With the entry of global players in the Insurance sector, education and training in insurance and actuarial science is expected to undergo dramatic transformation. According to the IRDA Bill, 100 hours of training is recommended in addition to a pass in the pre-recruitment examination conducted by the Mumbai based Insurance Institute of India. Currently there are 47 training institutes either registered or approved by IRDA conducting pre-licensing training for licensed private sector insurance companies. Both the LIC of India and the GIC have a system of recruiting employees in their managerial ranks from among graduates and postgraduates.

Candidates in the age group of 21-30 years (approx) are put through a highly competitive selection procedure involving written test and personality assessment. There are no clear training courses for the various services but the officers in the LIC and GIC get a fair knowledge of these areas by virtue of their training and work experience. Academic knowledge in these areas is, of course, possible by going through the Insurance Institute of India's examinations for Associateship and Fellowship Diplomas. LIC and GIC also take in professionals like Computer Engineers, MBAs, Law Officers, CAs, Technical Officers, Security Officers, Economists, Agricultural degree holders, Statisticians, Financial Analysts, Personnel Officers, Foreign Exchange Officers, Actuaries, who are recruited for their professional background and training. They are only put in charge of specialised departments.

The eligibility of candidates for the different job profiles is as follows:

Agents :

You can be in insurance as an Agent of LIC or one of the companies of the GIC. Minimum qualification to apply for these openings (announced periodically region-wise)- Plus Two/ equivalent or graduate. LIC offers the Career Agent scheme for which only graduates are eligible if they have been residents of the jurisdiction of the branch/region they are applying for. 21-35 years is the age limit.

Development Officers :

Apprentice Development Officers are recruited by the LIC. It is a sales supervision job primarily.

Surveyors :

The Institute of Insurance Surveyors and Adjusters holds Licentiate examinations if you want to become an insurance surveyor and take up survey assignments for insurance companies. After the Licentiate exam. You can take the Associateship exam. If you are an engineer or architect, or hold an equivalent technical qualification, then you have to get in touch with the Controller of Insurance for your license as a surveyor.

Actuarial Apprentices with LIC :

This scheme is meant to encourage aspiring students who are keen to pursue actuarial studies to become actuaries. It involves: 3-year period of apprenticeship Apprentice has to pass at least 3 subjects of examinations conducted by the Actuarial Society of India, Mumbai or the Institute of Actuaries, London Appointment on regular basis as Actuarial Assistant on passing 3 subjects. If the candidate has already passed one or more subject before his appointment as apprentice, he will be considered For regular appointment only after passing one or more subject during apprenticeship so that number of subjects passed by him will not be less than Termination of apprenticeship for failure to pass 3 subjects within 3 years. May be eligible for posts of Assistant Administrative Officer after passing 6 or more subjects.

Eligibility :

Qualification :

Graduation/Post-graduation from a recognised university with Mathematics or, Statistics as main subject with 60% or more marks in the aggregate OR Graduation/Post graduation' in Commerce with statistics/actuarial science as major subjects with 60% or more marks in the aggregate (10% relaxation in marks for SC/ST/OBC).

Method of Selection :

(a) Essay writing (English or Hindi)
(b) English Precis, Comprehension and Grammar. Paper 11 of 3 hours duration is on Mathematics or Statistics or Actuarial Science Syllabus is outlined by LIC in its notification. Pass marks for each paper is 50% (45% for reserved). Exemption from the Written Test if candidates have passed ONE of these examinations: Entrance Test of the Actuarial Society of India One or more subjects of the examination of the Actuarial Society of India, or the Institute of Actuaries, London Post-graduate Diploma course in Actuarial Science with above 505 marks in the aggregate.

Those who are exempted from the written test will be called for Interview and their selection will be based solely on their performance in the interview. Insurance Inspectors/Managers Gr. II/Superintendents: These positions in Employees State Insurance Corporation are filled through an all-India recruitment scheme that includes a written test.

