Insurance : The concept of insurance was not taken so seriously as in the other countries, but today the scenario has gradually changed, but still the average ratio of the insured Indians are far less when compared with the other countries. You would still find majority of the Indians who are under insured when the ration of Life insurance premia to GDP is considered. It has been seen that the ratio is just a paltry figure near about 1.3-1.4 %, whereas in the other countries, the ratio is over 7%. The main reason for this because most of the individuals lack the knowledge on what insurance is and why it is important to be insured. The poor state of services which are provided is the other basic reason for less people to go for the same.
Few tit bits about the insurance fields before to start off with it as your career:-
• In India the insurance sector is completely nationalized.
• The services in the insurance domain within the country India is provided by LIC, GIC and 4 of its other subsidiaries.
• LIC provides the insurance for life.
• GIC provides insurance for non life facets like that of personal loans, fire, accidents, etc.
• With the government nods to allow both public and private players in the insurance domain would see some variety in this in the days to come.
• This would also enhance the employment opportunities in the field of insurance.
The most probable areas which ahs the probability of absorbing in candidates are as under:
• Actuarial: The person is designated to solve issues related to insurance investments, financial planning’s and the other related management work. The enry level salary for this designation is around 8p.a
• Underwriters: Professionals who analyze the risk associated with the business and deals mostly with the risk management domain for both the life insurance and non life insurance are termed as underwriters. They could expect to attain an entry level salary of 6 per annum.
• Marketing & Distribution: as the name signifies, it is pretty much understood what their core activity would be. This has much scope for extrovert candidates who have the knack to interact with others to get the sale done.
• Operations: The deal with the daily, weekly and monthly operation management for looking into the elaborate and vast databases, the wide array of networks, etc for the in house insurance management issues.