In India, the insurance structure has deep roots, since its inception in the year 1818 this sector has witness many fold growth. At the dawn of the twentieth century, many insurance companies were founded. In the year 1912, to make this industry regulated the Life Insurance Companies Act and the Provident Fund Act were passed which in return made the foundation of this sector in India solid.
By 2012 the Indian Insurance sector was estimated to be worth $72 billion. However, only 2 million people are covered under insurance, whereas in developed nations like USA about 75% of the total population are covered under some insurance scheme. So from the numbers in 2012 we can infer that the Insurance sector in India remains at a developmental stage, which apparently will generate millions of Insurance Jobs for fresh graduates and seasoned professionals.
Indian Insurance sector is classified into two; Public and Private. Public Insurance companies like Life Insurance Corporation of India, Oriental life Insurance Company, New India Assurance Company Limited, National Insurance Company Limited and United India Insurance Company Limited are the major players in the insurance sector of India. With the liberalization of Indian economy, global insurance players like ING, Met-life, Bharti AXA, Tata AIG, and Bajaj Allianz have tapped the Insurance market in India and spreading their roots in the country.
You can find yourself a job in this sector if you master up-selling, familiarity with computers and software packages like Microsoft Office. Some traits like enthusiasm, self-confidence, discipline, and dedication are essentials for a job in Insurance.
Ability to inspire confidence and an outgoing persona will benefit, allowing you to reach and communicate with the maximum people who may be clients or prospective customers. Above all a Bachelor's Degree, preferably in commerce will help you absorb the nuances of the industry smoothly.
Private sector companies hire for profiles, namely Sales, Marketing, Inspections, Finance and Operations; hiring process generally begins with a telephonic interview. The eligibility criteria might vary depending on the company and the profile.
Mostly, the key players from the private sector are multinational corporations in joint ventures with major business houses of India Like TATA, Bharti and Bajaj. So working for these companies serves as a window to experience a global working environment, best industry practices and a promising career in the Insurance Industry.
Typical duties of an insurance agent mainly include selling insurances based on the client's needs. Certain specially designed insurance that protects individuals and businesses from financial losses that occur through accidents, natural disasters, theft, fire, health or a death of a family member or a business partner. Insurance agents generally work in comfortable office settings, however the job requires them to be out in the field whenever required.
As an Insurance agent you will travel frequently to make sales, investigate claims, conferences, meetings and refresher training's. Many insurance agents set their own work hours, based on the needs of their clients. This job sector also offers an opportunity to work independently as an advisor, agent, or a marketing executive.
Remuneration is largely linked with performance. The average annual earnings can be in the range of Rs 2 to 3 lakhs. Bonuses and commissions form a major part of the annual compensation of full time employees. Commissions are the most common form of compensation and depend upon the amount and type of insurance sold, and whether the transaction is a new policy or a renewal. Apart from the monetary benefits companies provide benefits to sales executives, which generally include paid licensing training, group insurance plans, and transport expenses.
Indeed, insurance sector offers opportunities for people who are looking for insurance jobs. Career as an insurance agent is rewarding in terms of finances and career progression. Self-employment is another option which you this sector offers, allowing you to work on your own terms. For Insurance Jobs, making an account on job boards will help you in your job search and will also keep you updated with recent job openings posted on the website.