Eligibility :

21-30 years (usual relaxation for SC/ST/OBC), physically handicapped, ex-servicemen, etc. Degree of a recognised university

Desirable :

3 years experience in govt. department/equivalent. Applications are invited periodically. Written test is a single paper of 2 hours duration covering the following topics: General English General Intelligence Arithmetical Ability and General Awareness

Due to the replacement of agents by Internet sales, job opportunities in this industry are increasing at a below-average pace. But the entrance of insurance companies into the grand arena of financial services marks a new era: Agents will be called upon to provide a full range of services-including insurance, investment banking, and savings-in multidisciplinary teams, on a global scale. Companies are looking to hire college graduates with proven ability in sales and information analysis. Growing opportunities include systems analysts, adjusters, and examiners: these positions require fewer hands-on skills and more interaction with information, especially the ability to gather and manipulate information strategically.

Furthermore, the insurance industry will become more hungry for computer savvy professionals as computers play an ever more integral part in business processes. here are opportunities to work abroad in insurance. Europe and Canada are still a focus for claims processing and investment and actuarial services, but Asian markets--particularly Japan, Taiwan, and South Korea--are even more attractive places to land new business. If international financial markets are something you understand, and you speak a foreign language, you're someone insurance companies will want to talk to. Careers in insurance are varied. Actuaries, for instance, assess the relative likelihood of various types of accidents by performing a statistical analysis of anything they deem relevant to the subject. They use the resulting information to determine policy prices, as well as whom to sell which policy to. Agents fill a sales function, and actually sell the policies.

Underwriters determine how much overall risk a buyer will add to the company's business and figures out the premium at which to insure a buyer. Money managers invest the money the insurance company takes in through premiums. Claims adjusters decide what, if anything, the company will pay on claims. Risk managers determine and help implement policies and processes to help clients avoid making claims. Insurance companies also hire folks for marketing , business development , and corporate finance positions. Role of Insurance Agents An insurance agent is normally committed to a particular insurance company. A broker, or independent agent, may consult various companies to find the best insurance available for a given price. Both need to maintain a good relationship with clients in order to keep their business.

When an insurance agent is trustworthy and concerned, he can be of great aid to his clients. Positions for which the LIC of India and GIC recruit officers are actuaries, underwriters, claims officers, development officers, insurance inspectors and surveyors. In addition there are a vast number of vacancies for subsidiary staff, i.e., assistants and clerical staff.

Some of the most lucrative jobs in finance aren't in Banks or money management companies. These are jobs in insurance. Insurance is a trillion-dollar business that employs more than 2.5 million people in the United States alone. Jobs in insurance involve helping individuals and businesses manage risk to protect themselves from catastrophic losses and to anticipate potential risk problems. Work in this area is not only personally rewarding but can be financially rewarding as well. In India, with the passing of the Insurance Regulatory Bill 2000, and the subsequent setting up of the Insurance Regulatory Development Authority (IRDA), the sector has opened up with a large number of private companies, both Indian and multi national, entering the market. This is expected to dramatically change the present scenario where only two major players- the Government owned LIC of India and the GIC of India hold virtual monopoly of the insurance business. It is also expected that opening up of the sector will vastly improve the quality and variety of services besides creating new employment and enhancing pay packets.

At present insurance jobs are attractive more for their steady and secure career prospects than for their salaries, which are at par with other central government organisations. A sample grade structure for junior officers at LIC is as follows: Actuarial Apprentices: Monthly stipend: 1st year - Rs. 3500/-; 2nd year - Rs. 3700/-; 3rd year - Rs. 4000/-. Increase Of stipend is subject to passing of at least one paper during the previous year. On absorption on regular basis with LIC, emoluments are presently to be fixed in the scale of pay: Rs. 2880-Rs.6700 plus allowances admissible as per rules.

Insurance Inspectors/Managers, Grade II/Superintendents: Appointment after selection is in the pay scale: Rs. 5500-175-9000 and allowances are admissible to Central Government employees with similar pay scales.

