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Insurance Industry As A Career Option
The Insurance Industry is one of the most important key industries in the finance sector. This is where so many people are continuously investing their money in order to secure their future life. In the Insurance Industry, there are so many top insurance companies in the world which offers their services to their prospective clients. The growth which we are seeing in the Indian Insurance sector is exceptionally high with private participation. There are so many people which are still uninsured and under-insured. There is increase of numbers in terms of population among the middle-class people. The growth in GDP is continuous as well as persistent.
There is not much awareness among people about the importance of several different insurance like life insurance, personal accident insurance, households insurance, shopkeepers insurance, and rural insurance. The insurance of Motor insurance policy which is compulsory is also not renewed by other vehicles owners in view of ignorance regarding its compulsory in nature throughout the whole period of ownership of motor vehicles.
The insurance policies is a kind of subject which is related to the studies of risk management protection from financial loss. Career in the insurance sector will help one to understand strategies related to management and marketing that will help to ascertain their want and need through their skilled talents. The job as an Insurance Agents is to sell property, health, life, or car insurance to different individuals according to someone requirements. Insurance Agents that represents an Insurance company, they sell insurance policies to different clients.
Insurance Agents gives some advise to individuals or different companies regarding to select the right insurance protection policy according to their requirements. This can move your existing skills and professional experience in order to build a strong professional network to research and target Insurance employers. The growth in the public sector we seen is exceptionally well due to digitization in moving towards a cashless economy. There are various work opportunities in the insurance industry.
These are the following various career option available:
Administrative officer and Assistant – This position is an entry-level in public sector insurance companies which provides promotion opportunities and have good salary package also.
Development Officer:- They are responsible for his territory for the development of insurance policies. This officer main responsibilities which includes are marketing & procurement of business, training of agents, meeting prospective clients and agents, promoting the policies & getting contracts.
Insurance Agents – They are the agents who represents an insurance firm and sells insurance policies on its behalf. In this, there are mainly two types of agents who reach the prospective parties that may be interested in buying insurance. These agents are captive as well as totally independents. They are the agents who may represents many insurance firms and receive commission for their services accordingly.
Insurance Surveyors – These surveyors also known as loss assessors are not any employees of any insurance companies. These surveyors works as independent persons possessing professional qualifications who are licensed by the Insurance Regulatory and Development Authority(IRDA) and also they do the work of survey and loss assessment of non-life assurance claims and get the suitable fees and expenses from insurance companies for the survey work done by them.
The qualifications which is required to become Insurance surveyors is that you should have a degree from recognized university in any branch of engineering, or a fellow or associate member of the Institute of Chartered Accountant of India or the Institute of Cost and Works Accountants of India, or possesses actual qualifications or holds a degree or diploma of any recognized university or Institute in related to insurance.
Actuary – The eligibility which is required in order to be appointed as an actuary in an insurance company is that you must have to be the Fellow of Actuarial Society of India. The demand for Actuaries has increased with the opening of insurance sector.
Underwriter – They are executive who are responsible for scrutiny, assessment as well as acceptance of proposals for insurance. To become a underwriter, you must have an associate diploma in relevant branch from insurance institute of India and some professional experience and training may prove to be a good underwriter in the long run.
These are the following skills you must have in having a successful career as Insurance agents :
• You must have the ability to sell in the market. This is one of the key skill that any insurance agents will require is the ability to sell or market products to their clientele. Agents should possess the ability to ethically sell their services as well as products and must have convincing power to the prospective clients of the benefits of availing their services.
• As an Insurance Agents, you required to have strong communication skills. This is important key skills of an Insurance Agents which is to inculcate good communication skills.
• Agents must have good ability of listening. To provide the best services as well as products to the client, Agents must listen and understand their issues and needs.
This insurance sector has become one of the top industries in the economy because of the variable offers and services provided by organisation in the field. So, for those aspiring candidates who wants to join the domain of insurance, the employment opportunities are huge. The salary in thus industry is in the range of 10,000 to 12,000 per month and then according to the experience, salary will increase.