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Career In Insurance Sector Part - 1
Author : anirban d
Insurance is a form of risk management primarily used to hedge against the risk of potential financial loss in exchange for a premium.
Insurance companies deal in 4 main areas:
1) Life insurance
2) Health insurance
3) Property and
4) Accident insurance.
Companies may specialize in life insurance or in one or all the three types of General insurance coverage.
Entry of many private Indian as well as foreign companies, along with existing players, in the insurance sector had added variety and quality to the insurance services. The other positive impact has been on the creation of wide variety of new employment opportunities. Till now employment in the insurance sector was considered akin to any government job, but now with private participation, it has assumed significant importance and has become an exciting career option.
(A) The Prospects
Best places to work include:
1.) Allianz Bajaj Life Insurance Co. Ltd
2.) HDFC Standard Life Insurance Company
3.) Birla Sun Life Insurance Co. Ltd.
4.) ICICI Prudential Life Insurance Company
5.) Life Insurnce Corporation of India
6.) Max New York Life Insurance Co. Ltd.
7.) Metlife India insurance Co. Ltd
8.) Tata AIG Life Insurance Co. ltd
9.) SBI Life Insurance Co. Ltd
10.) ING Vysya Life Insurance Co. Pvt. Ltd.
11.) Bajaj Allianz General Insurance Co. Ltd
12.) ICICI Lombard General Insurance Co. Ltd
13.) IFFCO Tokio General Insurance Co Ltd
14.) Royal Sundaram Alliance Co. Ltd
15.) TATA AIG Life Insurance Co Ltd
16.) Reliance General Insurance Co. Ltd
(B) Nature of Work
Insurance corporations perform various tasks with each department having its own set of responsibilities. The specifics of each type of job are mentioned below:
A. Actuarial
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 Mathematics or Statistics are suited for this kind of a job. Do Chartered Accountant Courses to get the eligible for these jobs.
(C) The Job
Actuaries are experts in:
1.) Evaluating the likelihood of future events;
2.) Designing creative ways to reduce the likelihood of undesirable events;
3.) Decreasing the impact of undesirable events that do occur;
4.) Product Development;
5.) Financial reporting;
6.) Pricing of insurance products;
7.) Special project studies to understand a specific industry type;
8.) Analysis of cost data and cost projections for the future;
9.) Coordination with Marketing, Underwriting and Sales units; and
10.) Tracking Legislative and regulatory changes.
Personality traits
1.) Being comfortable with numbers
2.) Sound Computer Skills
3.) Understanding people's security related needs
4.) An analytical approach
5.) Good general awareness
6.) Strong business knowledge
7.) Good Communication skills
8.) Understanding of human behavior
9.) Good time management skills
10.) Quick thinking and adaptability
(D) Salaries
1.) Entry-level salary is approximately Rs. 8 lakh p.a.
2.) Salaries at senior levels could range between Rs. 30 and 50 lakh per annum.
Author's Resource Box
Anirban writes on behalf of Shiksha.com.Shiksha is a portal that connects education seeker with education provider.Shiksha provides information about Insurance Courses andFinance Courses
Article Source:
Articlebliss
Tags: insurance course, college of insurance, insurance colleges
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Submitted : 2010-01-07 Word Count : 440 Popularity: 82