Insurance Course

Insurance sector till six years back had just two players - Life Insurance Corporation and General Insurance Corporation of India. But today it is an industry on the verge of churning out 500$ billion worth revenue and reach out to at least 10% of the country's population. Almost all the big financial houses from Bajaj, Tatas, Birlas, Hindustan Times, and Apollo have jumped onto the bandwagon tying up with the major international players. It is expected that this sector will grow at an annual rate of almost 30% and with a turnover of 5 billion dollars.

The insurance sector channelises the savings in the economy for long term investments. Insurance is primarily of two kinds: general insurance and life insurance. General insurance encompasses a wide variety of portfolios like automobile, marine, house and fire. This also means a lot of variety in terms of job profile. The thrust of services therefore is not in just selling insurance policies but in fund management and also back office operations like underwriting and issue of policies, settlement of dues etc.This requires a variety of skills. While marketing professionals and MBA's may be hired for marketing and retailing the products, insurance graduates would be involved in underwriting.

Investing the common man's money to ensure high returns in future and a profit for the insurance company is considered the most important aspect in the insurance business. This role is performed by the actuaries who are considered the life lines of the insurance business. They are experts who predict future financial outcomes of the funds that have been generated and help decide. These predictions are made by using mathematical tools, statistics, investment and operational research. The tariff levied and pricing are also the job description of an actuary. A well-paying profession throughout the world, an actuary is most sought after and can earn anywhere between six to twenty-five lakhs.

The Actuarial Society of India the examining body for actuaries also tutors students for the exams through correspondence. It has bilateral arrangements with the Institute of Actuaries UK for mutual exemptions in different subjects passed from either body.ASI teach the course at both graduate and PG levels.

Besides a graduate degree, proficiency in math is a pre-requisite and one needs at least 85% marks in mathematics in Class 12.You must either be a graduate or post graduate in mathematics or statistics with at least 55% marks.

Where should you study Insurance?