Career in Insurance

If one is planning to become a composite agent who sells both life and non-life insurance products, he has to put in 100 hours promoting life insurance products. A life insurance agent, before appearing for another exam, has to dedicate 50 hours towards promoting general insurance products. The agent is supposed to renew his license after three years, by putting in another 25 hours of training. An agent can register under one development officer in any insurance company. Besides these jobs, other profiles a candidate can apply for include:

Insurance surveyors

Surveyors are basically technically qualified professionals who are deputed for the assessment of losses, according to their qualification and experience. They work as ‘consultants’ for the company. A surveyor with a background in mechanical engineering assesses industrial accidents. Here the surveyor would investigate and evaluate asses, adjust and determine the liability, negotiate and then finally submit a report.

A surveyor must hold either:

* A fellowship or associate-ship from the institute of Insurances surveyors and Adjusters (IISA), Mumbai.

* A degree or diploma in architecture from a recognized university or institute.

* Fellowship or associate-ship from the Institute of Chartered accountants or Costs and Works accountants.

* A degree or diploma from a recognized institute of engineering.

* A degree or diploma in naval architecture.

They have to apply to the IRDA for a license that further categorizes them as Class A,B,C, or D. A surveyor is the only specialized link between the insurers and the insured.

The task of an insurance underwriter is to scrutinize the proposals brought in by the development officers or the agents and to see whether it is in order and approve of the same. They also need to check whether the insured amount is within divisional office level for acceptance or whether approval has to come from the regional or head office. It helps if the underwriter has good knowledge of insurance principles and practices.

Insurances underwriters are needed in cases of fire and motor insurance because the insurance amount is formulated by the tariff advisory committee and cannot be breached. Certain insurances are under market agreement where the insurance companies honor a common approach to fixing the rates, terms and conditions. A few insurance companies are neither under market agreement nor under tariff. They charge a rate based on their experience.

Actuaries

An actuary is a business professional who analyses the financial consequences of risk. Actuaries use mathematics, statistics and financial theory to study uncertain future events, especially those of concern to insurance and pension programs.

A person can make a career in this only if he is a graduate with 55% marks and have either completed a course in mathematics / statistics / econometrics or computer science, or are engineers in any discipline, or have done an MBA in finance. People who have also completed their CA / CWA / MCA can also join.

Training as an actuary can be pursued from the actuarial Society of India (ASI), Mumbai, or The Institute and Faculty of Actuaries, London, UK. Actuaries are paid very well, and the consolidated salary figure can go up to Rs 800,000 per year in India.

  • anup

    RESPECTED SIR,

    I M A STUDENT OF MCA….

    WANT TO BECOME A ACTUARY….WHT IS DE ELIGIBILITY CRITERIA…AND WHT WILL BE THE FEES STRUCTURE FOR THE SAME?

    ALSO WANT TO KNOW DE DURATTION…AND THE PAPERS TO EB CLEARED BY US DURING THE COARSE…

    HOEP FOR A GUD REPLY

  • respected sir, i finished my Msc bio-tech

    i want to became a actury plese tell me the eligibility and fees structure pls do reply

  • akshay chowdhary

    Sir,

    i have completed mba from a good institute but couldn’t encash that by making my self a good entrpreneur.

    But after 5 yrs completing mba i think to develop my years-down-the-line , in insurance.
    Plz guide me. I m devasted rt now.

    Thanks
    akshay