The expanding scope of career in Insurance market has provided a plethora of job opportunities. Depending on their skills and qualifications, anyone can find rewarding employment in the Insurance sector.
Life is fraught with dangers. Take a look around, whatever we see is at risk. That swiftly moving car may meet an accident at the next turn. That healthy kid playing in the park may next day come down with a life-threatening disease. That man leaving for his job may never return home. That old couple next door may not receive their next pension cheque due to market crash. Insurance is the tool to overcome any financial difficulties arising out of such contingencies.
Earlier Insurance was termed as a “necessary evil” but with the increase of risks in modern times the need for a risk-cover is needed greatly. To cover different types of risks, various kinds of Insurance products are being offered by companies.
With an increase in trade over the years and the awareness amongst the public, people in India are awakening to the need for Insurance. This expanding market has provided a plethora of job opportunities. Depending on their skills and qualifications, anyone can find rewarding employment in the Insurance sector.
There are both, Public Sector Companies (i.e. Government Owned) e.g. LIC, Oriental, GIC, etc. as well as Private Insurance Companies like ICICI Lombard, HDFC Life, Aviva, Max Life Insurance, etc. in India. Also, there are some Joint ventures between the Public and Private sectors like Bank of India and United Sompo of Japan, etc. Thus if you look at it closely and understand, a career in insurance could be the right career choice for you.
Job Opportunities
A career in insurance offers a plethora of opportunities for example in Public Sector Companies, there are mainly 2 divisions at lower management level i.e. Administration and Business Development.
- Administration looks after the back-end, day to day administration and smooth functioning of companies. Here, recruitment is done through competitive exams in 2 cadres, viz., Clerical and Executive (AAO).
- In Business Development, there are independent Insurance Agents who are not the employees of the company and work on a commission-on-sales basis. Development Officers, who are company employees are responsible for managing the network of agents.
- In the private sector, the minimum qualification for recruitment in administration is Graduation. Executive-level positions are held by professionals with degrees like MBA(Mktg), MBA(HR), CA, Law Graduates, etc. Private companies also work on the Agent-model.
Apart from these, a career in insurance could offer you various jobs like:
- Product Design and Risk Management: This is a high-risk job with a commensurate compensation package. Here, the preferred candidates are highly qualified professionals like Actuaries, CAs and MBAs from premier institutes.
- Claim Evaluation: This work is generally outsourced to Technical professionals from relevant fields. They are paid on a case to case basis.
- Legal: Being a litigation prone industry, the Legal section of an Insurance company is a very important section. It is responsible for representing the company in various forums, legal and statutory compliances, testing new products for legal validation, etc. Law graduates are preferred for this profile. A lot of legal work is outsourced too.
- Official Language Officer: In all Public Sector Companies Official Language Officers are appointed to promote the use of vernacular languages in day to day working and official correspondence. Preferred candidates are Masters’s degree holders in their respective languages.
Career Path
Salary Structure
Compensation in Insurance industry varies on the basis of skills and performance of candidates, however, a fair idea of popular average salaries offered in India and overseas is detailed below :
| Job Responsibility | Appx Annual Salary in India (INR) | Appx Annual Salary in USA ($) |
| Accounts Manager | 4,00,000 – 6,00,000 | 50,000 – 55,000 |
| Underwriter | 7,00,000 – 10,00,000 | 55,000 – 60,000 |
| Business Development Manager | 3,00,000 – 5,00,000 | 60,000 – 80,000 |
| Development Officer | 5,00,000 – 8,00,000 | – |
| Actuarial Analyst | 4,00,000 – 5,00,000 | 40,000 – 50,000 |
| Senior Actuaries | 10,00,000 – 25,00,000 | 1,00,000 – 2,50,000 |
| Other Operational Executives | 4,00,000 – 6,00,000 | 40,000 – 70,000 |
Top Indian Institutes
Almost every Insurance company recruits graduate freshers for various general management, sales, and marketing roles. However specialists are preferred for the roles of actuarial valuation and policymaking, claim loss surveys, risk underwriting, and other expert domains. Various institutes are imparting insurance educations in-country and abroad.
| Name of the Institution | Location | Courses Offered | Duration | Fee Structure | Website |
| Birla Institute of Management Technology (BIMTECH) | Noida | PGDM (IBM) | 2 years | 3-5 Lacs | www.bimtech.ac.in/ |
| Insurance Institute of India (III) | Mumbai | Agent and Surveyor Accreditation | 1-2 years | Up to 1 Lacs | www.insuranceinstituteofindia.com/ |
| Institute of Insurance and Risk Management (IIRM) | Hyderabad | PGDM | 2 years | 3-5 Lacs | www.iirmworld.org.in/ |
| Institute of Actuaries of India (IAI) | Mumbai | Actuary Professional Accreditation | 5-6 years | 1-2 Lacs | www.actuariesindia.org/ |
| Various Management Institutions like IIM’s, MDI, IIFT, IMT, etc | India | MBA / PGDBM | 2 years | 4-8 Lacs | – |
International Institutions
Insurance is an integral part of any successful business and hence insurance education is integral to all business academics curriculum. Separate topics covering major aspects of Insurance are taught in most of the MBA programs worldwide. All major countries have their actuarial institutes. Some of these institutions are :
| Name of the Institution | Location | Courses Offered | Duration | Fee Structure | Website |
| Chartered Insurance Institute (CII) | UK | Diploma and various certifications in Insurance | 1-2 years | $ 2000-10000 | www.cii.co.uk/ |
| Society of Actuaries (SOA) | USA | Actuary Professional Accreditation | 5-6 years | $ 10000-20000 | www.soa.org/ |
| Harvard Business School (HBS) | Boston | MBA | 2 years | $ 50000 + | www.hbs.edu/ |
| MIT Sloan | Sloan | MBA | 2 years | $ 45000 + | |
| Institute of Actuaries of Australia | Australia | Actuary Professional Accreditation | 5-6 years | $10000-20000 | www.actuaries.asn.au/ |
Conclusion
A career in insurance industry comes with a plethora of benefits including name, networking, wealth and satisfaction. Although neither a lost life can be reclaimed nor damage to any property can be undone, insurance nevertheless provides people with an option to rebuild their lives by ensuring financial stability even in critical times. With an increase in the worldwide economy, the scope of the insurance sector is set to grow by leaps and bounds. So don’t miss the bus!
Also Read:
- Career as a Risk Management
- Career as a Financial Planner
- Career as a Mutual Fund Agent
- Career in Economics
- Career in Equity insurance
- Career in Microfinance
- Career as Stock Broker
The iDC Editorial Team brings in a collective work experience of more than 25 years in diverse fields spanning from career counselling, management consulting, engineering, and technology to science, finance, and humanities. The team’s key competencies are in research and analysis of careers, jobs, and industries. The team boasts a few best-in-class writers on careers and education.
