CAREERS IN INSURANCE INDUSTRY
There are many more opportunities and roles
available in the insurance industry and this article is a humble attempt to
explore the same careers options in Insurance sector. “Zindagi Ke sath bhi,
Zindagi ke bad bhi” you might have come across these lines in the advertisement
of an insurance company.
Benefits of Insurance may be available to a
person in life, and if situation changes the benefits are available to
immediate family. Insurance has a direct correlation with risk, perceived risk
to be precise. Risk which is considered to be an integral part of life and
business, is defined as a probability or unexpected threat that may result in
injury to or death of a person or damage to or loss of a property. Whenever an
untoward incident like loss of a life takes place.
The family may be affected in many ways. There
are emotional upheavals and the family may have lost the comfort of a regular
income, needed to support the family, which was earned by the deceased person.
Similarly, when a person is injured resulting in temporary or permanent
disability, the financial loss, likely to occur, could be on account of medical
expenditure and loss of earning due to disability. When it comes to property,
movable or unmovable ,the financial loss can be assumed in terms of money
required to repair, rebuild the asset or buying a new one.
In all the above cases insurance is a big
support and this supporting role encourages people to take insurance policies.
Insurance is defined as a special contract between the insurance company,
called insurer and the person or entity, known as insured/client , opting for
the insurance. Insurance is a mechanism by which the affected party is able to
get a compensation for the financial loss suffered by her as a result of
unexpected or unforeseen incidents. Under an agreement of insurance, the client
is required to pay insurance fee/charges to the insurance company.
This fee/ charge in the insurance vocabulary is
known as premium which can be one time or periodical payment depending upon the
terms and conditions of insurance undertaken. In lieu of this premium the
insurance company agrees to make certain payment to the client or bear the
costs of a client in case of an unforeseen event, defined in the policy.
Insurance, in fact, is a model of sharing of risks and financial losses. Losses
of few people are divided among large number of people. So all of those who
have bought insurance would share the loss of few who have actually incurred
the loss. Insurance Business in India Compared with global standards, reach of
insurance is considered to be low in our country. However more and more people
are now realising the importance of insurance for self and family.
Many organizations also offer insurance
coverage to their employees. Demographic factors like growing middle class ,
young insurable population, organizational initiatives and government
participation are driving the insurance penetration and as per trends the
overall insurance industry is to reach US $ 280 by 2020.
