Tuesday, August 7, 2012

Careers in Insurance

A career in insurance or actuary sciences is challenging as well as rewarding. Insurance is a subject that applies mathematical principles to assess risks of insurance and premium. An actuary is a professional who, using various techniques like probability theory and mathematical, statistical and financial techniques, analyzes the financial consequences of risk to enable businesses to make better decisions An insurer main task involves assessing the financial impact of uncertain future events by methodically analyzing the past, modelling the future events and understanding the likely range of financial outcomes from different future events.

Eligibility: -

To take admission in actuarial courses a degree in statistics, math, economics, business or finance helps a lot. One should pass 10+2 exams in science stream to take admission in B.A. in actuarial science. After that one can pursue a postgraduate certificate /diploma in insurance. To become an actuary you need to take the entrance exam conducted by the Actuarial Society of India. This exam held twice a year and consists of one paper each in English and mathematics. Most of the financial back ground people are eligible to take admission in Actuarial Science. To achieve success in this career you ought to be good in mathematics

Skills and Aptitude: -
  • Ability to think clearly and logically
  • Good business knowledge
  • Good communication skills
  • Good mathematical and analytical skills
  • Keen, analytical, project management and problem solving skills
  • Knowledge of finance, accounting, economics 
  • Strong computer skills including statistical analysis, database manipulation, etc.

Career Prospects: -

Patience and perseverance is very necessary in this profession as one has to spend long hours at table pouring over sheets and sheets of data. Since the opening of this sector, and investment by the FDI many job opening came in private sector. Previously, the main employer was LIC (Life Insurance Corporation) of India only.
According to IRDA (Insurance Regulatory and Development Authority), every life insurance company should have a full-time appointed Actuary. That’s how every company need good number of Actuary to run its business smoothly.

Remuneration: -

An Actuary can start his career with a salary of Rs 15,000-16,000 and can go above depending on the organization. In private sector, starting salaries of management graduates are in the range of Rs 20,000 to Rs 25,000 per month.

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