INSURANCE AS CAREER OPTION
Insurance is challenging field Ever since economic liberalization in 1991, it has been grown manifold. Today there are at least 12 major private insurance companies in the market compared to one life and four insurance companies. Based on the Malhotra committees recommendations, the government has opened up the insurance sector to private players, who have tied up with large overseas insurance sector to private life insurance companies are ING Vysya, Max New York Life Insurance co, Birla Sun Life Insurance, Reliance Life Insurance, HDFC Standard , and ICICI Prudential etc. In non-life insurance segment, major private players are Royal Sundaram, Cholamandalam, IFFCO Tokyo, Tata AIG etc.
Insurance sector provides good potential. According to one conservative estimate, more than half a million jobs have been created in this sector in the last few years. Another estimate puts the figure of insurance agents of advisers at 11 lacs working in the Indian market for various insurance companies. One can be insurance consultant development officers, assistants administrative officer, surveyor, insurance agent, under writer, claims adjuster, risk manager. Insurance Agents: They advice people on the most suitable policy. The educational qualifications required for becoming an insurance agent or advisor is 12th pass while for other positions, a graduate degree is essential. In addition, the candidates must also possess good communicate skill s, contacts presence of mind, confidence and ability to persuade others, sincerity, hard work and commitment for service towards the clients. These additional qualifications decide the growth of a person in this field.
Agents get about 25 to 32 percent of the premium amount in the first year of the policy. In the second and third year they gets 7.5 percent and in fourth and fifth year they get about 5 percent of the premium. After about four years of good performance, an agent may also be entitled to office facilities, car, computer, telephone, maintenance, housing loan etc.