If insurance is what interest you more than anything then it is only reasonable that you should know the different career paths that this field offers. Do you know what are the career options in insurance sector in India?
There are more career paths in insurance than you could possibly imagine. While some are quite common,- we have all heard of Brokers and Underwriters, but there are also other roles in Risk management, Customer service, Marketing and Actuarial Science. However, there are four insurance careers that you should absolutely know about.
Top career options in insurance sector in India
Insurance industry is notorious for its high mobility jobs. People working in the insurance sector are known for staying at multiple locations and choosing multiple career paths over the course of their career. The best thing about a job in insurance is that you can start out working claims but move on to underwriting later on if you find the latter a better career option. You will have little problem in finding the transition path. However, what if you don’t have to move around at all? Every career path in the insurance industry has a number of opportunities associated with it and it all depends on how you can explore them and learn along your way. Here are four insurance career paths that you must know about for a successful professional life:
Insurance companies employ insurance underwriters to estimate the price of health insurances, life insurances, home insurance among others. Underwriters typically assess and calculate the risks of insuring a particular person or asset and apply that knowledge to set the price of premiums.
These professionals use computer programs and actuarial data to estimate the possibility and amount of payout over the life of the policy. Insurance underwriters make a good living out of their profession. One has to be careful about setting the right price.
Ideally, you will start your career as, either an underwriting assistant or a junior underwriter. To progress in this career you must build strong relationships to keep both the brokers and the insurance company satisfied. By ensuring well priced insurance policies, you will keep consumers happy and protect your company from unnecessary risk so you will be rewarded for making the right choices for your company.
In order to get the best out of your career it is advised to work with complex policies that have greater risk factor associated with them instead of playing it safe. Be in a free state of mind while determining the rates and premiums on the policies you put in place.
As in general sales, an insurance sales representative has to generate new business for their employer by identifying and contacting potential customers and selling one or more types of insurances. The sales rep needs to explain the various features and attraction of insurance policy and help client choose the right fit for them.
Most of the time you will be working for an agency or brokerage, while there are some of you who will find a job with an insurance company. You won’t require more than a diploma to get started although a bachelor’s degree in commerce or business management will help you a lot.
Under ideal circumstances, your first job in insurance sales will be that of junior broker or a customer service representative. To make a mark in sales you have to have good persuasive skills and communication ability. This will help you convince customers, achieve targets and keep your customers and employee happy.
Attending industry events and seminars is a good way to apprise you with the latest trends. It is advisable to become a licensed sales agent as it will help your candidature while sitting for an interview.
Continuous advancement of your knowledge and experience, growing your clientele and becoming a subject matter expert in a particular type of insurance is how your career in insurance sales should progress. With continuous hard work you will gradually move into high responsibility and leadership roles like team lead, or supervisor.
An actuarial role is one of the most technical and requires intensive hard work as compared to other roles in insurance. You need to have a strong mathematical background to understand the concepts of actuary. By application of mathematical models, an actuary tries to predict and make sense of the future problems of insurance.
They help in deciding the product pricing, product design, financial management and corporate planning. Actuaries assist in all sorts of insurances, right from pension funds and life insurances to health insurance and general insurance.
Under normal circumstances, an actuary usually starts off either as an intern or a junior actuary. To get better at your job as actuary, you will need to expose yourself to and get training in as many different areas as possible. Plus, there is a set of exams that an actuary needs to clear to achieve the true professional credibility.
These exams are essential for gaining an entry in reputed insurance companies. Breaking in Bharti AxaLife Insurance careers isn’t easy as it is a top company. Professional certification is a definitive first step towards the same.
With continuous practice you will be able to design creative ways to reduce the likelihood of undesirable events and simultaneously decrease the impact of undesirable events that do occur. This will help in creating value and your actuarial advice will grow in importance for the company.
Another most important field where one can build his or her career in insurance is Claims. Every insurance company has one claims department which entertains the requests of its insured customers.
A role of high importance, insurance professionals working in claims department is measured on their ability to handle claims properly and quickly. Plus, one should be able to detect frauds as insurance frauds costs companies a lot of money.
You will ideally start as a telephone adjuster, or assistant field adjuster. You know your career in claims is going in the right direction if you start working without any supervision, independently, on or off field. If everything goes right for you, within few years you could move up to positions such as team lead, supervisor or a managerial role. You can also start working as an Independent Adjuster and provide your services to insurance companies as a consultant.