What is Insurance
Students who are interested in a challenging and competitive profession in finance can specialise in insurance. Insurance is a vast field, and therefore, there are several courses that one can undergo to make a fruitful career in Insurance. One can decide among these courses which one suits their criteria the most. Financial losses can be avoided with insurance. It is a contract between an insurer (the provider of insurance) and the insured (the person who purchases the insurance policy) that provides financial compensation for losses. It is available to both individuals and businesses.
While Insurance is a professional course and can be pursued in terms of actuarial sciences, students can also opt for management courses in Insurance. At the undergraduate level, courses in insurance management include BBA, BA, and B.Com. Students have the option of taking an MBA, MA, or M.Com. for the Masters level. In Insurance Administration. In addition, PhD programs in insurance and risk management are available.
Eligibility Criteria (UG & PG) of Insurance
UG Eligibility
Applicants must have qualified 10+2 with a minimum of 60 per cent marks from a recognised board.
The candidate must have their primary subjects as commerce/maths in 10+2.
PG Eligibility
Applicants must hold a bachelor’s degree in any stream from a recognised university.
A minimum aggregate of 55 per cent marks must be obtained.
PhD eligibility
Applicants must have passed a PG course with an aggregate of 55 per cent marks.
An applicant with an OBC/SC/ST certificate requires a minimum aggregate of 50 per cent
Candidates can apply for JRF till the age of 30.
Entrance Exams for Insurance
The admission process differs from college to college, but the majority of them have entrance exams for the students who seek admission in their colleges. Some of the common entrance exams are:
Undergraduate Level –
DU JAT – This is a national level exam conducted by NTA for Undergraduate courses for Business, Finance, Economics and Commerce. It is conducted through online mode in September.
DU JAT Eligibility Criteria | DU JAT Application Form | DU JAT Cutoff |
NPAT – The entrance exam is conducted to offer admission to Undergraduate degree in NMIMS University. This exam is conducted through online mode in June.
BUMAT - BUMAT stands for Bharati Vidyapeeth Undergraduate Management Aptitude Test. It is a national-level entrance exam, conducted by Bharati Vidya Deemed to be University for undergraduate management courses. It is conducted through offline mode in August.
BUMAT Eligibility Criteria | BUMAT Application Form | BUMAT Result |
Postgraduate Level-
BHU PET– This exam is conducted by Banaras Hindu University for Post-graduation courses in various streams. The exam is conducted through online mode in August. It is held once in a year. Browse more about BHU PET.
CMAT– CMAT stands for common management admission test . This is a national level entrance exam, conducted for all the management courses by NTA. The entrance exams are mostly held in January. Check more details about CMAT. This exam is valid for JNU, and all the AICTE approved colleges and universities.
XAT (Xavier’s Aptitude Test) – This is a national level exam, conducted in online mode in January. Browse more about XAT.
PhD Level-
UGC NET – Conducted by NTA, UGC NET is a national level entrance exam for Junior Research Fellowship or Assistant professor. It is conducted in September – November.
UGC NET Eligibility Criteria | UGC NET Application Form |
UGC NET Answer Key | UGC NET Result |
UGC NET Cut off | UGC NET Question Papers |
College Predictors VIEW ALL
Scope of Insurance in India and Abroad
The Insurance Industry expands fifteen to twenty per cent annually. Due to its vast dimension, banking and Insurance offer vast opportunities for a professional to get a handsome paying job and job security. This is an ever-growing industry that presents lucrative career opportunities. It contributes about seven per cent in the country's economy as of now, which could increase immensely in the near future as 80 per cent of the population doesn’t have any life insurance policy.
This indicates that there is scope and demand for expansion. And thus it will create an enormous amount of jobs. Individuals graduating in insurance can work in banking sectors, insurance companies, in auditing, finance, accounting and government undertaking agencies.
Course Fees Insurance
Minimum Fees | Maximum Fees | |||
---|---|---|---|---|
Private | Government | Private | Government | |
UG | ||||
PG | ||||
DIPLOMA |
Course Subjects
The syllabus for insurance management courses may vary slightly due to more specialisations. As a result, a general outline is provided below:
Year I | |
Principles and practice banking 1 | Principles and practice banking 2 |
Financial Accounting 1 | Financial Accounting 2 |
Principles of Insurance Physical Education | Insurance Law and practice |
Business Management | Environmental Studies |
value education | Financial Mathematics |
English 2 | |
Entrepreneurship Management | |
Year II | |
Legal Regulatory Aspects of Banking | |
Workshop of Numerical Skills | Service and Marketing |
Central Banking | E-Commerce and E-Business |
Business Economics | Workshop on Reasoning Skill |
Business Ethics | Institutional Training |
Year III | |
Business Environment | International business |
Financial Statistics | Business Communication |
Cost Accounting | Management Accounting |
Income Tax and Auditing | Project |
Careers in Insurance
With increasing competition in financial markets, insurance and risk management. Professionals are highly valued in the industry. There are various career options. Students specialising in insurance can work for government agencies, non-profit organisations and insurance and risk management firms.
