Insurance Jobs in India

This is the sector which is growing rapidly at faster pace in the country. Insurance analysts say India has a huge potential for this sector. This is the reason why India has practically witnessed many private foreign insurance players and many joint ventures between Indian companies and foreign ones in the recent past.

This has happened since the government of India has allowed and restricted the foreign direct investments (FDI) in insurance sector in our country. However the government has put a ceiling limit 60% of foreign investments in this sector in India.

As per the Insurance Regulating Authority of India (IRDA), the one and only insurance regulating body in our country, our country now has a total of 22 private players and only one public player which is LIC of India. Believe it or not, the annual revenue of LIC accounts to 26% of government's total annual revenue. Such huge success was Life Insurance Corporation of India.

There are about 8million agents for LIC. Apart from the insurance companies, emerging now are brokerage firms which aid those firms in increasing their business by increasing their customer strength. These brokerages collect the information from different customers through online and analyze their (customers') situation and suggest a best policy for them and then sell those insurance policies suggested to them. They (brokerages) even sell the policies by providing the customer information to agents and there by gaining the commission from those agents. These brokerages are different from the agents; the agents will be biased to a particular company where as the brokers are unbiased to any (insurance) company and they provide genuine feedback to their customers.

The reason for the brokerages' unbiased nature is that they don't get any benefit out of giving biased information to their customers and they get same commission (per a policy) from every insurance company for selling policies. These companies in India are Bajaj Allianz, Bharti Airtel, IDBI Fortis, Religare insurance, Aviva, ICICI Prudential et al. The main job other than routine jobs (jobs common to all the companies) in these companies would be insurance agent. Not much qualification is required to be an agent.