Career in Actuarial Science (Insurance)

Insurance as a profession: Insurance is understood as coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency, the amount for which it is insured. Insurance can therefore cover life, health, goods, equipments, travel or anything of value to the person or organization body. Till very recently, insurance was largely under the government sector. However, now many private multinational firms have come into India with a variety of insurance schemes

The major government companies are Life Insurance Corporation of India (LIC), General Insurance Corporation (GIC) and Postal Life Insurance. LIC deals with insurance of life while GIC deals with any other type of insurance. In recent years, many private companies including HDFC, ICICI, Kotak Mahindra and Birla sun life have setup office in India, hence the prospects of getting a good job in insurance company has increased a lot.

Main areas of work in insurance career: A person interested in working in the field of insurance can either work in the capacity of:

• An office in one of the areas of insurance (life, general and postal).
  
• An agent.
  
• An insurance surveyor.
  

The work of an actuary (one who works in insurance field) involves the calculation of insurance risk, premiums and pension programmes. Actuarial science is built on the statistical evaluation of the financial and economic implications of possible contingencies.

In an insurance company person can take a job in and as:

• Administration - deals with the registry of claims.
  
• Development - deals with marketing and procurement of business etc.
  
• Accounts - deals with the management of funds and their disbursement.
  
• Investment - responsible for the investment of funds of insurance company.
  

Entry & eligibility for insurance career

• A person who wants to be an actuary has to pass an entrance exam conducted by the Actuarial Society of India.
  
• However, recruitment to the Postal Life Insurance takes place according to the recruitment rules of the postal department.
  
• To be an insurance surveyor, a person needs to hold a license.
  
• Private insurance firms take in management graduates to work mainly in the areas of marketing and sales.
  

The eligibility criterion for recruitment to both the LIC and GIC is the same. An AAO (Assistant Administrative Officer (class I officer)) must be a graduate/postgraduate in any subject with minimum of 50 percent marks, from a recognized university. The candidate's age should be between twenty-one and twenty-eight years. AAO's recruitment exam is an all India level exam. To be recruited as a class II officer, the candidate has to be a graduate in any discipline. Class III and class IV levels are open to graduates and school-leavers.

An insurance surveyor, to be eligible to hold a license, must fulfill one of the following qualifications:

• Fellowship of associate ship through the exam held by the Institute of Insurance Surveyors and Adjusters (IISA), Mumbai.
  
• Degree or diploma in architecture from a recognized university.
  
• Fellowship or associate ship of the Institute of Chartered Accountants of the Institute of Cost and works Accountants.
  
• Degree of diploma from a recognized engineering institute.
  
• Degree or diploma in naval architecture.
  

Actuarial Science & Insurance Institutions: Actuarial Science is mainly offered as a three year degree course by some universities, or as one of the subjects of a degree programme. There are also short term courses in insurance or actuarial science, ranging from six months to two years. The Insurance Institute of India, Mumbai also grooms insurance personnel for a career in the LIC. The highest qualification for a career in insurance is that of a Fellow of the Institute of Insurance, London. This requires a licentiate in insurance, for which three papers have to be cleared, followed by eight papers for an associate ship, and further four papers to qualify for the fellowship. The training imparts skills in the science of assumptions and probabilities, and fine tunes arithmetical and mathematical faculties.

Job Prospects in Insurance Companies in India: There are plenty of jobs in the insurance sector today, in both government and private sectors. In fact, the estimated requirement for trained professionals is expected to be more than 30,000 over the next two to three years. Growth in the insurance profession depends totally on the individual.

Remuneration in Insurance Career: In government sector, the pay scale of the officers in the insurance sector as given by the government of India is in the range of Rs 3000-Rs 8000 for development officers and go up to Rs 14,000-16,000 for zonal managers. Along the basic pay given above, allowances amount is about more than 200 percent of the basic pay. In private sector, starting salaries are in the range of Rs 6000 to Rs 9000 per month, where management graduates can start with Rs 15,000 to Rs 25,000 per month.

Actuarial Science (Insurance) Colleges in India

Following are the Actuarial Science (Insurance) colleges and institutes in all Actuarial Science (Insurance) colleges in India with the degree offered by them. Eligibility criteria and course duration is also mentioned.

