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Insurance Industry: Growth market for Jobs

Insurance Industry in India though almost two centuries old, has only recently started showing signs of growth. The business of Life Insurance in India started in the year 1818 with the establishment of the Oriental Life Insurance Company in Kolkata. From 1818 till 2000 the journey has been slow. According to Insurance Regulatory and Development Authority (IRDA), Insurance Industry till the end of the last century comprised mainly two players (both being the state insurers), namely :

  1. Life Insurance Corporation of India (LIC) ( Life Insurers), and
  2. General Insurance Corporation of India (GIC) ( General Insurers).

The growth phase started from this period onwards. The fact is supported by the data

revealed by IRDA. The data states that within a year i.e. 2000-2001, the industry had 16 new companies. Presently the number of players in the market has gone up to a figure of 22.

Insurance business is divided into four areas:

1) Life Insurance

2) Fire Insurance

3) Marine Insurance and,

4) Miscellaneous Insurance .

Life Insurers transact life insurance business, General Insurers transact the rest. No combinations are permitted as per law.

International insurance giants like Daimler Chrysler are now joining the existing band of public sector players. Indian companies like Maruti, Reliance, Fiat and several others are all set to fuel a boom in the high-growth general insurance which is opening up in a big way in India. All these developments have opened up a sea of jobs in this sector.

The industry now requires professionals in diverse disciplines such as marketing, distribution, operations, accountancy, human resources, customer service, auditors, software programming, technical and medical experts, agents, actuaries, underwriters, risk managers and surveyors to name a few.

The entry of Private Indian as well as foreign companies, along with existing players (LIC and GIC), has added variety and quality to the present insurance services. This has also led to the creation of a vast range of new employment opportunities. Employment avenues are now open in corporate sector, stock broking firms, finance companies, shipping companies etc.

Job options in both the public and private sector include:

  • Insurance Agents: An insurance agent is a person who takes up agency from the insurance company to sell their policy on a commission basis. He acts as an intermediary between the insurance company and the policy holder. But before doing so, he has to undergo training and get a certificate of proficiency from the insurance company.
  • Financial Consultants: Agents can graduate to serve as Financial Consultants, who offer a complete range of insurance solutions.
  • Insurance Surveyors: They are qualified professionals deputed for the assessment of losses. Their job is to assess the actual loss and avoid false claims filed by the insured and on the other hand help the insured who has suffered a genuine loss by indemnification of the loss.
  • Actuarial jobs: An actuary holds one of the most important positions in an insurance business. He is involved in solving wide range of financial problems related with insurance investments, financial planning and management. Graduates in maths or statistics are suited for this kind of a job because the work is based on mathematical and statistical skills. It will definitely make one of the highly paid career options.
  • Underwriters: Underwriters assess the risk in the business and take care of risk management. People with medical or life science background are preferred.
  • Marketing and Distribution: Degree holders with specialization from reputed institutes and those with experience in marketing and finance fields have bright opportunities in the insurance sector.
  • Operations: The insurance sector will be requiring InfoTech professionals for elaborate databases, network solutions, and for in house packages etc.
  • Investment Experts and Analysts: Like banks and mutual funds, investment professionals will be required in insurance sector as well. Professionals with degree in finance from reputed institutes as well as experienced professionals from banks and mutual funds have a promising career to look forward to.

The jobs available in the government arena are:

1. Administrative Officer and Assistant Administrative Officer:

Administrative Officer (AO) and Assistant Administrative Officer (AAO) belong to the class I officer group. The job begins with the candidates joining LIC and GIC on a probation-cum-training period of 6 months. AAOs can choose any of the areas from Administration, Development and Accounts. After 3 years of working as AAOs they can be promoted to AOs.

2.Development Officer :

The Development Officer belongs to class II officer group. They are in charge of their territory for the development of the insurance policies.

The Insurance Sector in India has just begun to reveal its potential and with its growth graph constantly showing an upward trend, it may become one of the most sought after careers in future.

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