Insurance has become a basic essentiality in the current business scenario. Almost every product these days are insured. Insurance basically reduces the risk factor in any investment the organisation does, hence insurance is not only helpful for common man, but also large organisations. covers or protects people against various hazards of life. It is a financial contract that binds two people to certain responsibilities which is known as Policy. The person who acquires insurance coverage is called the policy holder or insured and the person who sells the policy is the insurer.
He/she has a responsibility to pay a stipulated amount of money from the time the policy holder signs the policy which is known as premium at regular intervals for a stipulated period to the insurer. In fact, insurance is an agreement to pay a premium in return for which the insurer will pay compensation in certain eventualities e.g. fire, theft, motor accident, etc.
List of Courses:-
Diploma in Insurance Management
Advanced Diploma in Insurance Management
Master of Business Administration in Insurance
Post Graduate Diploma in Insurance
Master of Business Administration in Insurance and Banking
Master of Business Administration in Insurance and Risk Management
Post Graduate Program in Management and Insurance
Basic Eligibility: UG: For admission into a bachelor’s degree, the candidate must have passed the higher secondary education or 10+2 examination with commerce subjects such as accounts, maths and economics. The duration for this program is of 3 years. PG: For admission into a master’s degree one must have a bachelor's degree with commerce subjects such as accounts, maths and economics. The duration for this program is of 2 years.
Specializations: Some of its specialized fields are:-
Accident, Sickness & Unemployment Insurance
Job Prospects: There are a lot of career opportunities in this field for young aspirants. Graduates from this field can work as development officer in insurance firms, their main task is to market and procure business. The main government companies that employ these graduates such as Postal Life Insurance, General Insurance Corporation (GIC) and Life Insurance Corporation of India (LIC).
Many MNCs have come forward in the insurance field such as Tata AIF Life, Reliance, ING Vysya Life, ICICI Prudential, HDFC Standard Life-Insurance Co., Birla Sun-Life, SBI Life Insurance, Om Kotak Mahindra, Max New York Life are some of the top companies in the private sector. Insurance organizations also recruit independent professionals such as mechanical engineers and doctors as insurance inspectors to access the actual loss and avoid the false claim made by insured.
Remuneration:- The salary in public sector insurance companies is as per govt. rules depending on different job titles. While in private sector insurance companies the salary is more lucrative for management graduates working in marketing and sales sector with an initial salary starting from Rs.15, 000 to Rs.25, 000 per month. Incentives are the most common form of reward for insurance agents and it depends on the type and amount of insurance sold. Earnings of inspectors depend upon nature of work and assignments.