Other than insurance agencies, a student expertise in insurance can work in various domains such as banking, auditing & finance, and underwriting.
Popular Online Finance Courses and Certifications
Upcoming trends
In a fast moving world, none of the sectors can take the risk of being slow, steady and tedious. With the digitalisation in the world insurance industry is drifting towards advanced technology and fast pace.
Some of the major upcoming trends are-
Tailor-made Service- In the past, insurers sold the same product to the general public. With the development of insurance plans and a wider understanding of them, it is now necessary to tailor policies to each individual.
Use of Artificial Intelligence – There was a time when buying an insurance policy was a nerve-wracking process. The tedious pace, dozens of paperwork and brokerage was not just a waste of time but also a waste of money. The adaptation of artificial intelligence will make the process convenient and cost-effective.
Use of mobile apps – Many insurance providers have already launched their mobile apps, and almost 70 per cent of their consumers are more satisfied than before. The use of the mobile app has made transparency between the policyholder and insurer, declining the probability of fraud.
Use of sensor – Soon, vehicle insurance companies will use a sensor in the car to help them extend coverage and reduce the premium cost. It will make policy better and cheaper.
Students also liked
Job Profiles and Top Recruiters
Job Profile | Description |
Insurance Claim Specialist | The insurance claims specialist’s job is to review insurance claims submitted by the customers. The job profile also assesses unusual claims and whether they can be covered under the scheme. |
Insurance Claim Adjuster | The job of an insurance claim adjuster is to analyse how much damage is to be paid to the customers who have incurred a loss. |
The insurance agent’s job is to identify, contact and sell an insurance policy to customers. They get a fixed amount as brokerage on each insurance sold. | |
Insurance Account Manager | The Insurance Account Manager looks after the accounts for a firm or insurance company. His or her target is to achieve high sales and feed into the accounts database. He may also supervise the work of account executives. He or she build relationships with new clients and help them to design plans that lead to profit. |
Top Recruiters in Insurance Sector
Syndicate Bank | Bajaj Allianz Life Insurance Co. Ltd. |
Axis Bank | HDFC Bank |
Chadha & Co. | Muthoot Finance |
Tata AIA Life | Royal Sundaram |
ICICI Lombard | IFFCO Tokyo General Insurance Company Limited |
Om Kotak Mahindra | ING Vysya Life |
Max New York Life | SBI Life Insurance |
Life Insurance Corporation of India (LIC) | HDFC Standard Life-Insurance Co. |
ICICI Prudential | Birla Sun-Life |
General Insurance Corporation (GIC) | Reliance |
Average Salary
A Banking & Insurance professional can easily bag a package of Rs. three lakhs to five lakhs p.a. (approx.). Initially, but after gaining experience and specialisation, they can earn handsome salary packages.
Job Profile | Average salary |
Insurance Claim Specialist | Rs. 3-5 Lakhs p.a. (approx.) |
Insurance Claim Adjuster | Rs. 4-6 Lakhs p.a. (approx.) |
Insurance Agent | Rs. 2-4 Lakhs p.a. (approx.) |
Insurance Account manager | Rs. 5-7 Lakhs p.a. (approx.) |
Required Skillset for Insurance
To flourish in an insurance industry, it is of prime importance to have academic brilliance paired up with common skills.
Some of the skills relevant to this industry are-
Mathematics and computer skills: Insurance job involves finance and a lot of calculation. A professional should be skilled to manage details without errors.
Communication Skills: Good communication is very important in this occupation as you have to deal with a customer that might not be so aware of the finance terms and until you have a command over communication, you cannot sell your policy.
Active listening: Active listening results in meaningful communication which serve as a strong factor in the development of client relationships. If you do not listen to the client, you wouldn’t be able to answer their query.
Monitoring and evaluation skills: Evaluation of your work is very important because you can't afford errors in this occupation, to deal with errors monitoring and evaluation of your work is constructive.
