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| Career in insurance |
How to make a great career in insurance sector? How can you improve your career in the insurance sector? Which courses are there? How to get jobs on posts? You will get information about all these through this post.
Insurance or insurance is an agreement or agreement between the Insurer and the Insured Person under which the Insured Person pays a fixed Amount as a premium on a Monthly or Yearly basis, in return the Insurer promises that in times of trouble we will give you Will provide maximum assistance. Because in times of trouble, for example, at the time of illness of a family member or in case of an accident or theft, you can get a lot of help from the amount received from insurance, insurance companies have almost all of them separately for that situation. There are different policies that a person can imagine, the best policies sold by companies are - Life Insurance, Travel Insurance, Vehicle Insurance, Health and Mediclaim Insurance and Home Insurance, many Govt sectors like, Life Insurance Corporation LIC, N Ational Insurance Company and Private Companies like ICICI Prudential, Max New York, Birla Sun Life, Bajaj Allianz, Tata AIG and others companies sell a variety of insurance policy.
Step by Step:
After obtaining the degree of Graduation, it is considered good to adopt Insurance as a Career. But there are also many people who step into this sector only after passing 12th. At this time there are many companies that offer part time jobs along with studies, in which people also do part time jobs. Do your master's degree in Insurance Management only after obtaining graduation degree, then you will get a very good understanding of this sector and you will be successful in this sector in a very short time.
Phased process
Students can make a career in this field after graduation. However, some students prefer to join the insurance sector only after class XII. Nowadays many companies also offer part-time jobs to graduate students. Nevertheless, it will be best to take a masters degree in insurance management after college to get full knowledge of the subject.
The postgraduate course in insurance consists of the following subjects:
- Principles and Uses of Life Insurance and General Insurance
- Life insurance and non-life insurance sectors
- Insurance law
- Life Insurance Underwriting and Risk Management
- Insurance Liability and Life Insurance Claim
- Re-Insurance and Life Insurance Products
- The main purpose of this study is to introduce you to various aspects of the insurance sector.
Debut
If you have selling skills, people skills and you are always ready to understand the problems of the people and also provide financial help to them, then the insurance sector is best for you. But if you consider it as a means of earning money, then do not choose it as a career. The importance of insurance in the real world should be understood at the outset.
Is this the right career for me?
If you have ever felt that you have good people and selling skills during your student life or after school, then the insurance subject will be appropriate for you. You can start a career as an insurance agent or sales executive - insurance of a well-known insurance company. For this, you have to pass the agent examination conducted by IRDA (Insurance Regulatory Authority of India). After working like this for a few years, you can also become an insurance manager.
Insurance requires two types of skills to make a career - first, to make friends easily and second, to properly identify their problems and convince them of the importance of insurance. You can explain to them how insurance provides protection against any future accident. Insurance can at least provide protection to people financially.
What will be the cost?
According to the university and institute, the annual fees for MBA-insurance courses can be between 1 to 2 lakhs. ICFAI, NIA and Birla Institute are some of the best insurance schools. Apart from this, many institutes offer courses in insurance through diploma courses and distance education.
Scholarship
No separate loan of any kind is provided for the insurance course. But working professionals can get scholarship from their company for this course. Similarly, education loans up to 7.5 lakh rupees can be obtained from banks like State Bank of India.
Job opportunities
Job prospects for insurance professionals are increasing day by day. You can start a career as an insurance agent (insurance agent) where you have to sell insurance policies to people. For this you are given a fixed target which you have to fulfill by earning for the company as a premium. In return, you are paid a commission. Apart from this, the position of Sales Manager - Insurance is also important where you have to handle a team of insurance agents. You can also start your career as an insurance underwriter.
Pay scale
According to the company, from the beginning 10000 to 30000 rupees can be easily obtained. On reaching a higher position, you can also get a monthly salary of 1 lakh rupees. If you have done MBA in Insurance from a famous B-school, then you can expect a better salary scale in your first job.
Demand and supply
Now a days there is a lot of demand for insurance professionals. Today, only 14 percent of the world's population is insured by insurance agents, which means that 86 percent of the people still have no insurance of any kind. Hence demand is much more than supply. Today this area needs people with a keen and business vision. Since it is often said that "insurance is a matter of prayer", good income can be obtained through the right policy and a clean system.
Market watch
Over the years, many companies like Max New York, ICICI Lombard, Bajaj Allianz have come up with new policies to attract people. Most policies are reliable and for the benefit of the people. The insurance industry has always touched new heights, except in 2009, in which year almost all the big companies registered a decline in their income.
International performance
Insurance is the best means of securing financial condition, movable and immovable property and life. In developed countries like US and UK, this area is reliable and well-organized. In India, it is under development and is emerging rapidly. But two companies LIC and GIC are very reliable, apart from this, all private companies work according to the strict rules of the Insurance Regulatory Development Authority.
Positive / negative aspect
Affirmative
- Industry is on the path of development. The possibilities are increasing day by day for people with good people and selling skills.
- The insurance sector will touch new heights in the next few years, which will ultimately benefit the students pursuing careers in this field.
- Many good institutes are working in this field like NIA of Pune which offers excellent courses in insurance sector. In addition, institutions like Birla Institute and ICFAI offer courses in this subject through both regular and distance education.
Negative
- Students or insurance professionals should have a high ability to convince people about the policy and convince them to buy what can sometimes be disliked by people.
- Day by day new companies are making their debut in this area. Recently, Reliance has stepped into this field. Hence people are less able to trust these companies.
Role and Designation
Insurance policies can be sold under different names, but ultimately their aim is to protect the future in the event of a natural disaster, theft or any other accident. Some of the many types of insurance are life insurance, health insurance, home insurance, auto insurance etc.
Leading companies
The top ten companies providing employment opportunities based on optional statistical information are as follows:
Life Insurance Corporation of India, Bajaj Allianz General Insurance, ICICI Lombard General Insurance, ICICI Prudential Life Insurance, New India Insurance Company, IFFCO Tokyo General Insurance, Oriental Insurance Company and HDFC Standard Life Insurance.
Tips for employment
You can get a job after taking a bachelor's or master's degree in insurance with the following suggestions:
- Regularly checking the websites of good companies and applying for them at job openings
- Increase the scope of your friends and acquaintances that you can use in your insurance deal in future.
- Read the book to increase business practices, communication and selling skills
- Keep an eye on the global insurance scenario and new strategies that have not yet been launched in the country.
- Keep information about new laws and regulations like IRDA Act and amendments therein.
- Keep an eye on the big finance companies and their position on the stock market so that you can plan your bargaining and selling.
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