Re-MarkMarked 1 year 11 months ago onto Key Benefits Of Choosing An Insurance Career
Key Benefits Of Choosing An Insurance Career
The recent Covid pandemic has taught the world a huge lesson about risk and potential losses and of course the importance of insurance right from life to health and property insurance to business insurance and so on.
The uncertainty infused in every sphere of life throughout the pandemic span has resulted in essential awareness of security and the need for assurance. Besides, the advent of technologies has illuminated new scopes and arenas of challenging roles in the insurance industry. S&P Global Market Intelligence conducted a global market study and as per their report in Asia-Pacific, India is the second-largest booming insurance technology market with a vastly underserved market that is yet to be explored.
Currently, there are 57 insurance companies with 34 of them being non-life insurers and 24 operating in the life insurance business. Despite this, India's life insurance penetration is quite low; overall penetration was around 4% only in 2021. This means there is tremendous scope for the life insurance industry to grow further and thus there is a surging demand for educated insurance professionals.
Bright Future of the Insurance Sector
The Growing Insurance Sector in India
Trending Opportunities from Emerging Technologies
Versatile Career Scopes
Career Advantages from PNB-Metlife CPISSM
Key Highlights
In the financial year 2021, India's life insurance penetration stood at 3% approximately while non-life insurances account for 1% penetration.
In the case of health insurers, the market share captured by public health insurers accounts for 46% leading the private sector, which has a share of 27% of the market (FY 2008-2021).
The insurance industry of India is growing rapidly with numerous government and private investments and companies getting into the market and offering numerous job opportunities as well.
The Growing Insurance Sector in India
In India, the Insurance sector has revealed the remarkable potential for progress and expansion. In life insurance, the public sector is in a leading position.
In February 2021, the Finance Ministry of India stated that it will infuse Rs. 3,000 crore in the state-owned general insurance companies to boost their financial health.
Private insurance companies' market share in the general and health insurance market increased from 47.97% in FY19 to 48.03% in FY20. In the life insurance market, private companies had a market share of 33.78% in premium underwritten services in FY20.
Life insurance segment in India is projected to increase by 14-15% annually in the coming three to five years.
Other key factors for developing the insurance market and a promising insurance career are - The growing middle class, a large insurable population, an increasing awareness about having an insurance cover for a secure future, and the need for retirement planning.
So, the good news for insurance sector career aspirants is that this sector has an immense growth perspective. Aspiring candidates must go for one of the best Insurance certification courses to add value to their CV and enhance their capabilities. This will help to widen their career scope and opportunities in the insurance sector in India.
Some of the prominent insurance companies where one can apply for a suitable job include Life Insurance Corporation of India (LIC), ICICI Lombard, New India Assurance Company (NIACL), Reliance Insurance, PNB MetLife India Insurance, Max Life Insurance Company, HDFC Life, Tata AIA Life Insurance, etc.
By completing TimesPro's PNB Metlife certificate programme in Insurance Sales & Service management, you can get started as a Relationship Manager with PNB MetLife. Times Pro offers some of the best short term insurance programs for a great start.
Trending Opportunities from Emerging Technologies
Every day advanced technologies are emerging useful. Transforming approaches and emerging trends like AI, Blockchain, or ML, are influencing the insurance sector as well. The trending technologies are making way for new opportunities in the insurance sector with scopes for not only finance and economics candidates but even aspirants from IT, technical, electronics, and other genres. AI has blended into day-to-day life amazingly with auto operating security systems to emergency gadgets like fire alert systems, or AI software in self-driving cars. As a report by McKinsey reveals insurers can speculate risk scopes using AI facilities as well like drones, satellites, real-time data sets, etc. Therefore, even IT students and finance students can go for Insurance management courses in India and acquire a lucrative career in the insurance industry.
Versatile Career Scopes
The career scopes for insurance professionals are multidimensional and one can get into this industry with any academic background. A candidate with the right set of skills and potential can take off with short term insurance programs designed to offer an understanding of the insurance domain along with inculcating the right skill sets for a flying start.
Once you do a certification course and get into the insurance segment, you can explore job roles that would interest you. For example, you can get started as an office executive or customer care executive and later get into sales and relationship management or underwriting. Insurance professionals can also opt for self-employment.
But knowing the insurance fundamentals and having the basic skills like communication is the key. A good Insurance management course in India will certainly offer a career advantage to candidates looking to get into insurance.
Some jobs you can take up are:
Insurance Executive
Development officer
Insurance agents
Insurance surveyors
Administrative officer and Assistant
Actuary
Insurance agent
Underwriter
Moreover, insurance offers flexibility, a stable career, and good pay. Also, you get to meet new people so it never gets monotonous or boring.
Career Advantages from PNB-Metlife CPISSM
If you're aspiring to build a career in the insurance industry, TimesPro PNB-Metlife CPISSM is the programme you need. Designed to churn professionals and experts, ready to serve the industry, TimesPro offers exclusive 45 days of intensive training by industry experts.
Not only that, but you also get to bag direct industry training which helps to strengthen your domain understanding, edges your grooming, and analytical handling of challenges as an insurance agent. Besides unlike any other Certificate courses in insurance, PNB-Metlife CPISSM assures jobs with PNB Metlife to successful candidates.
In the coming decade, the insurance market of India is expected to grow huge, it's estimated to quadruple in size. The insurance market in India is expected to reach $250 bn by 2025.
This indeed is a huge leap in business and prosperity. Moreover, India is the second biggest insurance market globally and has a market penetration of just around 3%. This perhaps reveals the potential of joining the PNB-Metlife CPISSM Short Duration Insurance courses right now to snatch the opportunities galore. Know more!
To know more: https://timespro.com/key-ben...
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