Career in Insurance Sector
The insurance sector is one of the fastest growing economies of our country which brings the dynamic career advancement opportunities. The job profile in this sector involves purchasing and maintaining various financial, administrative and personal services, carrying out work and purchase inquiries, and preparing and scrutinizing the bills for payment. Know profoundly about the insurance exams being conducted in India here. Every year approximately 15000+vacancies were released by this industry so we can say that aspirant are showing a great interest to get absorbed within this industry as an employee.
Insurance industry in India has seen a major growth in the last decade along with an introduction of a huge number of advanced products. This has led to a tough competition with a positive and healthy outcome.
Insurance sector in India plays a dynamic role in the wellbeing of its economy. It substantially increases the opportunities for savings amongst the individuals, safeguards their future and helps the insurance sector form a massive pool of funds. With the help of these funds, the insurance sector highly contributes to the capital markets, thereby increasing large infrastructure developments in India.
The Indian Insurance Sector is basically divided into two categories – Life Insurance and Non-life Insurance. The Non-life Insurance sector is also termed as General Insurance. Both the Life Insurance and the Non-life Insurance is governed by the IRDAI (Insurance Regulatory and Development Authority of India).This government organization thoroughly monitors the entire insurance sector in India and also acts like a custodian of all the insurance consumer rights. This is the reason all the insurers have to abide by the rules and regulations of the IRDAI.
The Insurance sector in India consists of total 57 insurance companies. Out of which 24 companies are the life insurance providers and the remaining 33 are non-life insurers. Out which there are seven public sector companies.
The major recruiters in government owned(majority holding) insurance sector are:
- Life Insuarnace Corporation of India (LIC)
- New India Assurance Company Limited (NIACL)
- National Insurance Company Limited (NICL)
- General Insurance Corporation (GIC) of India>
The various entry level positions in insurance sector is/are:
- AAO (Assistant Administrative Officer) in LIC
- ADO (Apprentice Development Officer) in LIC
- Assistant in NIACL (The New India Assurance Co. Ltd.)
- AO (Administrative Officer) in NICL ( National Insurance Company Limited)
- Assistant Manager in GIC(General Insurance Corporation)