Insurance is an important risk management tool. When we buy insurance, we incur a cost (called an insurance premium) to buy protection against unexpected financial losses.
India, from having just one company offering life insurance in the year 2000 (LIC of India), currently has 24 life insurance companies. Similarly, India had only four general insurance companies (non-life insurance businesses) earlier, that too in the government sector. Now it has a total of 33 of them, with 29 of them in the private sector. Besides, we also now have 10 companies in the field of reinsurance.
With the growth of the Indian economy, India has seen tremendous growth in the insurance sector as well, yet insurance penetration in the country is very low. In the financial year 2021, India’s life insurance penetration stood at around 3%, while the non-life insurance penetration was much lower at 1%. The overall penetration for the industry was over 4% in 2021. (source – www.statista.com )
India is the largest growing economy in the world and is poised to be a $ 5 trillion economy in the next few years, and therefore, it is a no-brainer that the field of insurance holds enormous growth potential, offering exciting career options and opportunities in a large variety of roles.
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Besides general roles available in any industry viz. marketing, finance, accounting, HR etc., the insurance industry offers various specialised roles as well. Some of them are:-
Insurance professionals are generally appointed by the following types of companies:-
Besides, all big and medium-sized companies invariably have separate insurance divisions/professionals to look after their insurance needs, cover various risks associated with their businesses, file claims, and liaise with insurance companies for settlement of claims.
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The function of private sector insurance companies is similar to those in government sector, However, job titles in the private sector are different from those in the public sector. Various functions in private sector insurance are briefly described below.
The insurance industry employs a very large number of sales professionals. They work as agents (freelance professionals and not as employees) and on a commission basis. Successful agents earn high amounts of commission and have the benefit of flexible working hours.
They are sometimes given titles such as sales executives/relationship manager/ financial planning associate etc. for entry-level openings. Those with a few years of experience are appointed as sales managers/business development managers, etc.
Depending upon performance, one can go on to becoming branch manager, zonal head, regional manager, national sales head, and the like.
There are mainly two types of sales channels in the insurance sector and offer promising job opportunities for those interested in the field.
Direct Agency Sales Channels | The sales through agents who are appointed by development officers, who in turn report to the branch manager form the direct sales channel. This generatews substantial business for insurance companies.
Alternate Sales Channels | Distributors who operate independently of various points of sales (also referred to as third-party distribution channels) form alternate sales channels. Insurance companies enter into tie-ups with banks for the sales and distribution of insurance products. Insurance brokers, corporate agency arrangements/ tie-ups etc. are also major components of alternate sales channels. Some new-age companies have also entered into the business of providing insurance policies from insurance companies to customers through their online portals, for instance, Policybazaar and Coverfox.
Let us understand how recruitment works in government sector insurance companies.
Recruitment in LIC of India and General Insurance Corporation of India (GIC), which has four subsidiaries, is done at the level of Assistant Administrative Officer (AAO), which is a Class I officer position.
After serving as AAO for a minimum of three years, one can be promoted to Administrative Officer (AO).
People are also hired as Development Officers, which is a Class II officer position. The Development Officer is incharge of the development of the insurance business. They handle the recruitment of agents, train them for procurement of new business and servicing to existing policies and customers.
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The following specialised officials are required both in the government sector as well as the private sector in the insurance industry.
An actuary is one of the most important functionaries in an insurance company.
Actuaries are in great demand (in fact, the number of actuaries relative to their demand, is quite less in India), and they are highly paid and valued.
It is said that insurance can’t work without good underwriters.
The underwriter may decide to pass on a part of the risk to another insurer, which is called “reinsurance”.
As per extant laws, no claim under any kind of insurance policy can be settled unless a report has been obtained on the loss that has occurred, from a person who holds a licence to act as a surveyor or loss assessor. Thus, the surveyor is an important professional having the requisite skills and techniques to make an assessment of losses vis-a-vis terms of policy and coverage details, reasonability of claim, omissions, if any, etc.
Investment professionals are also required for investing the funds of insurance companies (in equities, bonds, etc.) and treasury functions.
