Fees for Career in Insurance?
The average annual fee of MBA Insurance program is Rs. 1 lakh to Rs. 2 lakh which depends on the selection of your university or school. There are some good insurance schools in India – ICFAI, NIA and Birla Institute of Management and there are many other schools that offer various distance education courses, diploma programs and regular courses as well.
In fact, separate loans are not provided only for insurance courses. But, professionals can study through their company’s sponsorships. Similarly, through banks like State Bank of India, Rs. Education loans are made available up to 7.5 lakhs.
Job prospects Career in Insurance
The job prospects for an insurance professional are increasing day by day. You can work as an insurance agent and your main job will be to sell insurance policies to the people. For this work, you will be given a target amount which you will have to earn through premiums.
In return, you will be given a commission. Other jobs include Sales Manager – Insurance under which you have to handle a team of insurance agents to sell various insurance policies. Apart from this, you can also work as an Insurance Underwriter / Underwriter.
A fresher in an insurance company can get a pay package of around Rs.10,000/- to Rs.30,000/-. In higher positions, you can pay Rs. 1 lakh can be earned every month. If you have obtained a Master in Business Administration degree in Insurance from a reputed business school, then you can expect to get a decent salary in your first job itself.
Demand and supply
Insurance professionals are in high demand nowadays. According to statistics, only 14% of the world’s population is covered by insurance professionals, which means that there is still a lot of potential for 86% of the population.
Therefore, mainly demand is much higher than supply. But only people with business ability and interest in the subject are needed. As people say, “Insurance is a matter of recommending the temptation”. Therefore, if the policies and systems are proper and correct, then the use of this field can generate a lot of revenue.
Watch the market
Over the years, several renowned insurance companies such as Max New York, ICICI Lombard, Bajaj Allianz, Tata AIG and others have come up with new policies to attract buyers.
Most of the policies are reliable and public welfare. Apart from the economic slowdown of the year 2009 alone, there has been a steady boom in the market with respect to the insurance industry. In fact, in the year 2009, the financial position of all the top companies had deteriorated significantly.
Insurance is a very popular way to protect one’s wealth, assets, life and assets. In developed countries such as America and England, this sector is quite reliable and systematic. In India, these systems are still under development and it will take time for them to become fully significant.
Companies like LIC (Life Insurance Corporation of Indian Ltd.) and GIC (General Insurance Company of India Ltd.) are two of the well-known companies that are very reliable. Apart from these, all private companies work under the Insurance Regulatory Development Authority (IRDA) Act.
Positive / negative aspects
The industry is developing very fast. The work opportunities for people with good people skills and selling skills are increasing day by day.
The overall development of the industry will reach its peak in the coming few years. Insurance sector is being seen as a future career for students and others.
There are many professional institutes like NIA in Pune which offer the best courses in insurance to the students. In addition, institutes like Birla Schools and ICFAI offer various courses in both regular and distance education for the students.
Students or insurance professionals should have excellent skills to explain their point of view to persuade people to buy various insurance policies. Sometimes, it can even be disliked.
Many companies are getting involved in this business day by day. For example, recently Reliance Company has entered the business of this insurance. Because of this, it is often very difficult to trust the credibility of an organization.
Different roles / different names
Insurance can be sold under various names but the ultimate objective is to protect an individual or family from various mishaps like accidents, theft or natural calamities. Different types of insurance policies can be included in life insurance, health and mediclaim insurance, home insurance and vehicle insurance etc.
Top companies for Insurance
On the job front, based on random statistical information, the following are the top 10 insurance companies in India:
Life Insurance Corporation of Indian Ltd. (LIC), Bajaj Allianz General Insurance, ICICI Lombard General Insurance, ICICI Prudential Life Insurance, Birla Sun Life Insurance, Tata AIG General Insurance, New India Assurance Company, IFFCO Tokyo General Insurance, Oriental Insurance Company and HDFC Standard Life Insurance.
Important tips to get a job in Career in Insurance
After getting your graduation or post-graduation degree in insurance, you can follow the following tips to get a job as an insurance professional:
Keep checking the websites of good insurance companies from time to time for job openings and apply for the right job.
Widen your friendship and acquaintance so that you can get references from them for negotiating insurance deals in the future.
Stay updated with the latest world insurance environment and the new strategies that are being adopted.
Stay updated with the various laws and regulations being framed by IRDA and upcoming amendments that may be applicable in insurance policies.
Stay updated with top finance companies and their stock exchange status so that you can tailor your insurance sales and negotiations/negotiations with them.
Introduction of Career in Insurance
Insurance or insurance is an agreement or agreement between the insurer and the insured under which the insured pays a fixed amount as premium on a monthly or annual basis.
In return, the insurer promises that in case of any trouble, a substantial amount will be paid to the insured. It is always good to have insurance as the amount received from insurance can be of great help in times of trouble like illness of a family member or in case of an accident or theft.
Insurance companies have different policies for almost every situation that one can imagine. The most popular insurance policies sold by various companies are life insurance, travel insurance, vehicle insurance, health or mediclaim insurance and home insurance.
Many government bodies such as Life Insurance Corporation, National Insurance Company and private companies such as ICICI Prudential, Max New York, Birla Sun Life, Bajaj Allianz, Tata AIG and other companies sell a wide variety of insurance policies.
Step by step
As a student, you might want to take up insurance as a career after completing your graduation degree. But, very few students like to study this subject after completing their 12th class.
Nowadays many companies offer part-time jobs to the students after the completion of their schooling. But you are advised to do your master’s degree in Insurance Management first after getting your graduation degree so that you can have a good understanding of the subject.
The following course content is offered under the Master’s degree in Insurance:
- Principles and Practice of Life and General Insurance
- Life and Non Life Insurance Domains
- Insurance Law
- Life Insurance Underwriting and Risk Management
- Liability of Insurance and Life Insurance Claims
- Reinsurance and Life Insurance Products
The aim and objective of this study is to introduce you to the various aspects of insurance thoroughly.
If you have people skills, selling skills and want to solve people’s problems and provide them financial security… then insurance is the perfect career option for you. But you should never choose insurance as your career just to earn money. On the contrary, the real importance of insurance to the world should be understood by you from the very beginning.
Is Career in Insurance the right for me?
As a student, after completing your schooling or college days if you feel that you have good people skills and selling skills then insurance is definitely the right course for you.
You can work as an Insurance Agent or Sales Executive – Insurance in a reputed company. For this job, you have to clear agent exam conducted by IRDA/ IRDA (Insurance Regulatory Authority of India). After working for a few years, you can work as an insurance manager.