The Insurance Act of 1938, Life Insurance Corporation Act of 1956 and the General Insurance Business Act of 1972 and the Insurance Regulatory and Development Authority Act of 1999 regulate the Insurance sector of India. The insurance market in India still remains highly unexplored. This leaves room for expansion in both revenue and Insurance jobs. The percentage of population that is still out of the insurance cover is approximately 80%.
With the aging of the population as well as the improvement in the standard of living in India, there will be a rise in the employment for insurance professionals in India.
The business in the life insurance sector has experienced a rising trend in terms of its sales volume. It has become one of the most promising areas in the financial sector of India. Jobs in Insurance Industry depend largely on the sale volume of insurance as well as other associated financial products. It is expected that there will be a rise in the sale of long-term care and health insurance. With further growth in the population, insurance demand will increase in the sectors such as real estate, automobiles as well as valuables.
With the expansion of corporate bodies and new lines of business, workers' compensation and employment benefits would also increase, absorbing more workforce.
The following types of job openings can be availed in the insurance sector.
- Actuary: The job of an actuary is to apply his analytical skills in measuring the risks involved in writing insurance policies pertaining property, life, health and business.
- Agent: The job of the insurance agent is to convince those people or organizations that are out of the insurance cover and sell insurance policies to them.
- Claims Adjuster: The job of the claims adjuster is to check the damages incurred for which insurance claims have to be paid. He is responsible for settling fair deals between the insurance company and the customer.
- Service Representatives: The service representatives shuttle between the insurance company that writes the policy and the insurance agent who sells it.
- Underwriter: The job of the underwriter is to decide whether the applicant is eligible to get the desired insurance cover by measuring his exposure to risk.
- Customer Service Agent: The job of the customer service agent is to answer the daily queries of the customers. He is also incharge of updating the coverage and policy of the customer.
- Risk Manager: The risk manager analyses the risk faced by an organization and suggests way and means out of it.
- Loss Control Specialist: The job of the loss control specialist is to examine the safety measures undertaken by an organization. This is to minimize financial losses owing to accidents in the workplace.
Eligibility For Getting Jobs In The Insurance Sector
Graduates who have a degree in business or economics can apply for jobs in the insurance sector. If individuals have flair in sales, they can apply for such jobs. The applicants who have a postgraduate degree or diploma in business, finance or insurance are eligible to get the best jobs in this sector.
Recent Recruitments In The Insurance Sector
The Life Insurance Corporation of India will appoint 3000 development officers. If the development officers together with the agents are calculated, then in all there will be around 60,000 job vacancies in this sector. LIC will allocate 50% of its new recruits in the rural areas.
Job creation in Insurance BPO
According to the KPMG Report, insurance outsourcing will absorb about 1 Lakh people by 2010. Insurance outsourcing is becoming a growing market in India. It is expected that the revenue earned from this sector will rise from 790 million dollars in 2007 to 2 billion dollars in 2010. The growth in the insurance outsourcing in India owes to the low cost advantage.
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