Career in Insurance Sector Part – 1
Insurance is form of risk management primarily to hedge at the risk of potential financial loss in exchange for premium.
Insurance companies deal in 4 main areas:
1.) Life insurance
2.) Health insurance
3.) Property and
4.) Accident insurance
. Companies may specialize in life insurance or in or all the te types of insurance coverage.
Entry of private Indian as as foreign companies, ag with existing players, in the insurance sector had added variety and quality to the insurance services. The other positive impact has been on the creation of wide variety of new employment opportunities. Till employment in the insurance sector was considered akin to any government job, but with private participation, it has assumed significant importance and has an exciting career option.
(A) The Prospects
to include:
1.) Allianz Bajaj Life Insurance Co.
2.) HDFC Standard Life Insurance Company
3.) Birla Sun Life Insurance Co. Ltd.
4.) ICICI Prudential Life Insurance Company
5.) Life Insurnce Corporation of India
6.) Max New York Life Insurance Co. Ltd.
7.) Metlife India insurance Co.
8.) Tata AIG Life Insurance Co. ltd
9.) SBI Life Insurance Co.
10.) ING Vysya Life Insurance Co. Pvt. Ltd.
11.) Bajaj Allianz Gl Insurance Co.
12.) ICICI Lombard Insurance Co. Ltd
13.) IFFCO Tokio Insurance
14.) Royal Sundaram Alliance Co. Ltd
15.) TATA AIG Life Insurance
16.) Reliance Gl Insurance Co. Ltd
(B) Nature of Work
Insurance corporations perform various tasks with department its own set of responsibilities. The specifics of type of job are mentioned below:
B. Actuarial
An actuary holds of the most important positions in an insurance business. He is involved in solving wide range of financial ps related with insurance investments, financial planning and management. Graduates in Mathematics or Statistics are suited for this of job. Do Chartered Accountant Courses to get the eligible for these jobs.
(C) The Job
Actuaries are experts in:
1.) Evaluating the likelihood of future events;
2.) Designing creative ws to reduce the likelihood of undesirable events;
3.) Decreasing the impact of undesirable events that do occur;
4.) Product Development;
5.) Financial reporting;
6.) Pricing of insurance products;
7.) Special project studies to understand specific industry type;
8.) Analysis of cost data and cost projections for the future;
9.) Coordination with Marketing, Underwriting and Sales units; and
10.) Tracking Legislative and regulatory changes.
Personality traits
11.) Bg comfortable with numbers
12.) Sound Cr Skills
13.) Understanding people’s security related needs
14.) An analytical approach
15.) Good awareness
16.) Strong business knowledge
17.) Good Communication skills
18.) Understanding of human behavior
19.) Good time management skills
20.) Quick thinking and adaptability
(D) Salaries
1)Entry-level salary is approximately Rs. 8 lakh p.a.
2.)Salaries at senior levels could range Rs. 30 and 50 lakh annum.
Anirban writes on behalf of Shiksha.com.Shiksha is portal that connects education seeker with education provider.Shiksha provides information about Insurance Courses andFinance Courses Article Source:http://www.articlesbase.com/online-education-articles/career-in-insurance-sector-part-1-1680293.html