- Principle and Practice of Life and General Insurance
- Life and Non Life Insurance Domains
- Insurance Laws
- Life Insurance Underwriting and Risk Management
- Liability of Insurance and Life Insurance Claims
- Reinsurance and Life Insurance Products
The aim and objective of this learn is to introduce you thoroughly to the different facets of Insurance.
Start Early
If you have a taste for people skills, selling talents and are passionate about solving people’s issues and given them financial security, and then Insurance is your way. However, you should not choose Insurance as a career alone for the aim of making money. Instead, the importance of Insurance the real world must be understood at the very outset.
Is it the Right Career?
As a candidate, in college or after having finished school, if you feel that you have good selling talents and people skills, then Insurance most absolutely is the correct subject for you. You may enter into one of the popular Insurance firms as an Insurance Agent or a Sales Executive- Insurance. For this, you will need to pass the agent exam organized by IRDA (Insurance Regulatory Authority of India). After employing for a few years you can search forward to become an Insurance Manager.
There are primarily 2 skills required for picking up Insurance as a career choice: First is the capacity to easily befriend public. The second important talents required is the capacity to see their issues clearly and make them understand the needs of insurance. You can plainly explain to them that Insurance given a safe cover for any untoward incident that may occur in the future. At least in terms of money, Insurance can secure the people.
Pay Packet
The pay packet of a fresher in an insurance firms varies almost from Rs. 10,000 to Rs. 30,000. For higher positions, you may get up to Rs. 1 lac per month. If you have clear out of prestigious B-Schools after finishing your Master of Business Administration in Insurance, you may hope a higher salary during the beginning job itself.
What would it Cost?
The average yearly fee of the MBA Insurance program can change from Rs 1.0 lac to Rs2.0 lacs based on the university and school you opt. Some of the best Insurance collages in India contain NIA, ICFAI and Birla Institute of Management besides numerous others which offer distance education courses, regular courses and diploma programs as well.
Funding/Scholarship
There are no special loans available for Insurance courses singly as such. However, working professionals may learn through their firm sponsorships. Similarly, education loans is up to Rs. 7.5 lacs are attainable through banks like State Bank of India.
Job Prospects
The job opportunity for an Insurance professional are rising day by day. You may enter as an Insurance agent where your main responsibility would contain selling insurance policies to the public. For this task, you would be provide target amounts, which you will have to obtain through premiums. On a commission basis, you will be compensated in turn. Other jobs contain Sales Manager- Insurance wherein you would manage a team of Insurance agents for selling Insurance policies. Besides, you may enter as an Insurance Underwriter also.
Demand and Supply
Insurance professionals are huge in demand these days. On the basis of statistics, only 14% of world population has been covered the Insurance professionals, which means that there is much potential in the 86% population that is still unused. So basically, the demand is much larger when compared with the supply. What is required is people with interest for the subject and business acumen. As they say that, “Insurance is a subject of solicitation”. So clearly, numerous revenue can be generated using this stream if the policies and systems are drop fair and correct.
Tips for Getting Hired
You may pursue the below listed tips to get choose as an Insurance professional after finishing your bachelor’s or master’s degree in Insurance:
- Check the websites of the top Insurance firms for the job openings and solicit for the same.
- Develop a good friend and contact circle to help their reference in future for negotiating in Insurance affair.
- Read necessary books on selling talents, business communication and business etiquette.
- Upgrade yourself with recent world Insurance scenario and new strategies that are being introduced.
- Update yourself with the different laws and regulations such as IRDA act and the following amendments that may be advisable to Insurance policies.
- Update yourself with the popular-notch finance firms and their stock exchange status so that you can design your selling and negotiating accordingly.
Top Companies
On the job front, according to random statistical information, the following are the popular 10 Insurance firms in India:
| Bajaj Allianz General Insurance | Birla Sunlife Insurance |
| New India Assurance Co. | Iffco Tokyo General Insurance |
| Life Insurance Corporation of India (LIC) | ICICI Lombard General Insurance |
| Oriental Insurance Co. | HDFC Standard Life Insurance |
| ICICI Prudential Life Insurance | Tata AIG General Insurance |