There is no bigger real estate owner in India than LIC of India. There are separate departments of LIC looking after its property-related matters, which is why LIC requires professionals in civil engineering, valuation, maintenance, and law.
The insurance sector also requires data analysts, IT professionals, network engineers, and software and hardware professionals to smoothly run its operations and provide state-of-the-art customer interface to its customers.
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Pramod Nagpal is Chartered Accountant by training, (Retd.) Managing Director, Central Cottage Industries Corporation Of India Ltd. (A Govt. Of India undertaking, under Ministry Of Textiles). He holds close to four decades of experience in the areas of finance and commerce. Pramod has keen interest in the field of education, and guiding students on harnessing available opportunities to achieve their goals.
Application Date:05 September,2024 - 25 November,2024
Counselling Date:03 October,2024 - 06 October,2024
Dear Aspirant,
I understand your situation.
No job can guarantee you quick money. The rate at which your income will increase depends on your skills and abilities .
Generally after finishing MBBS it is quite hard to get into a good college for MD and then to pursue independent practice. The path is challenging and there is a huge bias towards people who have medical background.
But, if you are willing to work hard and prove yourself you can ensure that you'll always have enough money with yourself for your survival. You will be able to increase your income once you gain the trust of people.
Hope this helps.
Yes,
You can surely go for diploma in family medicine after bams.
Some of the good medical colleges are
1. Cmc,vellore Rank 1
2. St. Johnes medical college, banglore Rank 14
3. CSI kalyani multispeciality hospital, chennai
4. Institute of health and family welfare, Kolkata
You can get further information here at
https://www.careers360.com/courses/diploma-in-family-medicine
Hello,
Hope you are doing good!
DNB Family Medicine - Diplomate of National Board is a medical qualification awarded by the National Board of Examinations (NBE). The DNB Family Medicine course is approved by the Government of India and is considered equivalent to the postgraduate and post-doctoral programs offered by the Medical Colleges, institute & hospital in India. One of the unique aspects that the specialty of family medicine offers is a higher degree of flexibility than many other medical specialties when it comes to location, work environment, and areas of focus. It also offers a good work-life balance and a strong sense of personal satisfaction.
DNB Family Medicine is a private preparing cum-business post-graduate program in family medication incorporating the scholarly and clinical parts of family drug. Specialists should mandatorily turn in various divisions - general medication, general medical procedure, obstetrics and gynecology, pediatrics, setback and crisis care.
Duration of both MD & DNB courses is 3 years, run in both government and private set up with the similar quality standard of the host institute, similar academic activities, compulsory thesis work of 1-year duration under a qualified thesis guide with external review process (exposure to research methodology), and academic activities (library and journal facility, presentation in national and international conferences, research article publication, training program, workshop, and CME).
Some best Hospitals for DNB Family Medicine are :
All the best!
Hope it will help!
Thank you!
As per previous year trends (NEET PG 2020) the closing rank to get DNB (Diplomate of National Board) Family Medicine (for OBC - Non Creamy Layer Category) is around 33 to 34k. H ence , with 41k rank, it is difficult to get DNB Family Medicine in Karnataka, via OBC-NCL Category. However, with recent increase in Reservation for OBC Candidates , you do have some chances to get a seat.
Alternatively, if you want to know what all medical colleges (MD/MS/Diploma) you can get with your NEET PG Rank, you may use NEET PG College Predictor Tool - NEET PG College Predictor 2021 - Predict Colleges based on your NEET PG Rank (careers360.com)
As per previous year trends the closing rank to get DNB (Diplomate of National Board) Family Medicine (for General Category) is around 28K to 30k. S o with 41k rank and assuming you belong to General/Unreserved Category, it is difficult to get DNB Family Medicine in Karnataka.
Alternatively, if you want to know what all medical colleges (MD/MS/Diploma) you can get with your NEET PG Rank, you may use NEET PG College Predictor Tool - NEET PG College Predictor 2021 - Predict Colleges based on your NEET PG Rank (careers360.com)