Career In Insurance Sector
Insurance is a mutual agreement done between the insurer and insured (policyholder). A policyholder pay a small or certain amount of fee known as premium on a monthly or annual basis, which turn into huge amount in case of adversity. It is a way of managing risks and provides financial aid or security against risk of loss, damage or theft.
Most of the people are still uninsured and under insured due to less knowledge and awareness among them. There are 50–60 companies which includes 30 Life Insurance companies and around 30 General Insurance companies. Insurance sector is unexpectedly growing these days. This sector provides ample employment opportunities for people with strong skills, talents and selling skills.Insurance sector is unexpectedly growing these days. This sector provide ample employment opportunities for people with strong skills, talents and selling skills.
Expert Guide
Shri Vikram Johar, a Director- International Affairs of Protocol Group was invited to guide students about diverse career opportunities in Insurance Sector. He started his own company around 20–30 years ago and presently, there are 300 employees are working with him in his company. He is B.Tech in Mechanical engineering from NIT Kurukshetra with over 28 years of experience in Insurance, he is a director-international Affairs of Protocol Group which is the second largest Insurance support service provider in India.He shared his insights on a career as a commercial pilot with the viewers, which helped many in understanding this as a career.
Sir shared his views and experiences of this field and enlightened the students with his in depth knowledge.
The complete session is available on SDF’s Instagram and Facebook page. Check out the full session of our Instagram now👇
https://www.instagram.com/tv/CDG6mqKHZCa/?igshid=gbdy3oe51p7
and on YouTube: https://www.youtube.com/watch?v=OmkDo-D7AZs
Eligibility criteria
· A candidate should pass 10+2 education.
· Candidates have to pass entrance examination conducted by the Actuarial Society of India, Mumbai.
· License is required if one is interested in this field. A license can be achieved through training programmes.
Skills required
Skills required in this field play a major role for the individual to excel in their career. For a career in Insurance these are a few skills that an individual must possess.
EXAMS
Licentiate, Associate ship, Fellowship exams are conducted by Insurance Institute of India.
ABOUT LICENTIATE
· Licentiate is a basic level exam conducted by IRDA and Insurance Institute of India. This exam can be taken in Hindi and English on life and non life branches.
· This exam generally conducted two times i.e. April- May and other one in Nov-Dec.
· The registration fee is 700/- and one has to pay 500/- per exam.
· Candidate selection depends upon the credits secured in exam. Further, 120 credits are necessary to crack this exam. This particular credit can be achieved after attempting 4–5 exams.
· It is a multiple choice based examination. This exam is comprise of 50 MCQ with time period of one hour.
Who is Insurance Agent?
Insurance agent generally work for an insurance company and sell product of that company only. The limitation is he/she can sell product of one company only. In short, they cannot sell products of other Insurance company and also unable to compare prices & features of other products in the market. Insurance agents get salary from the insurance company and also get bonus according to their sales. Moreover, agents can sell 2 policies i.e Life insurance and General Insurance.
Who is POSP?
POSP is person of sale point, who can sell policies of various companies and able to compare the prices and features of other products. However, there is a restriction that the POSP can sell only limited products or policies such as personal line products, motor vehicles, health term life insurance and household policy.
There are some famous or well known brokers in market namely, Policy Bazaar, Group Bima, Re new Buy, Turtle mint and many other.
How to become a POSP?
A POSP should be 18 years old and 10 passed.
Adhar card, pan card, phone number and an e-mail id is required.
As per IRDAI regulation, a candidate should have to complete a 15 hours training session.
After that, if a candidate able to clear a 15 min examination he/she gets a POSP certificate.
Then, the some service centers helps and provide further training to people, who are new in this field. A Training includes how to approach client, product training, and also help to polish required skills to become a good POSP.
ABOUT COURSE
There are various course options are available for a student. The list below classified the courses at UG, PG and DOCTORAL degree.
BACHELOR’S DEGREE COURSES
BBA in Banking and Insurance
BBA in Insurance and Risk Management
BA in Banking and Insurance
B.Com. in Banking and Insurance Management
B.Com. in Risk and Insurance Management
BBA in Insurance Management
BBA in Finance and Insurance Management
MASTER’S DEGREE COURSES
MBA in Banking and Insurance
MBA in Insurance and Risk Management
MA in Banking and Insurance
M.Com. in Banking and Insurance Management
M.Com. in Risk and Insurance Management
MBA in Insurance Management
MBA in Finance and Insurance Management
DIPLOMA COURSES
PG Diploma in Banking and Insurance
PG Diploma in Insurance Management
PG Diploma in Insurance Management
Advanced Diploma in Insurance Management
Diploma in Insurance Management
Professional Diploma in Banking and Insurance
Advanced Diploma in Finance and Insurance Management
PHD PROGRAMS
PhD in Finance and Risk Management
PhD in Banking Practices
Top colleges
Private colleges
Government colleges
Job Opportunities
The salary in insurance sector depends upon various factors such as type of organization, (public/ private) location of job. It also depend upon skills of a person. The average salary of a person starts from 15 thousands to 50 thousands based on the required skills and experience.
Top recruiting companies
The insurance sector is continuously rising up. The employment of insurance brokers and sales agents are growing day by day. Insurance is the backbone of the global economy. The opportunities and future scope is wide and going to rise much higher in the coming years. One can follow his/her dreams in this particular field and grasp new learning every day. Shashi Dream Foundation wishes all the best to the ones seeking a career in this field.
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