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In the tech savvy world, you can explore tons of career options to pursue. However, it cannot ensure stability and growth. Building a career in the insurance sector lets you climb the corporate ladder smoothly. Rapid growth in the industry and financial security has made the insurance sector a job seeker’s favorite.
It's a progressive sector where your dedication takes you to the pinnacle of success. Above all, it undoubtedly delivers the surety and stability in professional life.
Let’s learn the various roles that you can choose to play in an insurance company.
Well, graduation in any stream is a minimum educational requirement. But, a diploma in risk management or insurance risk management can add value to your resume. MBA in marketing helps you reserve your place in an insurance company. In terms of professional courses, IRDAI is mandated to complete the training program. Regardless of all the certifications, the main criteria in insurance companies for any of the roles is only the “Right” candidate. The definition of an ideal candidate can be constructed based on the skillset. Specific skills are required to enter into the insurance business world. As we are aware of the fact that insurance selling is a business. Those who are seeking an opportunity to become an insurance professional, must have an ability to sell. Candidates must be experts to encourage and convince people to choose the right policy. For this, understanding their different financial needs is a task. Moreover, candidates joining insurance companies can explain potential risks associated with the policies. Continuing this, they must identify solutions. Further, protecting policyholders from getting into financial trouble is their duty.
Overall, the position for which candidates want to apply determines their skills. For example, for the post of Insurance agent, communication skills are mandatory. For the post of Actuary, financial planning and problem solving skills are required.
Besides, customer service, organization, sales, and computer skills are essential too. If you have prior experience, then it would prove beneficial while working. Having experience is not obligatory.
Becoming an insurance agent is a good career option with high earning potential. Selling different types of policies like life, motor, and health insurance is the objective of this role. Agents need to introduce the policy’s terms to the individuals, guide them, and convince them to buy it. Customers get satisfaction when the agent elaborates on the insurance coverage and other options.
Most of the company requires highly educated agents with bachelor’s degrees in finance or marketing. Candidates whose age is above 18 can apply for the post.
The Insurance Regulatory and Development Authority (IRDAI) of India conducts the IC-38 exam. Qualifying this exam turns you into an insurance agent.
● Insurance Licenses
● Understanding of insurance selling techniques and principles.
● Excellent communication skills.
● Ability to achieve targets.
● Basic knowledge of computer and statistical analysis.
● Must have 35% passing grade in IC-38 examination.
Approx Salary Scale: Between Rs. 1,20,000 - Rs. 4,20,000 PA
Do you think you are good at decision making? Or are you well aware of your strong analytical skills?
If so, then the role of an insurance underwriter suits you. Insurance underwriter evaluates the risk factors. Determining the premiums, coverage limits, and policy terms is their responsibility.
Previous relevant experience gets counted at the time of interview. Future underwriters must possess finance, mathematics, and communication skills as well. The certifications that can open an array of job opportunities for you are given below.
● Certified Residential Underwriter (CRU) offered by Mortgage Bankers Association
● Charted Life Underwriter(CLU) offered by American College of Financial Services
● Charted Property Casualty Underwriters offered by the American Institute.
All these certifications are not mandatory, but manifest your passion to work as an Underwriter.
Approx. Salary Scale: Rs. 6,50,000 PA
Actuary plays a key role in insurance companies. Analyzing markets and designing policies is their primary job. Additionally, they monitor financial risk while determining policy premiums.
To prevent companies from financial loss, Actuary introduces risk prevention policies. Assessing financial situations and taking decisions accordingly create fruitful investment options. All these goals are achieved by an Actuary.
● To get a job as an Actuary in an insurance company, you need to pass the Actuarial Common Entrance Test(ACET). The exam is taken by the Institute of Actuaries of India(IAI). A best of best position may build your career in an insurance company with fantastic growth.
● A Bachelor's or Master's degree in finance demonstrates your knowledge of the sector.
● Mathematical analysis skills will be taken into consideration during the selection process.
