Career in insurance sector
5. Actuarial Science is mainly offered as a three year degree course by some universities, or as one of the subjects of a degree programme.
The
insurance sector in India is growing at a great pace. After post liberalization
scenario, more and more foreign companies are coming to India for setting up
their businesses. As a result the insurance sector has become a big employment
generator. In fact, the estimated requirement for trained professionals is
expected to be more than 30,000 over the next two to three years.
The major government companies are Life Insurance Corporation of India (LIC), General Insurance Corporation (GIC) and Postal Life Insurance. LIC deals with insurance of life while GIC deals with any other type of insurance. In recent years, many private companies including HDFC, ICICI, Kotak Mahindra and Birla sunlife have setup office in India, hence the prospects of getting a good job in insurance company has increased a lot.
The major government companies are Life Insurance Corporation of India (LIC), General Insurance Corporation (GIC) and Postal Life Insurance. LIC deals with insurance of life while GIC deals with any other type of insurance. In recent years, many private companies including HDFC, ICICI, Kotak Mahindra and Birla sunlife have setup office in India, hence the prospects of getting a good job in insurance company has increased a lot.
Type of Job Prospects –
1. In offices in one of the areas of insurance like life insurance, general insurance and postal insurance.
2. As Agents
3. As an Insurance Surveyor
4. As an actuary who calculates insurance risk, premiums and pension programmes
5. As development officers and in government companies
6. As Managers in private insurance companies
7. In an insurance company person can take a job in and as:
· Administration - deals with the registry of claims.
· Development - deals with marketing and procurement of business etc.
· Accounts - deals with the management of funds and their disbursement.
· Investment - responsible for the depositor investment
Eligibility-
1. For agents and lower jobs in offices the minimum requirement is 10+2 from a recognized board. 2. For development officers and AAO(Assistant Administrative Officer (class I officer)in government companies like L.I.C. and G.I.C. one should have graduate degree. An all India competition is organized by the institutions. 3. In private sector insurance companies the person should hold M.B.A. degree preferably in marketing or in insurance. 4. An insurance surveyor, to be eligible to hold a license, must fulfill one of the following qualifications:
1. In offices in one of the areas of insurance like life insurance, general insurance and postal insurance.
2. As Agents
3. As an Insurance Surveyor
4. As an actuary who calculates insurance risk, premiums and pension programmes
5. As development officers and in government companies
6. As Managers in private insurance companies
7. In an insurance company person can take a job in and as:
· Administration - deals with the registry of claims.
· Development - deals with marketing and procurement of business etc.
· Accounts - deals with the management of funds and their disbursement.
· Investment - responsible for the depositor investment
Eligibility-
1. For agents and lower jobs in offices the minimum requirement is 10+2 from a recognized board. 2. For development officers and AAO(Assistant Administrative Officer (class I officer)in government companies like L.I.C. and G.I.C. one should have graduate degree. An all India competition is organized by the institutions. 3. In private sector insurance companies the person should hold M.B.A. degree preferably in marketing or in insurance. 4. An insurance surveyor, to be eligible to hold a license, must fulfill one of the following qualifications:
- Fellowship of associate
ship through the exam held by the Institute of Insurance Surveyors and
Adjusters (IISA), Mumbai.
- Degree or diploma
in architecture from a recognized university.
- Fellowship or
associate ship of the Institute of Chartered Accountants of the Institute
of Cost and works Accountants.
- Degree of diploma
from a recognized engineering institute.
- Degree or diploma
in naval architecture.
5. Actuarial Science is mainly offered as a three year degree course by some universities, or as one of the subjects of a degree programme.
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