Career In Insurance Sector

Tuesday, 24. November 2009


Insurance professionals assist companies and individuals against risk and losses. Their main job profile is to manage the risk and to safeguard people from unforeseen losses. The field of insurance comprises functional areas to include formulation of insurance policies, administration, development, marketing, investments and accounts. Positions in the insurance company include sales representative, underwriter, customer service representative, asset manager, actuary etc. The major government insurance companies are: Life Insurance, General Insurance and Postal Life Insurance. 12 private companies, including HDFC, Birla Sunlife, ICICI, Max, and Kotak Mahindra are competing with the government’s monopoly in the field of insurance.

Eligibility, Entrance Exams and Courses:

The LIC and the GIC recruit graduates for the posts of Assistant Administrative Officer: Candidates must be between 21 and 28 years of age, graduates/postgraduates in any subject with a minimum of 50 per cent marks from a recognized university. The AAOs’ recruitment is through an All-India level exam (objective test) which tests intelligence and quickness of responses. Private sector firms and MNCs who have now entered the field, recruit graduates with MBA degrees specializing in Risk Management, Marketing and Sales. Candidates with a degree or PG diploma in insurance, actuarial science or insurance management are also in demand. Actuarial science is also offered as a three-year degree course by some universities, or as one of the subjects of a degree programme. Some universities offer insurance as a subject in BA course.

The basic qualification for MBA Course is graduation in any discipline such as B.Com, BA, B.Sc., BE/B.Tech. Also, Common Admission Test (CAT) is conducted by Indian Institutes of Management; Management Aptitude Test (MAT) by All India Management Aptitude Testing Service  New Delhi and Xavier Admission Test (XAT) by Xavier Labour Research Institute, Jamshedpur.


For details, please see their websites.

The Integrated Common Entrance Test (ICET) is conducted in Andhra Pradesh. Ranking candidates of ICET can apply for MBA courses in various universities and institutes of Andhra Pradesh. For details, see website <appsc.gov.in>

Top Colleges for MBA Courses:

  • Indian Institute of Management, Bangalore– Provides Post- graduate programs in Management, Software Enterprise Management or Public Administration.
  • Indian Institute of Management, Lucknow – Offers Post Graduate Program for Management students and working professionals.
  • Xavier Labour Relations Institute, Jamshedpur-Provides scope to pursue PG diploma in Business administration or Personnel Management and Industrial Relations.
  • Indian School of Business, Hyderabad- Candidates may apply for the Post- Graduate Program in Management here. ISB also offers a Pre-doctoral program.
  • SP Jain Institute of Management & Research, Mumbai-Offers several programs in PGD courses.
  • -Offers specialized Management Programs in Business & Public Administration.
  • Andhra University, Visakhapatnam (AP)-Provides wide-ranging advanced courses in all fields of Administration.

Career Opportunities and Job Prospects:

Even though this is still largely a nationalized sector, there are plenty of jobs in private companies, consultancy firms, stockbroker firms, and government services. Some of the job openings are listed below:-

  • Actuary
  • Claims Adjuster
  • Loss Control Specialist
  • Underwriter
  • Agent and Broker

Salaries:

There are no laid down benchmarks for the remuneration of Insurance employees. Salaries depend on their qualifications, abilities and communication skills.

As a general guide, in the private sector, starting salaries are in the range of Rs 5,000 to Rs 8,000 per month, while management graduates can start with Rs 12,000 to   Rs 20,000 per month.

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