Insure your future

Updated on: Monday, November 02, 2009

Today the Life Insurance Corporation of India (LIC) is not the only option for those who want a career in the insurance industry. There is no dearth of private players like HDFC, ICICI, Kotak Mahindra and Birla Sunlife who have all set up offices in India. So the prospects of getting a good job in insurance have increased and for those of you who are interested, over 5 lakh jobs have been created over the past few years — with the trend on the upswing.

So, what is it you could do in this sector? But first things first. A job in insurance involves helping people and businesses manage risk. It also means that you will have to anticipate potential risk problems.

Whether you work as a customer service representative, an actuary, an agent or an insurance surveyor, this is rewarding work that can be very lucrative.

Clients will want you to explain their options, you will get them to purchase the appropriate policies and manage their finances so that they and you, make money at the end of the day.

Both the LIC and the GIC recruit graduates for the posts of Assistant Administrative Officers (AAO Class I officers). You must be between 21 and 28 years, a graduate/postgraduate in any subject with a minimum of 50 per cent marks, from a recognised university. Recruitment is through an All-India level exam on the lines of an objective test, which tests intelligence and quickness of response rather than just memory.

If you are selected, you will be called for an interview after which you will be sent to a training centre for about six months.

Here is a quick break up of the requirements for the following options…

Insurance Agents: Recruitment age — 22-35 years. Graduates are preferred.

Insurance Surveyor: You need to hold a license so you must have either a Fellowship or Associateship through the exam held by the Institute of Insurance Surveyors and Adjusters (IISA), Mumbai. Or a degree or diploma in architecture from a recognised University or Institute. Or you must hold a Fellowship or Associateship of the Institute of Chartered Accountants or Cost and Works Accountants. Or then even a degree or diploma from a recognised engineering institute or a degree or diploma in naval architecture.

Marketing and sales: Private insurance firms take in management graduates for the above posts.

Actuary: This involves analysing the financial consequences of risk. The job profile includes product design, policy pricing, asset liability management and also certifying the financial position of the company. You will have to use maths, stats and financial theory to study uncertain future events. Prospective candidate should take a course in Actuarial Science. This is a three-year degree course offered by some universities. There are also short term courses on offer. The highest qualification for a career in insurance is that of a Fellow of the Institute of Insurance, London.

Insure your future

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