Insurance is a kind of management in which a step to prevent any uncertain loss is taken in the form of risk management. This is done by transferring the risk of a loss in exchange for a payment.
How is it useful for people?
In today’s world where everyone thinks of living a lavish life which has made our expenditure more than our earnings leaving us with no penny at the end, insurance helps us in making savings for our future. Insecurity of living and nonliving elements has become a major factor from any kind of risk like the death of any person, robbery of property, etc. Insurance serves us with a way to secure our lives, our owned things by giving a benefit with payment in place of the individual loss.
Jobs in Insurance Sector
Insurance jobs are there both in private sector and public sector. Insurance jobs are of two types:
- Life insurance sector
- Non-life insurance sector
According to last year, 2018 recruitment in insurance jobs in the Public Sector was quite large. A total number of vacancies in insurance jobs was 11,000.
Company wise Vacancy details on Recruitment:
- National Insurance Company Limited – 2000
- New India Assurance Company Limited – 6000
- Oriental Insurance Company Limited – 2000
- United India Insurance Company Limited – 1000
There are a total of 52 Insurance Companies in India out of which 28 are non life insurance business and 24 are life insurance companies.
Insurance jobs can be segregated into different types like insurance market agents, brokers, surveyors and third party administrators. Life Insurance Corporation is the sole in public sector company, which has a financial service executive vacancies of several posts. It’s divided into two divisions:
- Eastern Zone
- Central Zone
The role of these executives is to market their insurance policies, procuring new business to the organization and so on.
Future of Insurance Jobs:
The Indian insurance industry is at a boom in the current market which is giving a number of opportunities to seek a career in insurance jobs. The Indian insurance industry has gone through transformation changes since year 2000. This industry has witnessed phases of rapid growth along with intensifying competition and significant growth moderation.
India’s Life insurance sector is the biggest in the world consisting of 36 crore policies and are also expected to increase at 12 to 15 percent annual growth rate over the next five years. India’s insurable population is anticipated to touch 75 crore by 2022.
An interesting future waits for the life insurance industry with several changes in the regulatory framework which will lead to changes in the way the industry conducts its business and engages more and more customers. Factors such as growing middle class, unpredictable expenditures, young insurable population and the awareness for protection and retirement plans will help in the growth of the insurance industries a lot in the future.
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