Insurance as an Industry

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• Top companies – The government companies are Life Insurance Corporation of India (LIC), General Insurance Corporation (GIC). LIC deals with life insurance business, while GIC deals with all other but life i.e. non life insurance business. In recent years, many private companies including HDFC, ICICI, BIRLA, BAJAJ, KOTAK MAHINDRA have setup office in India, in collaboration with large foreign insurance companies, hence the prospects of getting a good job in an insurance company has increased a lot.

• Kinds of jobs available for freshers/ Job Profile of each designation – A person interested in working in the field of insurance can either work in the capacity of:
• A sales professional (life, non-life).
• Back-office operations (life, non-life).
• An agent. (Commission based, both in life and non-life)
• An insurance surveyor.
• The work of an actuary (one who works in insurance field) involves the calculation of insurance risk, premiums and pension programs. Actuarial science is built on the statistical evaluation of the financial and economic implications of possible contingencies.
• In an insurance company person can take a job in and as:
• Administration - deals with the registry of claims.
• Development - deals with marketing and procurement of business etc.
• Accounts - deals with the management of funds and their disbursement.
• Investment - responsible for the investment of funds of insurance company.
• Skills required for each designation –
• A person who wants to be an actuary has to pass an entrance exam conducted by the Actuarial Society of India. Private insurance firms take graduates and Postgraduates to work mainly in the areas of marketing and sales.
• The eligibility criterion for recruitment to both the LIC and GIC is the same. An AAO (Assistant Administrative Officer (class I officer) must be a graduate/postgraduate in any subject with minimum of 50 percent marks, from a recognized university. The candidate's age should be between twenty-one and twenty-eight years. AAO's recruitment exam is an all India level exam. To be recruited as a class II officer, the candidate has to be a graduate in any discipline. Class III and class IV levels are open to graduates and school-leavers.
• An insurance surveyor, to be eligible to hold a license, must fulfill one of the following qualifications:
• Fellowship of associate ship through the exam held by the Institute of Insurance Surveyors and Adjusters (IISA), Mumbai.
• Degree or diploma in architecture from a recognized university.
• Fellowship or associate ship of the Institute of Chartered Accountants of the Institute of Cost and works Accountants.
• Degree of diploma from a recognized engineering institute.
• Degree or diploma in naval architecture.
• Salaries offered to these positions – In government sector, the pay scale of the officers in the insurance sector, as, given by the Government of India is in the range of Rs 3000-Rs 8000 for development officers and they go up to Rs 14,000-16,000 for zonal managers. Along with the basic pay given above, allowances amount is about more than 200 percent of the basic pay. In private sector, starting salaries are in the range of Rs 6000 to Rs 9000 per month, where management graduates can start with Rs 15,000 to Rs 25,000 per month.

• Terms of Employment – Probation period is usually 3 months depending on company to company.

• Timings of work – Usually a 9 to 6 job but Sales people may have to stay late during month ends to achieve targets. Also working hours will be longer in Private Companies.

• Work Culture – Formal

• Study leave/Leave policy – Depends from Company policy

• Future career prospects/growth pattern - There are plenty of jobs in the insurance sector today, in both government and private sectors. In fact, Growth in the insurance profession depends totally on the individual.

• Requirement of freshers in the coming year - The estimated requirement for trained professionals is expected to be more than 30,000 over the next two to three years.

Insurance Courses in Mumbai

Following are the list of Insurance colleges in Mumbai.

College of Bachelor of Commerce (Accounting & Finance, Banking & Insurance)