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Career In Insurance Sector Part - 2
Author : anirban d
(A) Underwriting
Underwriters assess the risk in the business and take care of risk management. Normally life insurance companies prefer people with medical or a life sciences background for this job. For the general Insurance companies, people with finance backgrounds are preferred.
1) The Job
a.) Evaluate customers’ financial status. Examine earnings, savings, debts, and payment history.
b.) Use a computer to calculate different measures of financial well being
c.) Recommend an insurance plan based on the financial status of the customer
d.) Determine how much risk is involved in Insuring the customer
e.) Talk to customers to check that all information is correct. Revise information as needed
f.) Find accounts that have not been paid premiums and forward them to retention units; and
g.) Exchange credit information with credit associations and similar businesses.
2) Personality traits
a.) Reasoning and problem solving ability
b.) Good usage of mathematics and science
c.) Good time management
d.) Work well under pressure
e.) Good at team work
f.) Sharp mind
g.) Good awareness regarding updates and latest information related to respective reports
3) Salaries
a.) Entry-level salary is around 6 lakh p.a.
b.) Senior Underwriters or Head of Unit earn more than Rs.20 lakh per annum.
(B) Marketing and Distribution
Marketing insurance product is like marketing any other financial product, which requires a push. Marketing therefore would require specialization. MBAs and those with experience in marketing and finance fields can pursue this opportunity.
4) The Job
a.) Marketing and procurement of business.
b.) Business promotion.
c.) Fund management and disbursal.
d.) Overall development and sale of insurance policies in the allotted territorial jurisdiction.
e.) Recruitment and training of agents for the procurement of new business and the servicing of old policies.
5) Personality traits
a.) Friendly, out going person, sociable and articulate
b.) Ability for assessing the market
c.) Interested in meeting people to explain to them the various policies and schemes of the Insurance Company.
d.) Leadership skills
e.) Team-Worker
f.) Ability to work under pressure
g.) Patient
6) Salaries
a.) Entry-level salary is approx Rs 2 lakh per annum after a UG degree & Rs 5-6 lakh after a PG degree. A substantial part of the remuneration is in the form of incentives on targets achieved.
b.) Head of Marketing earns approx 50- 60 lakh per annum.
(C). Operations
This is the department that books the policies on the systems of the insurance company. The insurance sector requires IT professionals for elaborate databases, network solutions and for in house packages etc. and these are also a part of operations.
7) The Job
a.) Registry of claims within permissible financial limit
b.) Policy making
c.) Filing official returns
d.) Creating and sending reports and statements to higher regional offices
e.) Auditing all policies
f.) Booking of the policies on the system.
8) Personality traits
a.) Innovative
b.) Sound Financial Skills
c.) Leadership skills
d.) Ability to work under pressure and deadlines
e.) Attention to detail and meticulous
f.) Ability to work in a structured environment
g.) Analytical mind
h.) Project management skills
9) Salaries
a.) Entry-level salary is approx Rs 2 lakh per annum after an under graduate degree & Rs 5-6 lakh after a post graduate degree.
b.) Head of Operations draws a salary of approx 50- 60 lakh per annum.
To know more about other relevant information about Career in Insurance, read the Third Part (3) of this article.
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 and Finance Courses
Article Source:
Articlebliss
Tags: Insurance course, college of insurance, insurance colleges
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Submitted : 2010-01-12 Word Count : 501 Popularity: 195