Another name for the study of insurance is actuarial sciences. This is basically a risk management program devised to safeguard against future unprecedented risks. There are many different kinds of insurance programs that provide coverage for travel, property, health and life etc. Basically you can get insurance for anything that is of value to you.Initially all the insurance polices were devised and provided by the government in India. Recent trends have however forced the Indians to operate in the private sector as well. This has attracted many international companies to invest in India. India stands in great need for trained professionals in insurance and actuarial sciences.
How to become an insurance expert
Due to the growth in demand of insurance experts on a local scale and the vast career opportunities on an international scale the Indian education sector has developed facilities to provide the youth with adequate training in actuarial sciences. Generally you will find most institutes to offer a three year degree course in the subject. Several institutes offer short term courses as well.
Insurance programs are offered at a Bachelors level which can be applied for after higher secondary education. Other than that you have a PG diploma of two years that can be availed after graduation and at an accelerated level after post graduation.
Short term certificates in Insurance are offered to graduations. These courses are of three months duration. Those individuals already working as insurance agents and managers also have the option to enroll them selves in workshops that have specially designed for them.
The diploma level courses are offered in different branches of insurance such as management of insurance and financial services, insurance business, insurance risk management and others. There are other institutes where individuals can pursue their Masters and specialization in one of the branches of insurance.
Some of the leading institutes in India are:
University of Delhi in Delhi
Actuarial Institute of India in Mumbai
The College of Vocational Studies
Academy of Insurance Management
Kurukshetra University
University of Bombay
Guru Nanak University, Amritsar
University of Kalyani
Actuarial Institute of India in Mumbai
The College of Vocational Studies
Academy of Insurance Management
Kurukshetra University
University of Bombay
Guru Nanak University, Amritsar
University of Kalyani
What’s your scope?
After having completed training in actuarial sciences according to your background education you will have geared yourself up to apply for different posts in the insurance industry of India. There are many big insurance companies in India that require the services of trained personal such as Life Insurance Corporation of India, Postal Life Insurance and General Life Insurance.
The salary range varies according to your qualification, the post that you apply for and the company that you get inducted in. Generally a development officer has a pay bracket between 3000 to 8000 rupees whereas a zonal manager may be paid between 14000 to 16000 rupees. The payment packages are much healthier in the private sector but minus the fringe benefits that the government gives you.
Trained insurance personals have plenty of opportunity to be picked up by multinational insurance companies for countries like the U.K. It has been observed that Indian insurance experts are highly regarded in the international market.