Adaptability: The trend around the world is changing rapidly, and unless one can adapt to the changing scenario and further their skill, it would be tough to survive in such competitive field.
Course Curriculum for Insurance
The course curriculum is designed to provide theoretical knowledge in the field of banking and insurance as well as exposure to the market reforms and all the finance policies. The course deals with banking, finance, auditing, Insurance and accounting. The structure of the course helps to make a professional who is well-suited to work for sectors other than insurance as well. It’s a practical-oriented field which enables an individual to have a better knowledge of real work banking and insurance problems.
The Bachelor of Business and Insurance is a three years long undergraduate course that is divided into 6 semesters. Other than professional skills and knowledge, the curriculum boosts an individual’s soft skills such as confidence and communication skills.
It deals with various kinds of insurance such as
Life insurance
Health insurance
Personal insurance
Commercial insurance
Auto- Industry insurance
Insurance law and risk management
Insurance Colleges by States
The colleges that offer insurance courses in a few states are listed in the table below:
Insurance Colleges by Location
The colleges that offer insurance courses in a few locations are listed in the table below:
Insurance Colleges in New Delhi | Insurance Colleges in Bangalore |
Insurance Colleges in Pune | Insurance Colleges in Noida |
MBA Colleges By Location
The MBA colleges that offer insurance courses in a few states are listed in the table below:
Popular Insurance Entrance Exams in India
Popular Insurance Colleges in India VIEW ALL
Amity University, Mumbai
- Fees: ₹ 1,052,000
- Exams: CAT , NMAT by GMAC , XAT , MAT , GMAT
Frequently Asked Questions (FAQs)
Question: Can a student major in insurance attempt the Indian Economic Service Exam?
Answer :
Yes, the eligibility criteria for Indian Economic Service is PG in economics or economics applied for courses. Therefore, if you’ve attained the age of 21, you can apply for UPSC IES.
Question: What are the entrance exams that graduates from BBI are eligible to appear?
Question: Can a student work for government organisations after graduating from Insurance?
Answer :
Yes, a student who has graduated as a BBI can work for both government bank and government insurance agencies provided that they clear the entrance exam for the same.
Question: What is the best course after graduating from BBI?
Answer :
After majoring in insurance, it is recommended to work as an intern to broaden your horizon and get a better knowledge about the work environment for an Insurer. Otherwise, one can pursue PG courses such as-
- MBA (Master in Business administration)
- PBI (Professional in Banking and Insurance)
- MBFI (Master in Banking, Finance, and Insurance)
- MFC (Master of Finance and Control)
- CA (Chartered Accountancy)
Question: What are the top five colleges in India for BBI?
Answer :
The top five colleges in India for Bachelor of Banking and Insurance are-
2. Rizvi College of Art Science and Commerce, Mumbai
3. Deen Dayal Upadhyay College, Delhi
4. Maharshi Dayanand College of Art, Science, and Commerce, Mumbai
Questions related to Insurance
good evening sir/mam , could I add my insurance subject while calculating best 4 for bcom in Delhi University.. I got 100/100 in this subject.. its making my best 4 good... its a other subject
Hey Vishal
While calculating your best of four percentage, 1 language and 3 core subjects are taken into consideration in order to decide the eligibility criteria for a specific course.
You can't add another subject which not listed under the list B prescribed by the University as an elective subject.
To know more about how to calculate best of four score, kindly check the link below -
Thanks
last year cutoff of bimtech pgdm in insurance
hey,
most of the candidate gets calls of percentile of 75-80 in CAT. HOWEVER THE FINAL SELECTION WILL BE MADE ON gd,PI, academic score, work experience etc.
it also accepts rank of MAT/XAT/CMAT/GMAT .
hope you do understand. follow careers360 website for further updates.
i want to make a career in insurance industry,which is the most respect courses in insurance sector in india,
Hi,
Work opportunities in insurance sector are enormous. Those who satisfy eligibility qualification works under following capacities in Insurance companies of India:
- Administrative Officer
- Assistant Administrative Officer
- Development Officer
- Insurance / Composite Agents
- Insurance Surveyors
- Actuaries
- Insurance Underwriter
- Investment Professionals
These are some indicative posts related to insurance business. However actual positions in an insurance company may vary.
- Insurance Agents
Agents are not on the payrolls of the insurance company. The insurance agents get a fixed commission on each policy they (insurance-agent) manage to sell. People who wish to become insurance agents are required to undergo 100 hours of training by the respective insurance company.