Approx Salary Scale: Rs. 4-5 PA for student and Rs. 15-20 PA for Qualified Actuary
Claim adjusters in insurance companies assess the insurance claims and examine damages. Along with this, they govern the extent of liability for companies. Individuals who can accept challenges to solve any problem, negotiate well, and can apply for the position.
Claim Adjusters manipulate different kinds of claims like health, property, liability, and vehicle, etc.
● Must have a knowledge of insurance laws and regulations.
● Must possess excellent communication.
● Bachelor's degree in insurance, risk, business management.
● Pre-licensing professional course conducted by state administrations.
Approx Salary Scale: Between Rs. 2,00.000 - Rs. 5,00,000 PA
It's a job for those who are outstanding at problem solving, and analytics. As per the name suggests, a person who identifies the risk involved in company policies, is an expert. Risk manager is always responsible for recognizing the potential operation risks too.
They gather and study the data to make predictions. Developing risk management strategies ensures the company's financial stability. They need to operate the system accompanied by actuaries and underwriters.
Qualifications & Requirements
● You must earn a bachelor's degree in administration, finance, or economics.
● Gaining experience is a must.
● Developing analytical skills is necessary.
● Completing professional courses to become a Certified Risk Manager (CRM)
● Get an MBA degree for earning promotions.
Approx Salary Scale: Between Rs. 25,02,000 - Rs. 27,00,000 PA
Insurance Appraiser regulates the market values of properties or objects. It assures that policyholders are getting fair compensation on submitting the claim. It highly affects the claim settlement process, disagreements, and claim approval.
Appraisal assesses damaged vehicles, properties, after any accident, disaster, or theft. They anticipate the cost of repair and prepare reports accordingly. Those who love to spy and investigate can think of it as a career choice.
● Bachelor's degree in Engineering, finance, or business administration.
● Gain relevant experience.
Approx Salary Scale: Between Rs. 2,00,000 - Rs. 4,00,000 PA
The name itself tells the role and duty of a position. Analyzing potential risks in an insurance company is a part of the job. Risk Analysts explore the financial data, and create strategies to lessen the financial losses.
To make it streamlined, analysts need to study the statistical models and financial reports. Examining various policies, claims history, and latest trends helps to identify the risks. Risk Analysts perform all these roles.
● Bachelor’s degree in finance, business, Mathematics, and Stats is obligatory.
● Master’s degree in Risk Management or finance.
Approx Salary Scale: Between Rs. 5,00,000 - Rs. 11,00,000 PA
Building a career in the insurance sector as a Loss Mitigation Specialist is one of the great jobs. Specialists do the same job as Risk Analysts do. They endeavor to minimize the economic impact on the insurance company.
For this, experts evaluate the risks, and prevent claims.
Loss Mitigation Specialists work with claim adjusters, underwriters, and legal teams. Additionally, they give a way to policyholders to prevent future monetary damage.
Educational Requirements
● Bachelor's Degree in finance, Business Administration, or Risk Management is preferred.
● Certifies Insurance Loss Control Specialists (CILCS) is preferred.
● Certification in Associate in Risk Management is beneficial.
Approx. Salary Scale: Between Rs. 4,00,000 - Rs. 6,00,000 PA
Today, private jobs may go through hard times. As a result, job seekers have to face the recession. Securing jobs in other industries leads to uncertainty. Whereas, securing jobs in insurance offers stability, growth, and continuity.
It's a recession-free sector. With the growing risks in people’s lives, insurance will always be in demand. All these reasons make insurance the best field for employment.
Various posts in the insurance field can give you high pay. But Risk Analysts, Actuaries and Underwriting managers have the highest salaries.
Insurance Agent’s earnings are based on the number of policies they sell. The more the policies they sell, the more the pay they get. But, approximately, they earn 25 to 35K per month.
Well, almost all the private companies pay attractive commissions to their agents. Also, they provide handsome incentive schemes and bonus programs. It is only for the top-performing agents.
