Career Options And Preparation For Insurance Jobs

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A presentation on Insurance Industry at the Industry Meets Students program for the students of the Hyderabad Chapter of ICWAI on 5th Sep 2010 at Bhaskara Auditorium in Birla Planetarium, Saifabad, Hyderabad

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Career Options And Preparation For Insurance Jobs

  1. 1. INSURANCE <ul><li>by </li></ul><ul><li>P.S.R. MURTHY </li></ul><ul><li>Brilliant Insurance </li></ul>
  2. 2. A. KNOW ABOUT INSURANCE <ul><li>What is Insurance? </li></ul><ul><ul><li>Insurance is related to the protection of the economic values of assets. </li></ul></ul><ul><li>  What is Risk? </li></ul><ul><ul><li>The risk means that there is a possibility of loss or damage. </li></ul></ul><ul><li>Contract </li></ul><ul><ul><li>When the insured pays the premium and the insurer accepts the risk the contract of insurance is concluded. </li></ul></ul>
  3. 3. <ul><li>Insurable Interest </li></ul><ul><ul><li>The owner of property has a right under law to effect insurance on the property. </li></ul></ul><ul><li>Indemnity </li></ul><ul><ul><li>To prevent one insured from making a profit out of his loss. </li></ul></ul>A. KNOW ABOUT INSURANCE
  4. 4. <ul><li>B. INDIAN INSURANCE INDUSTRY </li></ul>
  5. 5. INSURERS <ul><li>LIFE INSURERS </li></ul><ul><li>GENERAL INSURERS </li></ul>
  6. 6. LIFE INSURERS 3. BIRLA SUN 4. HDFC STANDRAD 1. LIC 2. BAJAJ ALLIANZ
  7. 7. LIFE INSURERS 5. ICICI PRUDENTIAL 6. ING VYSYA 7. MAX NEW YORK 8. MET LIFE INDIA
  8. 8. LIFE INSURERS 9. KOTOK MAHINDRA OLD MUTUAL 10. SBI 11. TATA AIG 12 . RELIANCE 13. AVIVA
  9. 9. LIFE INSURERS 14. SAHARA INDIA 15. SHRIRAM 16. BHARTI AXA 17. FUTURE GENERAL 18. IDBI FORTIS
  10. 10. LIFE INSURERS 19. CANARA HSBC ORIENTAL 20. AEGON RELIGARE 21. DLF PRAMERICA 22. STAR UNION DAI -ICHI
  11. 11. GENERAL INSURERS 1. THE ORIENTAL INSURANCE CO. LTD 2. THE NEW INDIA ASSURANE CO. LTD 3. NATIONAL INSURANE O. LTD
  12. 12. GENERAL INSURERS 4. UNITED INDIA ASSURANCE CO. LTD. 5. BAJAJ ALLIANZ GENERAL INSURANCE CO. LTD 6. ICICI LOMBOARD 7. ICICI LOMBOARD
  13. 13. GENERAL INSURERS 8. RELIANCE 9. ROYAL SUNDARAM ALLIANCE INSURANCE CO.LTD 10. TATA-AIG 11. CHOLAMANDALAM MS
  14. 14. GENERAL INSURERS 12. HDFC DRGO 13. STAR HEALH AND ALLIED INSURANCE CO. LTD 14. APOLLO DKV INSURANCE CO. LTD 15. FUTURE GNERALI INDIA INSURANCE CO .LTD
  15. 15. GENERAL INSURERS 16. SHRIRAM 17. BHARTI AXA 18. RAHEJA QBE
  16. 16. C. INSURANCE BUSINESS
  17. 17. C. INSURANCE BUSINESS 2. MARINE INSURANCE 1. LIFE INSURANE 3. FIRE INSURANCE 4. MISCELLANEOUS
  18. 18. D. ENTRY LEVEL POSITION FOR YOU <ul><li>Assistant Administrative Officers are the entry-level management cadre post offered by GIC and LIC. </li></ul><ul><li>These officers are trained in different spheres of administration, accounts and development and deal with policymaking, marketing and procurement of business, as well as management of funds.  </li></ul>
  19. 19. <ul><li>Graduates/postgraduates in any subject with a minimum of 50% marks </li></ul><ul><li>Age group of 21-28 years are eligible for appearing in the AAO exam of LIC or GIC. Age relaxation as per rules. </li></ul>E. ELIGIBILITY
