BANGALORE: For students entering business schools and trade colleges, it’s important to decide upon their target course as there are multiple scopes mushrooming under each discipline. One such avenue is the insurance sector that is getting greater prominence after the Insurance Laws (Amendment) Bill 2015 in the Parliament raised the investment rate to 49pct from 26pct.

With several such policies, today India’s insurance sector has flung open doors to many private sector companies creating growth of new products, better packaging, improved customer service and greater employment opportunities in this industry.

With dollars pouring in from NRIs, how can you step into this progressing industry? With Times of India, here’s a report on the current insurance market of India and its career offers to the young generation.

This fifth largest insurance market has always been more welcoming to graduates with commerce and economics background. Candidates with good mathematical and statistical skills also have good opportunity waiting in the insurance industry.

To be integrally associated with the insurance market, a main stream course does not end the criteria. To make a bold and long lasting career, it’s expected that you have knowledge about the legalities involved in the business.

Mary Thomas, head of human resources, Bajaj Allianz General Insurance, said "We encourage our employees to take the licentiate exams. Many such courses are online today."

With a total of 52 firms, this year the insurance industry of India is expected to recruit 20000 immediate college pass outs as entry level executives. In the mid management level, there is vacancy of up to 2000seats.

If looked upon the payscale of the industry, there’s a difference pay depending on the naturing of the company. For general insurance, it is Rs 2 to Rs 3 lakh per annum and for life insurance employees it starts with Rs 2.7 lakh annually.

However, Thomas believes that this global market does not limit to commerce and business people alone. He said, "The skills in the Indian insurance industry are broad-based. For commercial lines, fire and marine insurance, we recruit engineers. Also, with awareness about health insurance increasing, doctors are also being recruited and such expertise helps especially when we have to go back to a hospital to get details on a procedure at the time of claim settlement.”

Head of human resources at Royal Sundaram Alliance Insurance, Rakesh Gupta said, "Insurance today requires a minimum set of quantitative and analytical skills. Candidates would be expected to have some degree of quantitative orientation.”

On the diverse set of employees required in the insurance sector, chief people officer of Max Life Insurance Shailesh Singh comments, "Some comfort with numbers is important for candidates. However, higher proficiency is required in specialist roles like actuaries, underwriting and claims processing."

Insurance in India is undoubtedly progressing. Buy your ticket for an enriching career and life ahead.

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