Insurance is the right field to consider if one is looking for monetary security, reasonable hours, and a sense of fulfilling a social obligation. There's also a place in the industry for entrepreneurs who want to run an insurance agency or work in other sales positions. Agents may operate outside an organisation by selling policy to clients on behalf of a large corporation. A trustworthy agent can help clients to make decisions about insurance. First, a good agent or broker can help a client to select appropriate coverage from the seemingly endless list of insurance options. He will also explain the details of the policy to his client. As many well know, insurance policies are notoriously complicated.

An agent's explanation can help the client to avoid unpleasant surprises. For instance, most property- and health insurance policies have a deductible. This is a set amount that the insured person must pay- say, for car repairs or medical bills-before the insurance company pays its share of a claim. The agent can also become his client's advocate with the insurance company in case the client has difficulty obtaining a settlement. Insurance Brokers act as go-betweens, uniting buyers and sellers of insurance and creating the contracts that bind them.

Furthermore, they play the role of risk consultants for large clients, researching industry information to advise companies how to manage risk exposure. Major players include Avon and Marsh & McLennan Companies.

Actuary Actuaries use their analytical skills to predict the risk of writing insurance policies on property, businesses and people's lives and health. In a way they are the backbone of the insurance and pension industries. Actuaries are a crucial part of the insurance process because they use statistical and mathematical analysis to determine the risk of providing coverage. To perform effectively, actuaries must be informed about general societal trends and legislative developments which may affect risk. Actuaries can work either within insurance companies or for government, pension planning organisations or third-party advisors. A creative part of actuaries is forecasting future contingencies. Actuaries are often called upon to make decisions concerned with the financial soundness of insurance companies and pension funds. They are the ones who calculate insurance risks and premiums and compute the possibility of various contingencies.

Agent and Broker Agents and brokers advise people and organisations on how to protect things they value by selling customers insurance contracts. He is the first person contacted after an accident, fire or injury. An understanding of insurance contracts is essential to this type of occupation. A career as an agent or broker can be financially rewarding. This work is highly time-flexible, requires some background in business and is best if one enjoys interacting with people.

Claims Adjuster Adjusters negotiate insurance claims with people who have experienced a loss. The adjuster is responsible for reaching a claim settlement that is fair to all parties. Doing well in this job requires a person who is resourceful, tactful and good with people. Some adjusters work in the field, while others work out of an office. Service Representatives Service representatives are the link in the field between agents who sell policies and insurance companies who write the policies.

A Field representatives must be good listeners and communicators. This position requires knowledge of companies’ products and ability to establish good rapport with those working for their companies. A background in liberal arts can be a great preparation for this type of position. Loss Control Specialist A loss control specialist’s job is to help keep accident and losses to a minimum. He visits factories, shop floors and businesses to identify potential hazards and helps to eliminate them. In the health insurance area he might work with an organisation to promote preventive health care in the workplace or to limit exposure to certain types of ailments. This work requires an understanding of safety management or engineering.

A combination of a technical degree and a business degree would be outstanding preparation for this job. Risk Manager A risk manager is employed by an organisation to help identify the risks that it faces and to make recommendations for dealing with these risks. The recommendations may include the purchase of insurance, adoption of precautionary measures and presentations to upper management. Risk managers are involved in the management of employee benefit plans.

Valuable skills include knowledge of the insurance industry and of business practice as well as skill in making presentations to upper management. Underwriter Underwriters decide whether to provide insurance to applicants seeking coverage. An underwriter evaluates an applicant's exposure to risk and decides whether an applicant meets an insurer's standards. An underwriter may also become involved in setting prices for insurance applicants.

The Insurance industry has several major functional areas, which call for widely differing job skills and attitudes. Much of the insurance purchased by individuals falls into the categories of property, liability, health, disability and life insurance. Property insurance: Insuring against the loss of property-home, business, car, or other possessions-is among the most common forms of risk management.

