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Certainly, post- COVID-19, At the same pace at which the insurance sector is making leaps in the country and the world , the opportunities for multifaceted careers in the insurance sector are increasing from small villages to big cities. Be it life insurance or health insurance , Whether it is general insurance or motor insurance The demand for all has increased rapidly . Due to the corona virus epidemic in the country, the graph of insurance has increased rapidly after the year 2020. Due to increasing health concerns after Corona, most people have now started considering insurance policy mandatory for themselves and their family members. The insurance business in the country is growing due to reasons such as the growing middle class in the country , family protection plans , increasing risks in industry and business, the implementation of the National Health Protection Scheme under Ayushman Bharat and the rapid growth of insurance towards villages. In such a situation, as the demand for insurance is increasing , the insurance industry is also growing and career opportunities for the youth are also increasing here.

Increasing career opportunities with the growing insurance market

Size of the insurance industry in India in the year 2020 according to the report of ASSOCHAM Its value has been close to $ 280 billion . According to this report, 12 to 15 percent growth is expected in the insurance sector by the year 2025. The compound annual growth rate (CAGR) of general insurance was 5 percent in 2021, which increased to 10.2 percent in 2022. Especially the health insurance sector has seen a growth of about 32 percent after the Covid pandemic. Along with this, the non-life insurance sector, that is, all insurance sectors other than life insurance, have shown an average growth rate of 16 percent. It is also important that at present the premium income of life insurance is 1.5 percent of the country's gross domestic product ( GDP ) In The contribution of the GDP is less than four percent , while it is about seven percent in the global GDP. In such a situation, there are immense possibilities of expansion of life insurance and employment in it. Not only the government sector insurance companies , but also the private sector companies like Birla Sun Life , ICICI , Bajaj Allianz , Tata AIA , Reliance , Max Bupa , Care Health Insurance etc. have made the insurance sector shine and A large number of career opportunities have also increased in private sector insurance companies.

Multifaceted career and new options in the insurance sector

Till yesterday, when it came to jobs in the insurance sector, people used to associate it directly with the work of an insurance agent who has to go door-to-door to sell policies. But technology has changed the traditional way of selling policies based on paperwork and multifaceted new career options have been created in this sector. Life Insurance Corporation of India the world 's ( LIC ) largest It is an insurance company. In such a situation , one can make a prestigious career of good income along with serving humanity by becoming an agent in LIC anywhere from village to city and by working in various positions like Assistant Administrative Officer. Therefore, there is a huge possibility of expansion of career opportunities in the country under the insurance sector in cities as well as rural areas. Today many LIC agents have become millionaires by starting work as LIC agents in small villages.

Worked in insurance sector Career opportunities in diverse roles

Actually, your career in the insurance sector depends on which field of the insurance sector or which function of it you want to go into. For example, if you want to make a career in sales, then people from graduates to MBAs are hired for this job , where you can make a career based on your qualification and experience at different levels like front line sales , supervisory level , middle management level , leadership level. To make a career in the finance section, having B.Com. and M.Com. degrees with specialization in finance and accounting , CA or MBA finance background is beneficial . HR One can easily get into this section after graduation , post-graduation and MBA . Analytics and data science expertise along with statistics and engineering degrees can get you important analytics-related jobs in insurance companies . There is also a section on investment in insurance companies. The investment section looks after the work related to investing the money that comes from insurance premium and other sources . If you want to make a career here , then you should have experience of the market.

Since insurance comes under the regulatory framework , there are sub-sections like internal audit , compliance , risk , claim , underwriting , legal under the operational section , here also you can make a career as per your qualification. Similarly, if you want to make a career in the actuarial section , then you must have done an actuarial course as a specific qualification. In this way, there are career opportunities in many different jobs under the insurance sector . Actuarial professionals assess the risk in case of illness , death , accident , disability etc. Surveyors do the survey work in case of fire , explosion , earthquake , flood and riots etc. Their first job is to go to the location and assess the damage.

Essential skills for a career in the insurance sector-

Since the insurance sector mainly involves face-to-face interaction with customers, apart from a degree qualification , good communication skills and computer skills are a must in this digital era. Along with these, in-depth knowledge of insurance and the ability to influence people, knowledge of changing national, international and economic developments, eloquence, patience, decision-making ability , good English along with Hindi and local language. Skills like these play an important role . Understanding people's problems In order to resolve them , with appropriate insurance policy guidance one can achieve great heights in career in the insurance sector .

Specialized Career Degrees and Prestigious Jobs in the Insurance Sector

Earlier there was a lack of institutes providing training for making a career in the insurance sector but today many institutes have started providing proper training for it. In the field of insurance , the importance of courses like Post Graduate Diploma in Insurance , PG Diploma in Insurance Management and Marketing , MBA in Insurance has increased. Apart from these, youth having any degree can move ahead by acquiring qualifications for insurance related career. It depends on your interest , experience and educational qualification as to what kind of area and industry you want to work in under insurance .

How to pursue a career in the insurance sector

Since careers in the insurance sector are spread from small villages to big cities and from general educational qualifications to those having specific educational qualifications for insurance, get preliminary information by meeting the life insurance or other insurance company of your village or city or any person related to insurance career. Pay constant attention to the recruitment advertisements of insurance companies. In such a situation, you can move forward on the path of a suitable career while living anywhere in the village or city. You can move forward on the path of a good career in the insurance sector with a suitable insurance course or specialization in insurance along with commerce management engineering or any other degree as per your suitability.

Dr. Jayantilal Bhandari (Career Counselor) 111 , Gumasta Nagar , Indore-9 (Phone- 0731 2482060 , 2480090)