Career opportunities in Insurance Sector
There is not much awareness about career opportunities in insurance sector. Entry of new players, innovative products and expansion into semi-urban and rural areas has driven growth to the insurance industry in recent years. The employment potential of the industry is huge as India has one of the highest savings rate in the world.
There are two broad streams of insurance – General Insurance and Life Insurance. Life Insurers transact life insurance business while general Insurers transact the rest. The Insurance Regulatory and Development Authority (IRDA) is the regulatory body for the insurance industry in India.
The Indian insurance industry has witnessed exceptional growth with private participation and has flourished with it. In the field of life and non-life business it has mixture of public viz. LIC, GIC and private player’s viz. Allianz, Accenture, AIG, Aon, AXA Insurance, Lloyd’s of London, New York Life, Sun Life, AVIVA, ING, Cardiff, HSBC, Deloitte, Goldman Sachs, PwC, Heath Lambert Group, Wilson Re (P&I) Ltd, and many more.
Reason to choose career in Insurance Sector
Insurance sector not only provides protective shield to the lives and assets of the nation but it has also generated thousands of jobs and career opportunities. It has offered some of the most fast tracked careers and handsome rewards that can be compared with IT or Telecom.
Insurance sector is open for candidates of all streams and it is blessed with variety of Graduates who can join Claims Management, Operations and Sales functions. The administrative side has people with a flair for documentation; IT professionals troubleshoot for IT-related glitches; Lawyers can find place in claim management, claim investigation & related legal aspects; Chartered Accountants can find opportunities in Accounts, Finance & Auditing Department, Investment management, claims management, etc; Engineers can find refuge in pre-insurance survey, loss assessment, claims settlement, valuations, etc.
The Jobs are available in the following functional areas in Insurance sector, viz
- Audit & Risk management
- Business Research & Planning
- Channel Development
- Customer Service
- Group Sales
- Human Resource
- Information Technology (IT)
- Legal & Compliance
- Process Management
In public sector insurance organizations there are many recruitments for post of Assistant Administrative Officer (AAO) Apprentice Development Officer (ADO) and Assistants. There are many public sector undertakings out of which major ones are
Skills required for getting into Insurance Sector