  20. 20. F. EDUCATIONAL QUALIFICATIONS <ul><li>Fellowship or Associateship through exam held by the Institute of Insurance Surveyors and Adjusters (IISA) Bombay. </li></ul><ul><li>A degree/diploma in architecture of a recognized university </li></ul><ul><li>Fellowship or Associateship of the Institute of Chartered Accountants or Cost and Works Accountants </li></ul>
  21. 21. F. EDUCATIONAL QUALIFICATIONS <ul><li>A degree/diploma from a recognized engineering institute </li></ul><ul><li>A degree/diploma in naval architecture </li></ul>
  22. 22. G. DOMAIN KNOWLEDGE <ul><li>knowledge of Actuarial Science which is built up on statistical evaluation of the financial and economic implication of future contingencies and helps in calculation of insurance risk, premiums and pension programs etc. Those recruited by the insurance firms are given suitable training. </li></ul>
  23. 23. H. WHERE DO YOU GET IT? <ul><li>Graduate course in Actuarial Science is offered by Bombay University </li></ul><ul><li>Postgraduate course in Actuarial Science is offered by Kalyani University. </li></ul><ul><li>Nowadays, with the opening up of the insurance sector many institutes have started offering specialised courses covering various aspects of the industry. These can be taken up as regular/par time courses or even pursued through correspondence. </li></ul>
  24. 24. I. SELECTION PROCEDURE <ul><li>Written test shall be Descriptive paper in English language comprising of Essay, Précis Comprehension etc. </li></ul><ul><li>Application Fee: Rs.500/- (Rs.50/- for SC/ST) </li></ul><ul><li>Selection Procedure for General Insurance Admin Officer consists of a written exam followed by interview. </li></ul>
  25. 25. I. SELECTION PROCEDURE <ul><li>Subsequent to interview, all the selected candidates have to undergo pre-recruitment medical examination. </li></ul><ul><li>The written exam for Admin Officer Positions in General Insurance consists of both Objective questions as well as Descriptive questions. </li></ul>
  26. 26. I. SELECTION PROCEDURE <ul><li>The Objective Paper consists </li></ul><ul><li>The Objective paper consists of following four test sections: </li></ul><ul><li>(i) Test of Reasoning. </li></ul><ul><li>(ii) English language. </li></ul><ul><li>(iii) General awareness. </li></ul>
  27. 27. I. SELECTION PROCEDURE <ul><li>(iv) For the posts of Group A, B & C: Professional knowledge Test (Commerce/Accounts: Group A, Engineering: Group B, Legal: Group C). For the posts of Group D: Numerical Ability/Data interpretation Test. </li></ul>
  28. 28. <ul><li>As you might have found out, the first three test sections are common to all while the fourth test section depends on for which post you have applied. </li></ul><ul><li>The Descriptive Test papers is a test in English language and would comprise of Essay, Précis, and Comprehension etc. </li></ul>I. SELECTION PROCEDURE
  29. 29. <ul><li>On the basis of relative Performance of Candidates (i.e. marks scored) in the written exam. The Company would decide the cutoff criteria and would call the qualifying candidates for the interview. </li></ul>I. SELECTION PROCEDURE
  30. 30. J. PERSONAL ATTRIBUTES <ul><ul><ul><li>That will help the candidate to get selected – how to pass the written test and interview </li></ul></ul></ul><ul><ul><ul><li>That will help new recruit/entrant to learn the job quickly, perform successfully and earn reward and recognition. </li></ul></ul></ul>
  31. 31. THANK YOU

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