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The Complete Guide on how to make a career in Insurance Sector

how to make a career in Insurance Sector


How to make a career in the Insurance Sector? The Insurance Sector in India is booming. It is comprised of organizations that offer risk management in different forms of insurance contracts. The fundamental idea of insurance is that one, the guarantor/insurer, will ensure installment for an uncertain future event. As an industry, insurance is viewed as a slow-growing, safe sector for investors. This perception isn't as solid as it was during the 1970s and 1980s, but it is still generally true when compared to other financial areas. According to analytics, there are 57 insurance companies wherein 33 are non-life insurers in the insurance industry of India. Among the life insurers, Life Insurance Corporation (LIC) is the only public sector insurance company. There are six public sector safety net providers in the non-life insurance section. Life insurance companies focus on inheritance planning and replacing human capital value, health insurance providers cover medical expenses, and property, casualty, or accident insurance is aimed at replacing the value of homes, vehicles, or assets. Insurance agencies can be structured either as traditional stock companies with outside investors or mutual organizations where policyholders are the owners. Want to make a career in this sector? Let’s get into this and gain details about the whole Insurance Sector.

Different Types of Insurance

In this Insurance sector, there is a big range of insurances, each aimed at safeguarding certain aspects of your health or assets.

Broadly, there are 7 types of Insurance:


The least educational capability to join the Insurance sector is 10 + 2 or the same. You need to get a license to work in this area for which you need to show up in an examination led by the Insurance Institute of India. The individuals who wish to fill in as a statistician need to qualify in the selection test directed by the Actuarial Society of India.

Entrance Exams to get into the Insurance sector

Career in Insurance Sector

If you are thinking about a professional change or you recently graduated, there are a lot of valid justifications to seek after a vocation in Insurance. Let’s have a look at why the Insurance sector is a good career option to choose from:

Work Opportunities

Work opportunities in the insurance sector are enormous, individuals with satisfying eligibility qualifications can get a Job In Insurance Sector. But Life Insurance Sales Jobs is the most demanding job in the Insurance industry. So let’s know more about this occupation:

Life Insurance Agent

In this sector, there are various types of insurance but the most lucrative Career in Insurance Sector is for those individuals selling Life Insurance. Agents focus on helping families, businesses, employers, and other parties protected against a financial loss when someone dies.

The typical Life Insurance Agent jobs individuals are going to spend the majority of their time engaging in some kind of marketing activity to identify individuals who might require General Insurance. If new or additional insurance coverage. Their work includes providing people with quotes from Insurance Companies they represent and persuading them to sign the new insurance contract.

Ordinarily, a life insurance agent gets somewhere in the range of 30% to 90% of the sum paid for an Insurance Policy by the customer in the first year. In quite a while, the agent may get somewhere in the range of 3% to 10% of every year’s premium, otherwise called renewals or trailing commissions.

Top Insurance Companies in India

Life Insurance Companies :

  • Life Insurance Corporation of India
  • Max Life Insurance Company
  • HDFC Life Insurance Company
  • ICICI Prudential Life Insurance
  • Tata AIA Life Insurance Company
  • Bharti AXA Life Insurance Company
  • Bajaj Allianz Life Insurance Company
  • SBI Life Insurance Company
  • Reliance Nippon Life Insurance Company
  • AEGON Life Insurance Company

Health Insurance Companies :

  • Aditya Birla Insurance Co. Ltd.
  • Apollo Munich Health Insurance Co. Ltd.
  • Manipal Cigna Health Insurance Company Limited
  • Max Bupa Health Insurance Co. Ltd.
  • Care Health Insurance Ltd.
  • Start Health & Allied Insurance Co. Ltd.
  • Reliance Health Insurance Limited

General Insurance CompaniesGeneral Insurance Companies :

  • Agriculture Insurance Company of India Ltd.
  • Bajaj Allianz General Insurance Co. Ltd.
  • Bharti AXA General Insurance Co. Ltd.
  • HDFC ERGO General Insurance Co. Ltd.
  • IFFCO-TOKIO General Insurance Co. Ltd.
  • ICICI Lombard General Insurance Co. Ltd.
  • Kotak Mahindra General insurance co. Ltd.
  • National Insurance Co. Ltd.
  • Raheja QBE General Insurance Co. Ltd.
  • Reliance General Insurance Co. Ltd.
  • Royal Sundaram General Insurance Co. Ltd
  • SBI General Insurance Co. Ltd.
  • The New India Assurance Co. Ltd.
  • The Oriental Insurance Co. Ltd.
  • Universal Sompo General Insurance Co. Ltd.
  • United India Insurance Co. Ltd.
  • Go Digital General Insurance Company Limited

Advantages of Insurance

Insurance covers business property if there is a fire, robbery, or another type of accident leading to damage or property loss of business assets. As well as protects the building the business leases for operations.

Protects against liabilities such as being sued, protection from lawsuits, injury at work, consumer trips in the office, etc. It not just do the settlement to the injured party but also cover legal fees incurred by the company when battling a lawsuit.

Replaces income by the coverage of lost business. A few policies cover revenues based on historical details. That means if your business averages Rs. 5 Lakh a month in revenues, then your insurance plan would pay that to you up to the policy limits during the time your business is closed.

Disadvantages of Insurance

Tricky terms and conditions that you may not get compensation for all the losses. It is essential to read through the conditions before purchasing the plan.

Claiming the insurance money could take a long time due to its lengthy legal procedures carried out by the insurance company. Sometimes because Insurance Companies need to assess the damage and determine an accurate accounting of loss

It can be expensive for some businesses, especially in certain industries where workers' compensation injuries are typical for the example construction industry.


Q1: What qualifications are needed to start a career in the insurance sector?

A1: Typically, a bachelor's degree in finance, business, or a related field is required.

Q2: Are there certification programs for insurance professionals?

A2: Yes, certifications like IRDAI exams, Chartered Insurance Institute (CII) qualifications, and more are available.

Q3: What are the main job roles in the insurance industry?

A3: Common roles include underwriter, claims adjuster, sales agent, and actuary.

Q4: How important is experience in the insurance sector?

A4: Experience is highly valued, especially for higher-level positions, but entry-level roles are available for fresh graduates.

Q5: What skills are crucial for success in the insurance industry?

A5: Key skills include analytical thinking, customer service, attention to detail, and strong communication abilities.

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