Degree / Course	College / Institute	State	Eligibility	Course Duration
BA Insurance	Andhra University, Visakhapatnam, 53003	Andhra Pradesh	Class XII	3 years
PG Diploma in Certified Risk and Insurance Management (CRIM)	Institute of Certified Risk and Insurance Managers, 52, Nagarjuna Hills, Panjagutta, Hyderabad, 500082	Andhra Pradesh	Graduation (PG for the Accelerated C-RIM program)	3 years (regular) 2 years (accelerated)
BA (Pass) with Insurance as a subject	University of Delhi, Delhi 110007	Delhi	Class X||	3 years
BA (vocational) with Insurance and Economical an Commerce as subjects	The College of Vocational Studies (University of Delhi), Sheikh Sarai, Phase II, New Delhi	Delhi	Class X||	3 years
Certificate Course in Intermediaries in Specific Insurance Subjects	Academy of Insurance Management, Asia Pacific Institute of Management, Opposite Pocket-E, Sarita Vihar, New Delhi, 110024	Delhi	Graduation	3 months
Courses for Insurance Agents	Academy of Insurance Management, Asia Pacific Institute of Management, Opposite Pocket-E, Sarita Vihar, New Delhi, 110024	Delhi	Class XII	100/150 hours
Courses for Insurance Managers	Academy of Insurance Management, Asia Pacific Institute of Management, Opposite Pocket-E, Sarita Vihar, New Delhi, 110024	Delhi	Graduation	1 year
PG Diploma in Insurance and Risk Management	Birla Institute of Management Technology, Sector-4, Pushpa Vihar, New Delhi, 110017	Delhi	Graduation /CA/ICWA /CFA/CS	1 year
PG Diploma in Insurance and Risk Management	Birla Institute of Management Technology, Sector-4, Pushpa Vihar, New Delhi, 110017	Delhi	Graduation /CA/ICWA /CFA/CS	18 months part time
BSc. (with Actuarial Science as a subject as an approved combination)	Goa University, Goa	Goa	Class X||	3 years
BA in Actuarial Science	Kurukshetra University, Kurukshetra, 136119	Haryana	Class XII	3 years
PG Diploma in Insurance Business (PGDIB)	Knowledge Network India-AIF C/O Guru Jambhasehwar University, Hisar	Haryana	Graduation	1 year (full time, part time, distance learning and online modes)
PG Diploma in Management Insurance and financial Services (PGDMIFS)	Knowledge Network India-AIF C/O Guru Jambhasehwar University, Hisar	Haryana	Graduation	15 months (full time, part time, distance learning, online modes)
Master's Programme in Insurance Business (MIB)	Knowledge Network India-AIF C/O Guru Jambhasehwar University, Hisar	Haryana	Graduation	2 years (full time, part time, distance learning, online modes)
BA in Actuarial Science	Department of Humanities and Social Sciences, Indian Institute of Technology (IIT), Powai, Mumbai	Maharashtra	Class XII	3 years
BSc. With Actuarial Science as a subject in an approved combination	University of Bombay, Mg Road, Fort, Mumbai, 400032	Maharashtra	Class X||	3 years
Foundation in financial Planning	Bajaj Capital Business School (affiliated to IRDA), Mumbai	Maharashtra	Graduation	Available in accelerated and part time
PG Diploma in Insurance and Financial Services	University of Pune, Ganeshkhind, Pune, 411007	Maharashtra	Graduation	2 year
BA (with Principles and Practice of Insurance as an allied subject)	Manipur University, Imphal	Manipur	Class X||	3 years
BA (with Insurance as one of the applied ancillary subjects)	Behrampur University, Behrampur, 760007	Orissa	Class X||	3 years
BA (with Insurance as one of the applied ancillary subjects)	Utkal University, PO Vani Vihar, Bhubaneshwar, 751004	Orissa	Class X||	3 years
BA (with elements of Insurance as one of the subjects)	Guru Nanak University, Amritsar	Punjab	Class X||	3 years
Diploma in Insurance	University of Chennai, Centenary Building, Chepauk, Chennai, 600005	Tamil Nadu	Graduation	2 years
Diploma in Insurance	Annamalai University, POP Annamalai Nagar, south Arcot District	Tamil Nadu	Graduation	2 years
PG Diploma in Actuarial Science	Bharathisadan University, Palkalaiperur, Tiruchchirappalli, 620017	Tamil Nadu	Graduation	2 years
PG Diploma in Insurance	Alagappa University, Directorate of Distance Eduation, Alagappa Nagar, Karaikudi, 623003	Tamil Nadu	Graduation	2 years
MSc. In Actuarial Science	University of Chennai, Centenary Building, Chepauk, Chennai, 600005	Tamil Nadu	BSc.	2 years
BA (with Insurance as one of the job oriented courses)	Avadh University, Faizabad	Uttar Pradesh	Class X||	3 years
Certificate Course in Marine/Fire Insurance and Risk Management	Amity School of Insurance and Actuarial Science, B-294, Sector-20, Noida, 2011301	Uttar Pradesh	Graduation	3 months
Certificate Course in Intermediaries in Live and Non-Life Insurance	Amity School of Insurance and Actuarial Science, B-294, Sector-20, Noida, 2011301	Uttar Pradesh		1 month
Diploma in Insurance	India Insurance Business School, B-294, Sector-20, Noida, 201301	Uttar Pradesh	Graduation	3 months
PG Diploma in Banking and Insurance	Aligarh Muslim University, Aligarh	Uttar Pradesh	Graduation	1 year
PG Diploma in Insurance Management	Amity School of Insurance and Actuarial Science, B-294, Sector-20, Noida, 2011301	Uttar Pradesh	Graduation	1 year (regular and part time)
Pg Diploma in Insurance Management	Amity School of Insurance and Actuarial Science, B-294, Sector-20, Noida, 2011301	Uttar Pradesh	Graduation	2 year (full time) 3 year (part time)
Associate Degree of Life Offices Management Association, USA	Amity School of Insurance and Actuarial Science, B-294, Sector-20, Noida, 2011301	Uttar Pradesh	Graduation	3 months
PG Course in Actuarial Science	University of Kalyani, PO Kalyani- 741235,Nadia District	West Bengal	BA (Honours) in Economics/ Statistics/ Commerce or BA (Pass) with Mathematics	2 years