To pursue a career in the
insurance industry, one has to pass the entrance examination conducted
by the Actuarial Society of India, Mumbai. Students who have passed 10 + 2 or
equivalent exam are eligible. License is needed to work in this field which can
be achieved through a training program that is conducted by the IRDA. Apart from
this insurance has been included in the subject of studies in many universities
at the graduation level. After the completion of graduation or post-graduation
in management one can work in the insurance marketing and sales of private
insurance companies. Insurance companies belonging to the private sector also hire
management graduates for different functions based on their requirement.
The eligibility criteria for the
varied posts in the Insurance industry are:
Administrative Officer
(AO) & Assistant Administrative Officer (AAO): Graduate/
Postgraduate degree holders in any subject with minimum of 50% marks from a
recognized university and age between 21 and 28 years can apply for these
posts. Recruitment is through a written examination and interview.
Development Officer: Graduates in any
discipline between 21 and 26 years of age can apply for the post of Development
Officer. Selection is based on written tests in English and Mathematics and an
interview. Selected Candidates have to serve as apprentice for a period of 1
year.
Insurance Agents: The minimum
educational qualification for an insurance agent is 10 + 2. Before joining as
insurance agents, one needs to undergo 100 hours of classroom training by the
respective Insurance Company based on the syllabus laid down by IRDA. After
completion of training, they have to appear for the examination conducted by
the Insurance Regulatory
Development Authority (IRDA).
Composite Agent: They are the one
who sells both life and general insurance policies. Eligibility criteria are
the same as that of insurance agents but they have to appear for one more test,
also conducted by IRDA.
Insurance Surveyor: Licensed by the
Controller of Insurance, the surveyor can be engineers, accountants, medical
graduates etc. To hold a license of a surveyor, one has to possess any one of
the following:
- Fellowship or Associate ship of the Institute of Insurance Surveyors and Adjustors (IISA), Mumbai.
- Fellowship or Associate ship of the Institute of Chartered accountants or Cost and Works Accountants.
- A degree or diploma in architecture from a recognized university or institute.
- A degree or diploma from a recognized institute of engineering.
- A degree or diploma in Naval Architecture.
Actuaries: Graduates with
55% marks in Mathematics/ Statistics/ Econometrics/ Computer science or MBA in
finance, CA, CWA, MCA are eligible to join for actuary training. Training in
this field can be pursued from the Actuarial Society of India (ASI), Mumbai or
The Institute And Faculty of Actuaries, London, UK. To work as an Actuary, one
has to pass an entrance exam conducted by these institutes twice a year, in
May-June and October-November.
The post of Assistants, Typists, Machine
Operators, Stenographer, Telephone Operators, Clerks etc. are open to graduates
and school-leavers and the age limit is between 18 to 25 years. The candidates
applying have to go through a written test and interview.
Apart from this, there is a huge
demand for sales and marketing professionals in the sector where the minimum
qualification in graduate with 50% mark.
The eligibility criterion for
recruitment to both the LIC and GIC is the same. Those who have passed the
Licentiate Examination of the Insurance Institute of India, are preferred by
the LIC and GIC for recruitment.