Career @ Insurance - Part 2

Ranjan K Baruah *

We have published about career options related to insurance and in this edition we are publishing more about insurance and agencies associated with it .

In India, insurance has a deep-rooted history. It finds mention in the writings of Manu ( Manusmrithi ), Yagnavalkya (Dharmasastra ) and Kautilya ( Arthasastra ).

The writings talk in terms of pooling of resources that could be re-distributed in times of calamities such as fire, floods, epidemics and famine. This was probably a pre-cursor to modern day insurance.

Ancient Indian history has preserved the earliest traces of insurance in the form of marine trade loans and carriers’ contracts. Insurance in India has evolved over time heavily drawing from other countries, England in particular.

As per an ASSOCHEM report, insurance sector requires 30 lakhs of manpower by 2030. Therefore there is an urgent need for trained professionals with knowledge and skills of the sector.

There are different positions in the sector which includes Administrative Officer (AO) & Assistant Administrative Officer (AAO), Development Officer, Insurance Agents, Composite Agent, Insurance Surveyor, etc.

Though the minimum qualification for the insurance agent is 12th but for other administrative and management posts higher qualification like graduates or MBAs are preferred.

The Insurance Institute of India (III) formerly known as Federation of Insurance Institutes (J.C. Setalvad Memorial) was established in the year 1955, for the purpose of promoting Insurance Education & Training in the country.

National Insurance Academy (NIA) is a premier institution devoted to equip the insurance industry with the best of talents. Its close association with the Insurance industry provides the ‘real life’ reference to its training, education, research and consultancy activities.

Following the recommendations of the Malhotra Committee report, in 1999, the Insurance Regulatory and Development Authority (IRDA) was incorporated as a statutory body in April, 2000.

The key objectives of the IRDA include promotion of competition so as to enhance customer satisfaction through increased consumer choice and lower premiums, while ensuring the financial security of the insurance market.

Institute of Actuaries of India (IAI) is a statutory body established under The Actuaries Act 2006 (35 of 2006) for regulation of profession of Actuaries in India.

Personnel attributes which are essentials are like good communication and networking skills. One needs to have pleasant personality and friendly behaviour with others to get more success in this field.

This area has tremendous prospect in near future for which one can train him or her. Initially people have thought that insurance are for those who are rich or afford to pay the amount but now it has changed its course and there are many aspects of insurance including crop insurance and others which benefits the farmers.

Many corporate are also trying to rich out to rural areas for their business which brings more scope for young people and others who wanted to get associated with insurance sector. There are micro insurance which are mostly for rural people.