Insurance Career Opportunities in the Insurance Industry

The insurance industry in India offers a lot of opportunities for employment in the insurance sector. Read out the opportunities available in the insurance sector.

 

Insurance Actuary

Actuaryship will be one of the most sought after profession in the days to come. In India, there is a real dearth of actuaries and their number can be counted in hand. The requirement is such that the insurance companies are forced to bring actuaries from outside India.

The actuary’s skills in analysis and modeling of problems in finance, risk management, and product design are used extensively in the areas of insurance, pensions, investment and more recently in wider fields such as project management, banking, and health care. Within these industries, actuaries perform a wide variety of roles such as the design and pricing of the product, financial management, and corporate planning.

Actuaries are invariably involved in the overall management of insurance companies and pension, gratuity and other employee benefit funds schemes; they have statutory roles in insurance and employee benefit valuations to some extent in social insurance schemes sponsored by the government.

Individual Agent/Advisor

Any Person after qualifying the minimum criteria laid down in the IRDA Act can become an insurance agent/advisor. The individual agent processes business in his name and he can take agency for one life and one non-life company. For taking an insurance agency the candidate must directly approach the insurance company where he wishes to join.

The insurance companies will bear the cost of the training. On the successful passing of the exam, the person will be awarded a certificate, based on which he will get the license from the insurance company to work as an agent and procure business for the company. IRDA has issued guidelines for licensing of the insurance agents. www.irdaindia.org

Work as Corporate Agent

As compared to an individual agent, only companies can apply to become a corporate agent. The Company processes business in his name and they can take agency for one life and one non-life company. For taking Corporate agency the companies must directly approach the insurance company where they wish to join.

The insurance companies will bear the cost of the training course. The Corporate Agent may appoint persons for soliciting business on its behalf The person so appointed must be trained as per IRDA norms. IRDA has issued guidelines for licensing of the Corporate insurance agents. www.irdaindia.org

Employment under Brokers

Brokers are the new set of intermediaries that have been allowed to operate in the Indian market. A Broker can work for all the life and general insurance companies at a time. The brokers have to maintain minimum capital as prescribed for different categories and have to follow stringent regulations.

Brokers are the representatives of the consumers. In India, the broking concept is limited and is in its nascent stage. In developed countries, the brokers are as big as insurance companies and they undertake all activities from underwriting to a settlement of claims. In India, the brokers have been given limited roles of basic procurement of business and helping the clients in settlement of the claim.

Similar to the insurance company the broker firm also have underwriting, claims, accounting, marketing department. A person having technical knowledge in the insurance field can get a job under brokers. IRDA has issued guidelines for obtaining an insurance broker’s license.

Employment under TPAs

The Third Party Administrators are also a new concept in India. The TPAs act as a link between the insurer, consumer and the medical services provider to facilitate the consumers in availing the insurance benefits. The TPAs have tie-ups with various hospitals and provides cashless services i.e. the insured need not pay any money at the time of claim and TPA directly settles the claim with Insurers and the hospitals.

A person may get a job under a TPA to administer its operations.

Act as Surveyors

Surveyors are independent professionals licensed by IRDA. As per Insurance Act all the claims above Rs.20000/- must be surveyed by an independent professional. The Insurance Companies on receipt of any claims appoint the surveyor to assess the loss and submit a report quantifying the claim payable under the policy.

Any person wishing to become a surveyor must pass an exam, get training for one year under the A or B category surveyor for one year and get himself categorized as per IRDA norms. There are 3 categories of surveyor A, B, C. The categories are being awarded by IRDA depending upon the experience. A surveyor can work with any number of insurance companies.

Join in any Corporate Body as Insurance Manager

The Corporate Bodies having a good premium portfolio usually appoint an insurance manager to look after the insurance requirements of the company. The job of the manager is to look after the safety measures adopted by the company, procure the best possible insurance rates for the company and ensure speedy settlement of insurance claims.

Insurance Faculty

After the opening of the insurance sector, IRDA prescribed norms for the training of the insurance agents, brokers, surveyors. For meeting the huge demand a large number of training institutes sprung up. These institutes require experienced/qualified faculty for taking classes on insurance. The faculties are in huge demand and there is a real dearth of good faculties.

The faculties are also employed by Insurance Companies to train their advisors about the products of their company.

Valuation, Risk Inspection, Supervision jobs

For taking insurance policies the property must be valued to estimate the sum insured. This is usually the job of underwriter but in large insurance proposals, the company asks for a valuation report. Similarly, persons are required for inspection of risks.

Information Technology Industry

To meet with the IT demands of the insurance companies and the intermediaries the company producing computer software requires technical experts on insurance to help them in developing software on insurance for insurance companies, brokers, agents, surveyors, etc.

BPO Industry

The BPO industry in India is expanding in a big way in India. The Insurance companies outside India are outsourcing their operations into India for servicing of their policyholders. The BPO service providers require a technical and experienced person having insurance knowledge to cater to the client’s needs.

Insurance Consultant

With the multiplicity of insurance companies, intermediaries, the demand for insurance consultants are bound to grow. Any person or company going for insurance will be confused as to which company or intermediary to select. The consultants will help them to solve the problems and assist them in the settlement of insurance claims.

Bancassurance

Bancassurance refers to the process of selling of Insurance by the bank. The banks undertake distribution of insurance products through their channels instead of commission.

Banks have a qualified database and a loyal customer base which they can use very effectively to sell insurance products. Banks are in a better position to advise and pursue their customers to go for requisite insurance as per their needs. Banks will require technical persons in insurance to handle their business.