Career in Insurance Sector Part - 1

Insurance is a form of risk management primarilyare mentioned below:
used to hedge against the risk of potential financialB. Actuarial
loss in exchange for a premium.An actuary holds one of the most important
Insurance companies deal in 4 main areas:positions in an insurance business. He is involved in
1.) Life insurancesolving wide range of financial problems related
2.) Health insurancewith insurance investments, financial planning and
3.) Property andmanagement. Graduates in Mathematics or
4.) Accident insuranceStatistics are suited for this kind of a job. Do
. Companies may specialize in life insurance or inChartered Accountant Courses to get the eligible
one or all the three types of General insurancefor these jobs.
coverage.(C) The Job
Entry of many private Indian as well as foreignActuaries are experts in:
companies, along with existing players, in the1.) Evaluating the likelihood of future events;
insurance sector had added variety and quality to2.) Designing creative ways to reduce the
the insurance services. The other positive impactlikelihood of undesirable events;
has been on the creation of wide variety of new3.) Decreasing the impact of undesirable events
employment opportunities. Till now employment inthat do occur;
the insurance sector was considered akin to any4.) Product Development;
government job, but now with private5.) Financial reporting;
participation, it has assumed significant importance6.) Pricing of insurance products;
and has become an exciting career option.7.) Special project studies to understand a specific
(A) The Prospectsindustry type;
Best places to work include:8.) Analysis of cost data and cost projections for
1.) Allianz Bajaj Life Insurance Co. Ltdthe future;
2.) HDFC Standard Life Insurance Company9.) Coordination with Marketing, Underwriting and
3.) Birla Sun Life Insurance Co. Ltd.Sales units; and
4.) ICICI Prudential Life Insurance Company10.) Tracking Legislative and regulatory changes.
5.) Life Insurnce Corporation of IndiaPersonality traits
6.) Max New York Life Insurance Co. Ltd.11.) Being comfortable with numbers
7.) Metlife India insurance Co. Ltd12.) Sound Computer Skills
8.) Tata AIG Life Insurance Co. ltd13.) Understanding people's security related needs
9.) SBI Life Insurance Co. Ltd14.) An analytical approach
10.) ING Vysya Life Insurance Co. Pvt. Ltd.15.) Good general awareness
11.) Bajaj Allianz General Insurance Co. Ltd16.) Strong business knowledge
12.) ICICI Lombard General Insurance Co. Ltd17.) Good Communication skills
13.) IFFCO Tokio General Insurance Co Ltd18.) Understanding of human behavior
14.) Royal Sundaram Alliance Co. Ltd19.) Good time management skills
15.) TATA AIG Life Insurance Co Ltd20.) Quick thinking and adaptability
16.) Reliance General Insurance Co. Ltd(D) Salaries
(B) Nature of Work1)Entry-level salary is approximately Rs. 8 lakh p.a.
Insurance corporations perform various tasks2.)Salaries at senior levels could range between
with each department having its own set ofRs. 30 and 50 lakh per annum.
responsibilities. The specifics of each type of job