When liberalisation policies opened the door for Indian private sector insurance companies, this began to grow, slowly but surely.

The increasing number of players in this sector has resulted in new products, better packaging, improved customer service and most importantly, greater employment opportunities, even for graduates.

According to industry sources, this is a hugely untapped market. Of an estimated insurable 300 million people, the present life insurance coverage is only 24 per cent and of a retired population of 30 million, the present pension coverage is a meagre one million. The potential of health insurance has not even been scratched. So, it's a sector waiting to be tapped.

Jobs in insurance involve helping people and businesses manage risk, to protect themselves from disaster and losses and to anticipate potential risk problems. Employment opportunities in this area are professionally and financially rewarding.

"In this sector, there will be demand for advisors, marketing specialists, customer service representatives, human resource professionals, etc. Also needed would be advertising and sales promotion people for image building exercises," says Pankaj Sharma, 29, an executive in a recruitment consultancy in Delhi.

Some leading players:

• HDFC Standard Life
• Max New York Life
• ICICI Prudential
• Kotak Mahindra
• Birla Sun
• Tata AIG
• SBI Life
• ING Vysya
• Bajaj Allianz
• Metlife
• Aviva
• Sahara India
• Royal Sundaram Alliance
• Reliance
• ICICI Lombard
• Cholamandalam

Job profile

A person interested in working in the field of insurance can either work independently or in an office in one of the areas of insurance (life, general, etc), as an Advisor/ agent, a marketing executive, etc.

In an office, a person can take up a job in administration (for example, dealing with the registry of claims), development (dealing with marketing and procurement of business, etc), accounts, or investment departments.

Requirements

~ You must have: 

• Knowledge of sales techniques. 
• Familiarity with computers and popular software packages is very important.
• Enthusiasm, be outgoing, self-confident, disciplined, hard working and able to communicate effectively. 

~ You should be able to inspire customer confidence.

~ You need to keep up to date with issues concerning clients. 

Payment structure

"In the private sector, starting salaries are in the range of Rs 8,000 to Rs 12,000 per month. Within a couple of years, the average annual earnings can be in the range of between Rs 2 lakhs to 3 lakhs per annum. Bonus and commissions are also given, so remuneration is largely linked with performance," says Pankaj.

"In the sales function, independent agents/ Advisors are paid by commission only, whereas employees are paid either salary only, salary plus commission, or salary plus bonus. Commissions are the most common form of compensation, especially for experienced agents. The amount of the commission depends on the type and amount of insurance sold, and whether the transaction is a new policy or a renewal. Bonuses are usually awarded when agents meet their sales goals," says Pankaj.

Company-paid benefits to sales executives generally include continuing education, paid licensing training, group insurance plans, etc. Some companies pay for automobile and transportation expenses, attendance at conventions and meetings, promotion and marketing expenses, and retirement plans.

Job prospects

There are plenty of jobs in the insurance sector today, in both the government and private sectors. In fact, the estimated requirement for trained professionals is expected to be more than 30,000 over the next two to three years. Growth in the insurance profession depends totally on the individual.

"You could work in a variety of areas in insurance including as an Insurance agent / Advisor, sales executive, Customer service executive, etc. You can also try for becoming an AAO (Assistant Administrative Officer) in LIC or GIC," says Pankaj.

Insurance agents/ Advisors

Insurance agents/ Advisors are the arms of insurance companies to contact people. They do policy sales and public relations on behalf of the company. Among insurance company agents there are captive agents who work exclusively for one company and there are brokers who represent many companies. Insurance agents help individuals, families and businesses select insurance policies that provide the best protection for their lives, health, and property. They prepare reports, maintain records, seek out new clients, and, in the event of a loss, help policyholders settle their insurance claims. Increasingly, some are also offering their clients financial analysis or advice on ways the clients can minimise risk.

"The role of agents is witnessing a radical change. They often serve as financial consultants, who can offer a complete range of insurance solutions as well as financial products such as mutual funds, retirement funds, etc.," says Pankaj.

Marketing insurance products is like marketing any other financial product, which requires a push. Marketing, therefore, would require special sales and communication skills. Graduates, especially those with sales ability, can anticipate bright opportunities in the insurance sector.

"The insurance companies are known for their informal and friendly work environment. Many insurance companies provide comprehensive career development schemes for their Advisors, to enhance their job skills and be acquainted with practices prevalent in the insurance industry. Depending on their educational qualifications and strengths, the insurance agents/ Advisors are often offered chances to be absorbed in regular employment schemes of the company as well," says Pankaj.

Companies that hire

~ ICICI Prudential

Web site: http://www.iciciprulife.com/public/default.htm

Apply here: http://www.iciciprulife.com/public/Others/Careers.htm

To Become an Advisor: http://www.iciciprulife.com/public/About-us/Contact-Details.htm

~ Kotak Mahindra

Web site: http://www.kotaklifeinsurance.com/omkm3/index.htm

Apply here: http://www.kotaklifeinsurance.com/omkm3/jobs.htm

To Become an Advisor: http://www.kotaklifeinsurance.com/omkm3/laprofile.htm

~ HDFC Standard Life

Web site: http://www.hdfcinsurance.com/index.asp

Apply here: http://www.hdfcinsurance.com/careers/career_opportunity.asp

~ Bajaj Allianz

Web site: http://www.bajajallianzlife.co.in/lifeinsurance/index.asp

Apply here: http://www.bajajallianzlife.co.in/lifeinsurance/careers/careers.asp

~ LIC

Web site: http://www.licindia.com/index.htm

Apply here: http://www.licindia.com/join_our_team_guidelines.htm

~ Birla Sunlife

Web site: http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/index5.aspx

Appy here: http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_Careers/careers_postresume.aspx