In India, as of now, the insurance sector is nationalised, Life Insurance Corporation of India (LIC) and General Insurance Company (GIC) render services along with its 4 subsidiaries. While LIC provides life insurance, GIC is concerned with non life insurance like – motor, marine, fire, health and personal accident insurance. LIC employs people in various departments – publicity and public relation department, development department, personnel department, accounts department, actuarial department, secretrarial department, legal department, investment department, inspection departmertmemortagages department, vigilance department, foreign department, corporate planning department, building department etc.
Nature of Work:
Around 1 lakh people are believed to be working in LIC in various departments. Apart from career opportunities available with LIC and GIC, employment avenues are also open in corporate sector, stock broking firms, finance companies, shipping companies etc. Now it’s just a matter of time before a number and variety of other employment opportunities open up, with the insurance sector welcoming private participation. This will lead to competition and create a totally different work environment. The various areas which are likely to absorb people include the following.
1. Actuarial : An actuary holds one of the most important position in an insurance business. He is involved in solving wide range of financial problems related with insurance investments, financial planning and management. Graduates in maths or satistics are suited for this kind of a job because the work is based on mathematical and statistical skills. In the coming times it will definitely make one of the highly paid career option in the insurance sector. Entry level salary is expected to be somewhere around Rs. 8 lakh p.a.
2. Underwriting : The life and non-life insurance segments require professional underwriters. Underwriters assess the risk in the business and take care of risk management. Normally foreign insurers prefer people with medical or life science background for this job and the same is likely to happen here. Marketing and distribution: Marketing insurance product is not easy at all. It is like marketing any other financial product, which requires a push. Marketing therefore would require specialization. Degree holders from reputed institutes and those with experience in marketing and finance fields can anticipate bright opportunities in the insurance sector. Even the role of agents will witness a radical change, they will moreover serve as financial consultants, who will offer a complete range of insurance solutions.
3. Operations : The insurance sector will be requiring Infotech professionals for elaborate databases, network solutions and for in house packages etc. Like other sectors, demand for database and software professionals is expected to grow in the insurance sector as well.
4. Investment : Like banks and mutual funds, investment professionals will be required in insurance sector as well. Professionals with degree in finance from reputed institutes as well as experienced professionals from banks and mutual funds will have promising career options to look forward to.
Eligible candidates are put through written tests in English and mathematics. On clearing the test, they qualify for the interview, which is conducted by the Board. Later on selected candidates have to serve as Apprentice for a period of one year.