Insurance - scope, careers, colleges, skills, jobs, salary
Everything you need to know about making a career in the Insurance. Insurance careers, scope, colleges, skills required, job prospects and salary. Discover the complete information of Insurance here.
About Insurance
Definition
Fun is like life insurance; the older you get the more it costs. ~ Kin Hubbard
Insurance is a means of protection from financial loss. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. An entity which provides insurance is known as an insurer, insurance company, or insurance carrier. A person or entity who buys insurance is known as an insured or policyholder.
Insurance Career Path
| B.A (Hons.) (Insurance & Banking) | |
|---|---|
| Level | Under-Graduate |
| Duration | 3 years |
| Eligibility | XII pass |
| Entrance Exam | Amity School of Insurance, Banking & Actuarial Science Entrance Exam |
| Specialization | -- |
| Average Course Fee | ₹4,00,000 to ₹6,00,000 |
| Mode | Regular |
| Goal | Insurance Agent, Insurance Advisor, Loss Adjuster, Claims Adjuster, Claims Analyst, Claims Examiner, Underwriter |
| M.B.A (Insurance & Banking) | |
|---|---|
| Level | Post-Graduate |
| Duration | 2 years |
| Eligibility | Graduation with MAT/CAT/XAT/NMAT/GMAT scores |
| Entrance Exam | Common Admission Test (CAT), Management Aptitude Test (MAT), Xavier Aptitude Test (XAT), NMIMS Management Aptitude Test (NMAT), Graduate Management Admission Test (GMAT) |
| Specialization | -- |
| Average Course Fee | ₹70,000 to ₹6,50,000 |
| Mode | Regular |
| Goal | Risk Manager, Manager of Customer Billing, Marketing Manager, Project Manager, Training Manager |
| PGDM (Insurance Business Management) | |
|---|---|
| Level | PG-Diploma |
| Duration | 2 years |
| Eligibility | Graduation with Min. 50% marks (10+2+3 pattern) |
| Entrance Exam | CAT, MAT, XAT, CMAT, GMAT |
| Specialization | -- |
| Average Course Fee | ₹50,000 to ₹15,00,000 |
| Mode | Regular |
| Goal | Supervisors, Finance and Insurance Office Executives, Insurance and Investment Manager Claims Adjuster, Claims Analyst, Claims Examiner, Claims Manager, Insurance Consultant, Business Development Manager |
| Certificate Program (Health Insurance) | |
|---|---|
| Level | Under-Graduate |
| Duration | 2 weeks |
| Eligibility | XII or equivalent |
| Entrance Exam | IFBI (Institute of Finance, Banking and Insurance) Common Entrance Test |
| Specialization | -- |
| Average Course Fee | ₹50,000 to ₹2,00,000 |
| Mode | Regular |
| Goal | Insurance Agent/Broker, Field Promotion Coordinator |
Related Courses
Colleges for Insurance
- All India Institute of Public & Physical Health Sciences, Delhi
- Amity School of Insurance and Actuarial Science, Noida
- Birla Institute of Management and Technology (BIMTECH), Noida
- GITAM Institute of Management, Visakhapatnam
- Goa Institute of Management, Sattari
- ICFAI University, Jaipur
- Indian Institute for Finance and Management, Assam
- Indian Institute of Commerce and Trade (IICT), Lucknow
- Indian Institute of Pharmaceutical Marketing, Lucknow
- Institute of Finance, Banking and Insurance, Chennai
- Institute of Finance, Banking and Insurance, Delhi
- Institute of Finance, Banking and Insurance, Hyderabad
- Institute of Finance, Banking and Insurance, Kolkata
- Institute of Finance, Banking and Insurance, Mumbai
- Institute of Insurance and Risk Management, Hyderabad
- International School of Business & Media, Kolkata
- Mulund College of Commerce, Mumbai
- National Insurance Academy, Pune
- Pondicherry University, Puducherry
- S K Somaiya Degree College of Arts, Science and Commerce, Mumbai
- Siva Sivani Institute of Management, Hyderabad
- Sydenham College of Commerce and Economics, Mumbai
- Symbiosis Centre for Distance Learning, Pune
Top Colleges for Insurance
Visakhapatnam
Scholarship / Fellowship in Insurance
- Birla Institute of Management Technology
- Siva Sivani Institute of Management
- Sydenham College of Commerce and Economics
Insurance Key Skills
Communication Skills
Customer service attitude
Enjoys challenges
Flexibility
Focus and hard work
Good memory
Able to retain facts easily
Interpersonal Skills
Negotiation Skills
Numeracy skills
Organization & Time Management
Insurance Career Prospects
- Insurance Consultant
- Business Development Manager
- Insurance Agent
- Development officer in an Insurance Organization
- Broker / Agent
- Underwriter
- Loss Adjuster
- Risk Manager
- Claims Investigator
- Loss Control Specialist
- Claims Clerk
- Sales Agent
- Actuary
- Actuarial Associate
- Claims Adjuster
- Claims Analyst
- Claims Examiner
- Claims Representative
- Claims Specialist
- Estimator
- Field Promotion Coordinator
- Investigator
- Marketing Representative
Jobs in Insurance
- Insurance Companies
- Government Sector
- Private Sector
Salary in Insurance
Like in any other field the remuneration in this field depends on qualification, experience, and area in which one works. One could get an initial pay of ₹10,000 to ₹25,000 per month.
Insurance Role Models
Shri V.K. Sharma
Shri V.K. Sharma- He took charge as Chairman, Life Insurance Corporation of India on 16th December 2016. Shri Sharma joined LIC as Direct Recruit Officer in 1981 and has grown with the Company since then. As Executive Director of Pension & Group Schemes, he pioneered the launch of various prestigious pension schemes in the country. As the Zonal Manager in-charge of Southern Zone, he successfully turned around its operations and put it on a growth trajectory, making it No. 1 zone in 2010. Shri Sharma’s focused leadership, proficiency in invigorating staff performance, reorganizing teams and developing talent, enabled LICHFL maintain its growth momentum despite volatile markets and adverse macro-economic conditions.
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