Five Exciting Career Options in the Insurance Industry for You

Thinking of a better and exciting career option? Insurance is the sector which offers you an opportunity for growth, rewarding career options and challenging prospects.

The Insurance sector is the fast growing sector in India. In the current year 18-19 the insurance sector is growing at 6.20% for the life insurance sector and 13.91 % for the non-life insurance sector.

The Government of India has recently launched Ayushyaman Bharat scheme in the health insurance sector. This is a gigantic scheme and will open up career opportunities in the sector manifold.

Life and health insurances are considered basic necessities for everyone in planning personal finances.

“Not having insurance not only destroys your life, it destroys your fiscal life. It breaks up marriages. You cannot function anywhere unless you have good health.” Charles B. Rangel

If this is the importance of insurance in life, you can imagine how much growth potential the sector promises.

People with different skills and passion can select the Insurance sector for their career ambition. This sector is good for people with sales skills, administrative skills, motivation skills, statistical skills and even for those who wish to pursue a freelance career.

Here we present some of the options in the insurance sector for the career aspirants to choose from.

1. Actuary

These are the professionals who are the backbone of the Industry. They design the policy and plans to cater to the various needs of the people.

They help insurance companies to understand and mitigate the risk in various insurance plans.

They are master statisticians. They use mathematical models to devise new risk management methods.

In India, the Actuary Society conducts the exams. This is interesting as well as lucrative career options in the Insurance industry.

The work of an Actuary is so intense and challenging that many people do not understand it. The following joke says it all.

What does an actuary`s wife do when she has insomnia?
She asks her husband: Dear, tell me again what do you do at work?

Actuaries are highly paid professionals. The work they do is challenging. They command the highest respect in the industry.

2. Agent

Everyone at some point in life has come in contact with the Insurance agent. They are not only the seller of Insurance policies. They make you aware of the various risks you are exposed to. They guide you about how to cover the risks which can be covered by insurance policies.

The sales and marketing training they get as an agent is phenomenal. This training helps them in all walks of life. They are the people with a positive outlook. They are persuasive and optimistic.

“The determination of life insurance salesmen to succeed has made life pretty soft for widows.” William A. Feather

If you have a flair for sales, consulting and you like meeting people, this is the ideal career option for you. This is a freelance position. In this profile earning potential is very good.

3. Surveyor

These are the people who survey the site of the incidence for which the insurance claim is made by the insured.

For example, in the recent Kerala Flood loss, if someone makes a claim of loss of property due to the flood, Surveyors assess the loss due to the flood by visiting the site. Though they are not the employees of any Insurance company, they report to the Insurance Company.

This is mainly on the field job, but a challenging job.

Handpicked related post: How to make your job interesting?

4. Development Officer

They manage the various geographical area allocated to them as an employee of the insurance companies.

Their job is to penetrate the area to expand the market for the insurance policies. They support agents and develop the market for insurance products.

This role offers an opportunity to develop various facet of one’s personality. This role is a combination of sales, marketing, and administrative skills.

5. Underwriter

They underwrite the new insurance policy proposals. They assess the risk profile of the person to be insured. They approve, suggest premium modification and even reject the proposal.

This is a very interesting as well as a responsible role.

These are the five interesting career profiles in the Insurance Industry. The industry is broadly divided into two categories; one is Life Insurance Companies and 2nd is General insurance companies.

General Insurance caters to the non-life risks like health insurance, travel insurance, property insurance, loss of income risk, and various other non-life risks.

Life insurance companies cater to life-related risk insurance like whole life, the limited period life policy under endowment plans, ULIP linked plans for wealth building or Pension Plans.

In the end, a lighter note about the insurance sector.

What’s the difference between a whole life policy and a man? A whole life policy eventually matures.

All in all, insurance is an interesting and expanding sector of the country. This sector offers good career options for the young and self-enthusiastic people.

 

Siddhant Dubey - Writer & Photographer

Siddhant works as a freelance content writer who is interested in a wide range of spheres from photography and personal finance to cooking. He is also an aspiring photographer striving to showcase life around him through his vision.