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Choosing a career can be tiresome, but what’s more difficult is to decide which field to work in for the next 30 to 40 years of your life. So, whether you are just joining the workforce or planning to switch careers, the digital insurance industry might be a viable option for you.
However, when people think about a career in the insurance industry, they usually believe they would be a broker or an agent selling policies door to door or manipulating someone into investing in life insurance plans or retirement savings plans. Well, they are mistaken.
From being an underwriter, financial insurance analyst to the claims adjuster and advisor, jobs in the insurance industry are plenty. Moreover, you can choose a profile that suits your degree and passion! So, what insurance career choices do you have? Let’s look at them in this article.
Let’s start with the basic job we think insurance brokers undertake - sales. If you decide to be a sales agent, you will help potential individuals decide which insurance policy to buy and the options that offer better benefits within their budgets.
Sales is a vast area to excel in and make a name for yourself. However, this is not the end of your insurance career. There are many more opportunities and specializations to choose from.
Suppose you work with XYZ insurance company with ₹ 25,000 as your monthly salary. Now, this amount is your base salary. But as an insurance sales agent, you can earn through commissions, i.e., receiving a certain percentage of your policy sales as commission. However, remember commissions are variable, i.e., they vary with the sales figures you achieve as an Insurance Sales Agent.
For example, a client got into a car accident, and he/she thankfully had insurance. When the client claims damages, you, as a Claims Adjuster, would inspect the scene, see the car, talk to the client, and then decide the type of benefits the client should receive.
After a claim adjuster completes his/her rounds and thoroughly evaluates what needs to be done, the task of reviewing incoming claims is assigned to a claims examiner, who decides if clients should receive the insurance compensation.
However, though you have the right to make a decision, you cannot decide unilaterally. You have to talk to the claim adjusters and ask them why a specific benefit was chosen and understand how the relationship with the client will be hampered if things don't play out as planned. As a Claims Examiner, you would be in touch with both the Claims Adjuster and the Relationship Manager.
You often hear news about people getting caught attempting insurance frauds. We are sure you read about these things now and then. As an insurance investigator, you would investigate suspicious claims and get to the bottom of such claims.
For instance, a client deliberately got into an accident to claim car insurance and make money or forged documents stating their health is bad and wanted to claim their insurance money. As an Insurance Investigator, you have to study these cases and claims in-depth and investigate whether they are honest or scams.
As the name suggests, you are the bridge between the client and the company, the Relationship Manager. You make sure the client is happy and conversant with the company’s new and old policies and is satisfied with your company.
The most important job of relationship managers is to make sure clients remain with the firm and do not approach the company’s competitors. Hence, you have to mend relationships, advise them and keep them happy, which in turn keeps your company happy!
There are various other roles for which you can apply when choosing to work in the insurance field. To understand this better, consider underwriters. Underwriting is receiving remuneration for assessing risks. Insurance underwriters are professionals who evaluate risk and determine the pricing for insurable risks.
As an insurance professional, you would often research, analyze, and put your mathematical knowledge to the test. Insurance actuaries are professional statisticians who help companies assess risks and estimate their premiums.
However, don’t think your options end here. From working as an underwriter to managing projects or actuarial tasks, the possibilities are vast, and so are the opportunities!
A career in the life insurance sector is full of ups and downs. It is also a challenging field to succeed in. So, if you are planning to switch careers or trying to decide the industry you wish to join, insurance is an exciting option.
It is challenging yet stable and profitable.
Are you wondering what other benefits the insurance field can bring you apart from providing you with a job and stable income? From encouraging you to diversify your skillset for better communication to imparting the knowledge of how to procure clients independently, you will be given the opportunity to make a name for yourself in the field of insurance.
You would learn to tackle problems related to both insurance and life. You would continuously evolve and learn to manage things.
Well, as we evolve, the insurance policies and procedures are also evolving, and you can rest assured that the insurance field is not going anywhere.
It's been around for decades and will continue to grow. The insurance field provides you with a monthly income, stability, and job security.
To help investors understand what the policy entails and how it can benefit them, you need to speak their language, whether Hindi, English, or other regional languages. You have to make investors feel at home.
In short, the better your communication skills, the more career advancement opportunities that will be offered to you.
To help you fulfil these essential goals of a better future and build a retirement through insurance, Tata AIA Life Insurance offers the Diamond Savings plan (UIN-110N133V02), encouraging you to achieve your individual and family goals. The Diamond Savings Plan(UIN-110N133V02) from Tata AIA Life Insurance is a step towards a guaranteed1 future of benefits, savings, and dreams.
Insurance has been the backbone of the economy for centuries, and the economy would not exist if the insurance sector did not exist. From businesses approaching banks and insurance companies to claim the money after market crashes to people buying policies for crises, such as a pandemic or a global financial slowdown, everyone depends on the insurance industry. Insurance is at work everywhere, protecting life and other assets. And you played a part in ensuring the insurance industry exists and grows!
So, why not make a career in the most rapidly evolving, dynamic industry?
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