Everything You Need To Know About A Career In Insurance
The Insurance Industry
The insurance industry in India has witnessed growth post the pandemic. This upward growth may be attributed to a multitude of factors. One such factor was technological advancements. New technologies such as artificial intelligence and blockchain have quickly found their way into how insurance companies conduct their business. This has also resulted in the creation of jobs that did not exist previously. Companies now look for individuals who can operate in the new technology setting and use these tools to improve efficiency and work effectively.
Another significant contribution towards the growth of the insurance sector is raising awareness about the importance of insurance. People and businesses now require a greater deal of security and protection against financial losses, and damage to property or life. This became even more evident post the Covid-19 pandemic which saw the unimaginable loss of life and finances.
The government too has taken an interest in boosting the insurance industry by frequently coming out with various schemes and initiatives. All these, and several other factors have resulted in an increased demand for fresh minds and a new way of doing things.
From technological advancements to raising awareness about the importance of insurance, India’s insurance sector is considered the fifth largest in the world, with a growth rate of 32-34% each year. With this upward movement, the insurance sector quickly became one of the premium industries for many fresh graduates and professionals looking for a transition in their careers.
Scope In the Insurance Industry
Whether you are a fresh graduate or a working professional looking to transition to a career in insurance, there is a place for you in the industry. Depending on your level of experience, skill set, and domain knowledge, here are some of the roles available to you:
- Insurance agent
- Insurance underwriter
- Administrative officer
- Investment advisers
Since there are both government and private players in the industry, the opportunities are ample opportunities present in both fields.
Benefits Of A Career In Insurance
When thinking about a career in the insurance sector, take a look at some of the advantages and challenges you may have to overcome.
- Flexibility
Depending on your role, a job in the industry sector offers a great deal of flexibility and is ordinarily not a high-pressure job. If managed properly, a person working in the insurance sector can maintain a proper work-life balance.
- Diversity in opportunity
Once a person has obtained the necessary domain knowledge, the insurance sector offers a diverse range of opportunities to pick from. Large companies, government offices, and even law firms require someone with technical knowledge frequently.
- Development of a new skill set
Companies are regularly looking for individuals that can grow with the growing needs of the customers. Therefore, this provides an individual with an opportunity to broaden their skill set on the job. This would include technological know-how, research, salesmanship, data analysis and effective problem-solving.
- Job security
Insurance may have changed forms over the years. But it is one of the oldest industries and will remain until there is a need for medical assistance and protection against theft, loss and financial crises.
- On-the-job training
Many insurance companies offer a comprehensive training program that equips fresh employees with the necessary skills and information required to work as effectively as employees.
That being said, there are also a set of challenges that come with an insurance career. These include a challenge in lead generation, a time-consuming networking process and online competition. Fortunately, with these challenges comes the opportunity to set yourself apart by applying your analytical abilities and problem-solving techniques.
Building A Career In Insurance
So what can one do to become part of this booming industry?
The first step is to build a skill set that makes you a desirable candidate in the insurance sector. Some of these skills include problem-solving, the ability to solve problems using mathematics, customer service, analytical abilities, and effective communication. This can be achieved early on in one’s academic life by gaining the necessary domain knowledge and using it to your advantage. It is also of equal importance to have a working understanding of new technologies and remain updated with the latest market movements in the insurance and related sectors.
One way of achieving the required knowledge is through TimesPro’s Certificate Programme in Insurance Sales & Service Management. This 45-day intensive online training program offers the student domain knowledge from the leading minds in the insurance sector and covers topics that range from insurance domain knowledge to communication skills, to sales management. With a 95% placement commitment fulfilled and 75k+ students witnessing a positive career outcome, this certification program is geared at giving you the competitive edge needed to thrive in the insurance sector.
Not only that, but the certification program also offers you a one-week of hands-on training and an assured job at PNB MetLife. This allows you to gain practical expertise right at the beginning that will contribute significantly towards your long-term career goals.
Know More: https://earlycareer.timespro.com/course/pnb-metlife-certificate-programme-in-insurance-sales-service-management/
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