Life Insurance as a career: Courses, Institutes and Job Offering Companies

Sakshi Education

Insurance is one of the fastest growing sectors in India and offers tremendous employment opportunities. The life insurance sector has great growth prospects as it presently covers only 6 % of Indian population. A recent survey of Confederation of Indian Industries (CII) estimated that there is a need of 21 lakh qualified insurance professionals by 2025.

With the number of private life insurers in the market has raised drastically, demand for trained professionals is also increasing. Different institutions are offering Insurance education programmes, which will launch the successful careers in the sector.

Job roles for freshers
The students on successful completion of the courses can pursue a career in life insurance as advisors, in sales fund management, legal, marketing, actuarial, underwriting, operations and customer service, among others.

Skills Required for Life Insurance Sector:
Skill sets required by the sector are underwriting, claim handling, operational management, servicing, risk assessment and classification, insurance product marketing, distribution channel operating, coordination, IT skills with domain knowledge, insurance accountancy, etc.

The Premier Insurance Education Institutions
The Insurance Institute of India
The Insurance Institute of India (III) was established in 1955 to provide insurance education and conduct examinations in insurance and related subjects. The institute can be likened to Institute of Charted Accountants of India (ICAI) and Institute of Company Secretaries of India (ICSI).

Certification exams offered by III:
Licentiate Examination
This is an introductory course dealing with the two compulsory papers viz. Principles of Insurance and Practice of Insurance (Life and Non-Life) and one more paper as optional from professional exam curriculum.

Associateship Examination
At this level, students shall choose subjects either Life or Non-Life or both combined. The scheme of study provides knowledge of chosen stream. The candidates will have to get familiar with the practical aspects related to these subjects.

Fellowship Examination
This is the highest level and involves advanced studies of specified areas.

Diploma courses offered by III:
Specialized Diploma on Marine Insurance
This is a specialized diploma in Marine Insurance. This deals with Marine coverages, underwriting, rating and claim aspects.

Specialized Diploma on Fire Insurance
This is a specialized diploma in Fire Insurance. This deals with Fire Coverages, Fire rating and Underwriting and Claim aspects o Fire Insurance.

Specialized Diploma on Casualty Actuarial Science
This specialized course deals Basic Ratemaking and Estimating Unpaid Claims Using Basic Techniques in addition to subjects.

Certificate Programme in Advanced Insurance Marketing (CPAIM)
This is an advanced course to provide knowledge and understanding of insurance domain and the marketing function applicable to insurance.

Specialized Diploma on Health Insurance
This is a specialized diploma course introduced in Health Insurance. Examination will be conducted only through On-line mode. This deals with Basics of Health Insurance, Health Insurance Claims and Health Insurance Operations.

Mumbai-based III certifications are highly valued in Insurance sector and successful candidates can easily find quality placements in insurance sector.

For more details on the programmes, visit -www.insuranceinstituteofindia.com

Besides III, the following institutions are offering diploma, pg diploma, bachelors and masters level programmes with insurance specialisations.

Actuarial Institute of India, Mumbai.
International Institute of Insurance and Risk Management, Hyderabad.
National Insurance Academy, Pune.
Centre for Insurance Studies and Research, National Law University, Jodhpur.
Department of Commerce, University of Delhi, Delhi.
The College of Vocational Studies (University of Delhi), Sheikh Sarai, Phase II, New Delhi.
Academy of Insurance Management, Asia Pacific Institute of Management, New Delhi.
Birla Institute of Management Technology, New Delhi.
Department of Humanities and Social Sciences, Indian Institute of Technology (IIT), Mumbai.
Garware Institute of Career Education and Development, University of Mumbai, Mumbai.
Department of Commerce, Manipur University, Imphal.
The Department of Business Administration, Utkal University, Bhubaneshwar.
The Department of Commerce and Business Management, Guru Nanak Dev University, Amritsar.
Directorate of Distance Education, Annamalai University
Department of Commerce, Aligarh Muslim University, Aligarh.