Insurance - Scope and Opportunities

Insurance business in India is booming. With the participation of private players as well as multinationals career opportunities in this sector has grown manifold. To embark in this field sound knowledge in mathematics, commerce, statistics, computers and English is desirable. Candidates are expected to have or to develop in-depth understanding of money, finance, market and insurance business. For the benefits of prospective career seekers in insurance industry our researchers at National Network of Education (NNE) have compiled here exclusive details.

Eligibility Criteria: Minimum educational qualification to join insurance sector is 10 + 2 or equivalent. You need to obtain License to work in this sector for which you need to appear in examination conducted by Insurance Institute of India. Actuary is one of the hot career options in the domains of insurance. Those who wish to work as an actuary needs to qualify in entrance exam conducted by Actuarial Society of India.

Work Opportunities: Work opportunities in insurance sector are enormous. Those who satisfy eligibility qualification works under following capacities in Insurance companies of India:

• Administrative Officer
• Assistant Administrative Officer
• Development Officer
• Insurance / Composite Agents
• Insurance Surveyors
• Actuaries
• Insurance Underwriter
• Investment Professionals

These are some indicative posts related to insurance business. However actual positions in an insurance company may vary.

Remuneration: Government Insurance Companies pays salary and other benefits according to government rules and regulations. However those hopping employment in private sector may expect to start with 10K / 12K per month and salary goes upward as soon one gets experience and promotions. Commission is one of the most important parts of this business. Both government and private employees receives commission along with basic pay for performance in work. The better one perform, higher one gets commission and chances becomes even to go up in the corporate ladder. There is no looking back in this sector for those who can prove their worth. Actuaries are most respected professional in insurance sector. A fresher Actuary may start with an annual salary of approx 8 lac per year along with other benefits. Though, salary and perks increases with performance and promotions.

Institutes offering Insurance Courses in India

Institute of Insurance and Risk Management, Hyderabad
Plot No:1149, Road No.57, Jubilee Hills , Hyderabad - 500033

Acharya Nagarjuna University Centre for Distance Education,
Nagarjuna nagar Guntur Dist. - 522510
Andhra Pradesh

Annamalai University
South Arcot, Vallalar , Annamalai Nagar ( Cuddalore Dist. ) - 608002
Tamil Nadu

Manonmaniam Sundaranar University Directorate Of Distance and Continuing Education,
Tirunelveli - 627012
Tamil Nadu

Pondicherry University Directorate of Distance Education,
R.V. Nagar, Kalapet , Puducherry - 605014

Punjabi University Department Of Correspondence Studies
Patiala - 147002, Punjab

Institute of Actuaries of India
302, Indian Globe Chambers,
142, Fort Street, Off D N Road, Mumbai - 400 001
Tel: +91- 22 - 67843333 Fax: +91-22 - 67843330
Email: wagle@actuariesindia.org
Website: www.actuariesindia.org

Insurance Institute Of India
Plot no. C-46,G-Block, Near Dhirubhai Ambani International school, Bandra 
Kurla Complex, Mumbai – 400051.
Phone: 022-26544200 
Website: www.insuranceinstituteofindia.com