The Insurance sector in India has registered significant growth in the past few years achieving an average annual rate of 20% and total size of around $ 10 Billion. By allowing 26% Foreign Direct Investment the government hoped that through healthy competition peculiar requirements of the customers could be met.
The insurance sector comprises of life and non-life business such as car, marine, accident, medical and fire insurance. The government still holds 78% share of the market with LIC having a formidable advantage whereas in the non-life field, private sector companies both independently as well as joint ventures with foreign insurers account for 20%.
After the government loosened its grip the sector welcomed the participation of both foreign and domestic private players thereby providing an insurance cover to the people and job security too. The entry of private players in the service sector brought with it a big demand for professionals. The job options available to an individual in the insurance sector include agents jobs, advisors jobs, sales jobs for experienced salespeople and financial advice and management to some extent.
The first step for a career in insurance sector is to become an agent or an advisor. Insurance is a matter of solicitation; hence the responsibility of the agent to inform the legalities, process and specific plans to the policy holder is immense. risk management tool, the advisor must always be well equipped to provide best suited solutions to the clients whether individual or corporate. The agent must not forget that he is the authentic source of information and also the face of the company. Therefore, he should try to forge strong ties with the customers following a friendly, confident, enthusiastic and disciplined approach dispelling correct information about the products and services of the company.
The field of non life sector is so vast, one can even specialise in selling health, car and accident policies according to expertise and interest. Here the experience of sales is very helpful and sales jobs are available for those who can avail the opportunity and make a foray in the sector.
Provides a cover or protection against any threat to life. An policy is a financial and legal binding between an insurer and insured. The policy holder is always exposed to many risks including the failure of the product to meet its forecast or delay in services etc. To address such grievances the government established Insurance Regulatory Development Authority. It is the nodal agency to regulate Life and General service sector in India. The knowledge of IRDA guidelines and being web savvy is useful for insurance agents jobs.
The insurance sector comprises of life and non-life business such as car, marine, accident, medical and fire insurance. The government still holds 78% share of the market with LIC having a formidable advantage whereas in the non-life field, private sector companies both independently as well as joint ventures with foreign insurers account for 20%.
After the government loosened its grip the sector welcomed the participation of both foreign and domestic private players thereby providing an insurance cover to the people and job security too. The entry of private players in the service sector brought with it a big demand for professionals. The job options available to an individual in the insurance sector include agents jobs, advisors jobs, sales jobs for experienced salespeople and financial advice and management to some extent.
The first step for a career in insurance sector is to become an agent or an advisor. Insurance is a matter of solicitation; hence the responsibility of the agent to inform the legalities, process and specific plans to the policy holder is immense. risk management tool, the advisor must always be well equipped to provide best suited solutions to the clients whether individual or corporate. The agent must not forget that he is the authentic source of information and also the face of the company. Therefore, he should try to forge strong ties with the customers following a friendly, confident, enthusiastic and disciplined approach dispelling correct information about the products and services of the company.
The field of non life sector is so vast, one can even specialise in selling health, car and accident policies according to expertise and interest. Here the experience of sales is very helpful and sales jobs are available for those who can avail the opportunity and make a foray in the sector.
Provides a cover or protection against any threat to life. An policy is a financial and legal binding between an insurer and insured. The policy holder is always exposed to many risks including the failure of the product to meet its forecast or delay in services etc. To address such grievances the government established Insurance Regulatory Development Authority. It is the nodal agency to regulate Life and General service sector in India. The knowledge of IRDA guidelines and being web savvy is useful for insurance agents jobs.
