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Insurance Jobs in India

Updated on August 15, 2012

Insurance Jobs

Jobs in insurance sector in India are continually on the rise as more and more people are becoming aware of the critical need to insure their life and properties. The insurance sector covers a wide spectrum and includes life insurance, health insurance, travel insurance, fire and theft insurance, marine insurance, transit insurance, motor vehicle insurance etc.

Jobs in insurance companies can lead to promosing careers for all finance professionals in India as there is a 15-20 percent growth rate per annum in the insurance sector in India, This apart, with the entry of private companies in both life and general insurance sectors, insurance jobs in India are available aplenty. Most insurance jobs in India carry attractive salary packages, handsome incentives and promising career growth opportunities.

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People aspiring for pursuing a career in the insurance industry can undergo a course in insurance management that will give him / her an edge in the job market. Insurance management courses are offered by several renowned institutes across the country.

Anybody can avail an insurance course after graduation. Some insurance management institutes in India conduct admission test while some other institutes select students for the course through CAT and MAT entrance tests. Experienced employees in insurance companies can also opt for insurance management programmes as there arer institutes that offer correspondence and part-time courses for working executives.

Careers in Banking and Finance and Insurance

Insurance companies deal broadly in four different areas - 1) Life insurance 2) Health insurance, 3) Property and 4) Accident insurance. Companies may specialize only in life insurance or in one or all the three types of above-cited general insurance coverage. Entry of many Indian companies as well as foreign companies has opened up job opportunities galore in the insurance sector.

In an insurance company, a person may take up a job in any of the following areas - Administration wing where employees deal with the registry of claims, Development wing where one is involved in marketing and obtaining new business, Accounts wing where professionals deal with the management of funds and maintenance of accounts, Investment Department where professionals are entrusted with responsibility for the investment of funds of the insurance company.

Besides there are inspectors who travel to places and inspect the client’s insured property and assess the damages and admit the claims. Any commerce graduate wishing to serve in the insurance sector can opt for the position of back office support.

If you are an extraordinarily intelligent person and adept in numbers, then you can opt to become an Acturial which is a coveted highly-paid job in the insurance industry. An actuary has the responsibility for solving a wide range of financial problems related with insurance investments, financial planning and management. Graduates in mathematics or statistics are best suited to become an Actuary.

It is the job of an actuary to collate and analyze facts, estimate risks and make decisions in financial planning. Actuaries are the kingpins who design insurance plans, determine the premium, monitor the profitability and recommend revisions from time to time.

Entry of many Indian companies as well as foreign companies has opened up job opportunities galore in the insurance sector. Apart from the government owned giant Life Insurance Corporation of India, the other prominent companies in the life insurance business are - Allianz Bajaj Life Insurance, HDFC Standard Life Insurance, Birla Sun Life Insurance, ICICI Prudential Life Insurance, Max New York Life Insurance, Metlife India Insurance, Tata AIG Life Insurance, Aviva Life Insurance Company, SBI Life Insurance and ING Vysya Life Insurance.

Apart from the government-owned New India Assurance, Oriental General Insurance, National Insurance and United India Assurance in the general insurance sector, the other prominent players are - Bajaj Allianz General Insurance, ICICI Lombard General Insurance, IFFCO Tokio General Insurance, Royal Sundaram Alliance, TATA AIG Life Insurance and Reliance General Insurance.


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