Friday, August 21, 2009
Saturday, March 15, 2008
Career In Insurance
CAREER IN INSURANCE SECTOR
Insurance is one sector, which holds great future in India. The market is vast and there is a lot of cushion for new entrants to operate alongside our public sector giants viz. LIC & GIC. The industry is expected to grow at an average annual inflation adjusted rate of 7.6% and 14% in the non-life and life segment respectively. IRDA, whose exemplary contribution has made the privatization of the Insurance Industry a reality. In fact the largest number of registered players in the segment are from EU countries and surely Indian market will benefit a lot in terms of superior technology, improved customer servicing and newer products. The Market Capitalisation to GDP ratio in India is presently less than 30 per cent and with large international players active in the market this figure is likely to reach a level of over 60 per cent in the coming years. This is a trend observed in other emerging markets. And if we are looking at a trillion dollar GDP by 2007-08, the prospect for growth is indeed exciting. Economy growing at a rate of 6 per cent per annum and becoming a trillion dollar economy in a 7-8 years time, it is obvious that the potential is tremendous.
INSURANCE AGENTS:
An insurance agent is a person who takes up agency from the insurance company to sell their policy on a commission basis. He acts as an intermediary between the insurance company and the policy holder. But before doing so, he has to undergo training and get a certificate of proficiency from the insurance company. Mostly insurance policies are bought through agents. Agents help individuals and companies in selecting the right policy for their needs. They plan for the financial security of individuals, families and businesses and advise them about insurance protection. They also help the policy holders at the time of settlement of the claim. The job of agents is quite challenging as selling a product like insurance policy is not easy. For being successful, agents should be outgoing and social. They should have a knack of convincing people. .
A Day in an Insurance Sales Agent's Life: On a typical day an insurance sales agent might perform some of the following duties: · prepare reports and maintain records; · seek out new clients; · in the event of a loss, help policyholders settle insurance claims; · some may also offer their clients comprehensive financial planning services, such as retirement planning, estate planning, or assistance in setting up pension plans for businesses;
Today what we are excited and cheerful about is the fact that the entire sector has been privatised all over again! This has happened because all these years both the LIC & GIC have exercised the monopoly with a lacklustre attitude and the poor service standards. And now there is going to be healthy competition within the sector making it alluring as a career. As such the sector holds lot of promises & scope for all of us.
Remuneration will be linked with performance.
Insurance is one sector, which holds great future in India. The market is vast and there is a lot of cushion for new entrants to operate alongside our public sector giants viz. LIC & GIC. The industry is expected to grow at an average annual inflation adjusted rate of 7.6% and 14% in the non-life and life segment respectively. IRDA, whose exemplary contribution has made the privatization of the Insurance Industry a reality. In fact the largest number of registered players in the segment are from EU countries and surely Indian market will benefit a lot in terms of superior technology, improved customer servicing and newer products. The Market Capitalisation to GDP ratio in India is presently less than 30 per cent and with large international players active in the market this figure is likely to reach a level of over 60 per cent in the coming years. This is a trend observed in other emerging markets. And if we are looking at a trillion dollar GDP by 2007-08, the prospect for growth is indeed exciting. Economy growing at a rate of 6 per cent per annum and becoming a trillion dollar economy in a 7-8 years time, it is obvious that the potential is tremendous.
INSURANCE AGENTS:
An insurance agent is a person who takes up agency from the insurance company to sell their policy on a commission basis. He acts as an intermediary between the insurance company and the policy holder. But before doing so, he has to undergo training and get a certificate of proficiency from the insurance company. Mostly insurance policies are bought through agents. Agents help individuals and companies in selecting the right policy for their needs. They plan for the financial security of individuals, families and businesses and advise them about insurance protection. They also help the policy holders at the time of settlement of the claim. The job of agents is quite challenging as selling a product like insurance policy is not easy. For being successful, agents should be outgoing and social. They should have a knack of convincing people. .
A Day in an Insurance Sales Agent's Life: On a typical day an insurance sales agent might perform some of the following duties: · prepare reports and maintain records; · seek out new clients; · in the event of a loss, help policyholders settle insurance claims; · some may also offer their clients comprehensive financial planning services, such as retirement planning, estate planning, or assistance in setting up pension plans for businesses;
Today what we are excited and cheerful about is the fact that the entire sector has been privatised all over again! This has happened because all these years both the LIC & GIC have exercised the monopoly with a lacklustre attitude and the poor service standards. And now there is going to be healthy competition within the sector making it alluring as a career. As such the sector holds lot of promises & scope for all of us.
Remuneration will be linked with performance.
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