When you think of an insurance career, the first thing that comes to your mind is an insurance agent. But insurance career does not mean only being an insurance agent. There are a whole lot of insurance job options ranging from relationship managers and claim adjusters to underwriters, risk analysers, insurance surveyors and more.
Every position has different responsibilities to fulfil. Thus, employers look for qualified and skilled people who can justify the job by performing competently. Certificate Programme in Insurance Sales & Service Management (CPISSM) is an online insurance management course by TimesPro that will show the right career path to freshers considering an insurance career.
Insurance Sector & Career Insights
- Various Jobs in the Insurance Sector
- Necessary Skills to Succeed in Insurance Job
- Know this Before Entering the Insurance Industry
- Various Types of Insurance Companies
- Getting Started in the Insurance Industry
Key Highlights
● CPISSM makes candidates future-ready by equipping them with the right knowledge and skills that employers are seeking.
● The course is focused on insurance sales, understanding buyers’ journey, management skills and more, giving candidates a strong foundation for a promising career ahead.
- Various Jobs in the Insurance Sector
The following are few among the vast number of roles available in the insurance industry:
● Relationship Managers
● Customer Care Executives
● Administrative Officers and Assistants
● Claims Personnel
● Underwriters
● Marketing Officers
● Clerks
● Insurance Surveyors and Agents
● Claims Adjuster and Examiners
● Risk Analysers
● Actuaries
● Loss Control Specialists
- Necessary Skills to Succeed in Insurance Job
Apart from the knowledge gained through a PG diploma or a certificate course in insurance, you must have some necessary skills to ensure a smooth journey in the field of insurance. Every job role in this domain necessitates interaction with customers at various points.
● Communication skills: No matter whether you pursue insurance management courses online or offline, nothing will be fruitful if you can’t handle the customers, convince them, and answer their queries well. So, you need to have excellent communication skills.
● Analytical & Mathematical skills: Your mathematical skills should be enhanced to carry out all the calculations that are a part of this niche. You should have a very analytical mind to judge and see what the situation is like.
● Organisational skills: You must be very organised because of the numerous records and clients that you will need to handle. One small mistake could cost both you and your client a lot in terms of finances.
● Problem-solving & Patience: While solving problems you should be creative and most importantly have a lot of patience in dealing with them. Perfection is achieved not just by taking a short-term insurance course but also by putting your knowledge to practice.
- Know this Before Entering the Insurance Industry
Every industry has its pros and cons. You must consider and weigh everything you need before you even take up one of the short-term insurance programmes.
● Insurance is divided into Life Insurance and Non-life Insurance (General Insurance). Both are governed by the IRDAI (Insurance Regulatory and Development Authority of India).
● In India there are 58 insurance companies. Out of which 24 companies are into life insurance whereas 34 companies are into the non-life insurance segment.
● Life Insurance Corporation (LIC) is the only public sector insurance company in the life insurance segment. However, in the non-life insurance segment, there are six public sector companies.
● Growth projections for Private Life Insurers is retail APE growth at a CAGR of 17% during 2021-23. New retail term premiums may double in five years. The Private Non-life insurance segment is to grow at 16% in Financial Year 2022 and 14% in Financial Year 2023. Standalone Health Insurance companies is expected to grow beyond 25% in Financial Year 2022 due to high demand for healthcare.
● There are no fixed working hours, so there is no reason to complain that you have been working all day long without break. However, whatever and whenever the situation demands, you need to be on call.
● You must as a rule remember that the insurance industry does not thrive on salary alone. There are perks and commissions too. Hence, a greater number of clients is equal to more amount of commissions.
● Projections say that 50% of the insurance employees will retire by 2028. This means more employment opportunities for freshers as well as experienced professionals.
● Plan well and then implement it suitably, and nobody can stop you from succeeding. If you have taken up any insurance management course in India, then you are surely on the right career path. Only if you are well-versed with industry trends and insurance products can you explain to your clients in detail with confidence.
● Despite the boom, various challenges faced by the insurance sector are using data intelligently, enhancing customers’ experiences, low penetration, low rural participation, lack of financial literacy, etc.
In conclusion, the key to success is to upgrade your domain knowledge and acquire the required skills. Timespro’s Insurance certification course CPISSM offers 120 hours of intensive training over 3 months, online course delivery, 3- day classes a week, domain knowledge & soft skills training, veteran faculty, training for mandatory IRDA certification, and 5 assured interview opportunities.
- Various Types of Insurance Companies
Various insurance segments that hire insurance professionals are:
● Life insurance
● Health/Medical insurance
● Vehicle insurance
● Stock insurance
● Property and casualty
● Business insurance
● Reinsurance
- Getting Started in the Insurance Industry
After you complete your schooling, you must get a bachelor’s degree in any discipline. But you must have a flair for mathematical calculations here. Getting a post-graduate degree is not required but if you have one, it will help in career advancement. If you are a simple graduate, you can take up any of the online insurance courses in India from a good institute to be job-ready.
Education is one aspect; the other is the experience that is way above anything else. As you will become more experienced you will become better, and you will be able to handle challenging situations which will ultimately help you achieve what you want.
TimesPro’s Certificate Program in Insurance Sales & Service Management (CPISSM) can help you gain access to a career in the insurance sector by providing suitable skills and knowledge in the insurance domain.
Know more about TimesPro’s certificate courses in insurance here.
https://timespro.com/things-you-must-know-before-getting-into-the-insurance-sector/
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