This is the insurance that John, mentioned in the preceding article, decided not to buy for his carpentry shop and tools. Some home-insurance policies include coverage of certain items inside the home. If you buy this type, it is wise to make an inventory of your insured household possessions, if possible including photographs or videotape. This inventory along with any appraisals or purchase receipts for the items should be kept in a safe location outside the home. Having these records could make settling a claim much easier. The focus in this sector is on protection for owners of cars, homes, and businesses from loss, damage, and injury. This sector is heating up while falling apart-competition is fierce, and profits are falling. Only the strong will survive as weaker companies continue to tank and even more secure ones sell off this line-forecasted winners are GEICO, Progressive, and Mercury General. Liability insurance: Anyone who drives a car, owns a home or other real estate, operates a business, or employs others runs the risk of liability for an accident.

And that accident may result in property damage or injury or death to another person. The car driver or the owner of property or a business may become liable to pay for property repair or for the medical treatment or even the pain and suffering of another. In many countries employers and drivers are required by law to carry liability insurance to help pay these expenses. Even where insurance is not a legal requirement, a driver, property owner, or employer may be held legally or morally responsible to help victims of an accident or their families. Health insurance: Many countries have some form of state-sponsored insurance that provides such benefits as pensions for seniors and medical care. Even where this is the case, however, such insurance may pay only a portion of medical expenses or may pay for only certain ones. Some individuals, therefore, obtain additional private insurance to help them pay the remainder.

In many places workers may receive health insurance as a condition of their employment. Some health-care plans, including managed care arrangements and health maintenance organizations (HMOs), provide comprehensive medical care for a set monthly or annual fee. These organizations endeavor to lower costs by providing less-expensive medical care and by promoting preventive medicine. However, in an HMO, a patient's choice of doctors or treatment may be more limited than with traditional health insurance. Disability insurance and life insurance: Disability insurance provides some income if a person is injured and cannot work. Life insurance provides financial assistance to a person's dependents in case of his or her death. Such insurance has enabled many families to pay off outstanding debts and carry on their routine of life after the injury or the death of their main breadwinner. The life insurance business is experiencing slow growth, and life insurance companies are likely to be merging with banks and securities firms

If you want to impress your friends and family with a job full of glamour, excitement and prestige, insurance is the wrong profession to get into. But while no industry offers genuine job security these days, insurance comes closer than most. Insurance companies calculate the likely cost of a given loss, divide it by the number of people who want protection against it, add something for profit, and reach an amount that they charge each customer for a policy guaranteeing compensation should the loss occur. But that's only the beginning. Insurance companies also mount huge marketing campaigns to convince customers that they need protection in general and the company's products in particular. Most analysts expect the demand for insurance to rise as risks become more complex and abundant in the economy. The growth in the industry, according to the Bureau of Labor Statistics is expected to be within 20 to 40 percent over the next fifteen years.

There is also an expanding set of employee benefits that will expand opportunities in the insurance industry. It is important to know the stability of the insurance company you go to work for. In the 1980s four large insurance companies failed including Executive Life and Mutual Benefit. Events like the September 11 attack can have a cataclysmic effect on the industry.There are tremendous opportunities in the management of information in insurance with widely divergent international laws and regulations. Companies are increasingly hiring information services professionals because of the high demands for automation caused by insurance paid for by payroll deduction. Another area, which is booming, is Health Insurance. The aging of the population has been dramatically increasing the demand for health insurance. Despite recent regulatory reexaminations, the health insurance business is likely to see tremendous future growth, even if health care reform takes place.

The industry is presently engulfed by Internet mania. The Internet promises to cut costs in a competitive market, provide a new way for consumers to compare quotes and choose policies, and make for a more convenient service-the ideal customer-friendly combination. This transition will have an impact on the job market: Companies will undoubtedly seek tech-savvy candidates who can support the move to e-commerce. Insurance services are in the process of undergoing dramatic changes, and the nature of services and activities is expected to diversify and multiply. Apart from personal/retail services there are the services to the corporate sector. We are looking towards more academic programmes in Insurance and allied areas, Actuarial Science and even Insurance Management specialisations in the future once the process of opening up of the insurance sector sets in well.