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There are a number of options to choose from for a career in Insurance. Ideally an insurance company will have openings in the marketing, distribution, actuarial, underwriting, operations and investing departments. Though some jobs like investing, marketing and distribution are the same in any other industry, actuarial and underwriting jobs are exclusive to the insurance industry.

Actuaries

An actuary is the heart of an insurance business. An actuary solves a wide range of financial problems in insurance, investment, financial planning and management through the use of mathematical, statistical and economic models. An actuary not only fixes the premium rates for new products, but also revises both products and prices. Generally, a big insurance firm abroad has about 50 actuaries. Even a medium sized firm has to have half-a-dozen actuaries, one or two qualified and the rest apprentices. Qualified actuaries would be in great demand since there are very few in India presently. Mathematics and Statistics graduates can try the actuarial course.

• Qualifications: The eligibility requirement is higher secondary education. The UK and the US Institutes of Actuaries are highly respected all over the world.The Actuarial Society of India conducts entrance examinations in - Mathematics and English - in May and November every year. First class graduates and second class post-graduates in mathematics and statistics are exempted from the mathematics paper. The examination fee is Rs 450.

• Course: The actuarial course has four levels. The first has 10 subjects involving basic techniques. The second level deals with communication, and the third deals with advanced techniques in actuarial science, finance, life and general insurance. Every candidate has to specialise in his chosen area in the final level. The annual student fee is Rs.250 and the fee for various subjects varies between Rs 600 - 1,400.

• Salary: The salaries start from 8 lakh and can go upto 20 lakh based on experience.

Underwriters

Both life and non-life segments require professional underwriters, who assess the risk in the business. In the life insurance business, an underwriter is expected to filter the "bad or substandard lives". Whereas he takes care of risk management in the general insurance segment. People with medical or life science background are preferred. One can take up the courses offered by the Insurance Institute of India and the Institute of Risk Management.

• Salary: The salaries start from 6 lakh and can go upto 8 lakh based on experience.

Surveyors

Surveyors are professionals who assess the loss or damage. An insurance surveyor must possess a license issued by the Controller of Insurance under Ministry of Finance, Govt. of India. Licenses are issued to technically qualified people who are Engineering graduates or diploma holders in any discipline, Chartered Accountants, Graduates in Medical Sciences or Associates in Insurance of the Chartered Insurance Institute of London or Federation of Insurance Institutes of India. A surveyor after obtaining the license, may be empanelled by any or all of the insurance companies. Surveyors are remunerated by the schedule of survey fixed by GIC.

Operations

It's infotech everywhere! The new players would require elaborate databases, a network, and in-house packages to have an edge over their rivals. Database and network professionals will, therefore, be in great demand. The industry would also require software programmers to develop customised off-the-shelf packages. Remunerations would be on par with the peers in the infotech industry.

Investment

Like banks and mutual funds, an insurance firm will also need investment professionals to manage its assets. People with experience in banks and mutual funds would be preferred. Remuneration would be on par with the financial sector.

Marketing and Distribution

Insurance is a push product and marketing plays a major role in a company's success. And the key marketing men would be the traditonal agents. But the private insurance companies would look at a more professional agent who not only sells insurance products but also acts like a personal finance consultant to the customers. There would be openings for both the experienced and the novice. Remuneration would be on commission basis.

• Qualification: Agents regulations would come into force by June 1, 2000 and the draft regulations have already been finalised. Agents would have to go through a qualifying examination to be conducted by the IRDA. The syllabus for the agents qualifying examination was finalised and the examination would be compulsory from June 2000 onwards. There would be only one centralised examination for the agents to qualify, results for which would be announced within 72 hours.

Others

Apart from the above mentioned options there would also be a number of openings in areas like Accounting and Human Resources. For all these functions, people with experience in the finance and banking sectors would be the most preferred candidates. So get ready, you could very soon find yourself working for one of those global giants.

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