Once the training is complete, the candidate is eligible to appear for an online examination conducted by the Insurance Regulatory Development Authority (IRDA) with at least 50 per cent marks set for qualifying.
- Composite Agent
Composite Agent is the one who sells both life and general insurance policies. One has to put in 100 hours promoting life insurance products assuming that you are a general insurance agent. A life insurance agent, before appearing for another exam, has to dedicate 50 hours towards promoting general insurance products.
A composite agent has to appear for another test also (conducted by the I.R.D.A.)The agent is supposed to renew his license after three years, by putting in another 25 hours (and 50 hours for composite insurance agent) of training.
An agent can register under a development officer in any insurance company. The training institutes are accredited by the I.R.D.A. and the insurance Company merely sponsors its agent(s).
An agent works with the Development Officer in the insurance Company and the credit for the policy of the insurance agents goes to the Development Officers within the organization.
Nevertheless, this job is as good as freelancing. Secondly, the insurance companies also provide incentive schemes for the insurance agents from time to time.
- Insurance Surveyors
Surveyors, Loss Adjusters and Assessors are technically qualified professionals who perform the job of assessing the losses, according to their qualifications and experience. They work as 'consultants' for the company.
A surveyor with a background in mechanical engineering assesses industrial accidents. Here the surveyor would investigate, evaluate, assess, adjust and determine the liability, negotiate and then finally submit a report.
A surveyor must hold either a fellowship or associate ship from one of the following:
- The Institute of Insurance surveyors and Adjusters (IISA), Mumbai
- A degree or diploma in architecture from a recognized university or institute
- Fellowship or Associate-ship from the Institute of Chartered Accountants or Costs and Works Accountants
- A degree or diploma from a recognized institute of engineering or a degree or diploma in naval architecture.
They have to apply to the IRDA for a license that further categorizes them as Class A, B, C, or D. A surveyor, loss adjuster or assessor is the only specialized link between the insurers and the insured.
Institutes offering Insurance Courses in India :-
-
Institute of Insurance and Risk Management, Hyderabad
Plot No:1149, Road No.57, Jubilee Hills , Hyderabad - 500033
-
Acharya Nagarjuna University Centre for Distance Education,
Nagarjuna nagar Guntur Dist. - 522510
Andhra Pradesh
-
Annamalai University
South Arcot, Vallalar , Annamalai Nagar ( Cuddalore Dist. ) - 608002
Tamil Nadu
-
Manonmaniam Sundaranar University Directorate Of Distance and Continuing Education,
Tirunelveli - 627012
Tamil Nadu
-
Pondicherry University Directorate of Distance Education,
R.V. Nagar, Kalapet , Puducherry - 605014
-
Punjabi University Department Of Correspondence Studies
Patiala - 147002, Punjab
-
Institute of Actuaries of India
302, Indian Globe Chambers,
142, Fort Street, Off D N Road, Mumbai - 400 001
Tel: +91- 22 - 67843333 Fax: +91-22 - 67843330
Hope this helps.
Good luck.
Can I get job of insurance agents after bba?
Hello aspirant,
Yes, you can try for Insurance agents jobs after completion of Bachelor of Business Administration (BBA).
After completion of Bachelor's degree with minimum 50 percentage of aggregate marks from a recognised College you need to apply for Insurance Licence. Through IRDA Training candidates must complete 50 training hours from Insurance Regulatory & Development Authority or approved General or Life Insurance Licensing Training or 75Composite Licensing Training hours. After completion of the training. Candidates should clear IC38 exam to become Insurance Agents in any company.
Average salary offered is Rs. 30,000 per month.
Types of Insurance Agents:
Insurance Analyst
Financial Advisor
Life Insurance Agent
Insurance Advisor
To get more information go through below mentioned link.
https://www.careers360.com/careers/insurance-agent
Hope this information was helpful to you.
Good Luck!!
Is Insurance and business management a better option than Human resources and marketing management?
Hello student
Considering the dilema you have there are several options with which you can go and have a great carrer . Educational Background plays an important here since it will be determining the areas of interests you have . Both these options being of masters level it is considered that you posess the basics of these fields , Hr and marketting management degrees being common and well cherised one can help you get a better job and good oppourtunities in future. Insurance and business management is also a great option but since the pay offered by the companies gradually differs from the HR management people generally tend to go for HR . These can a point of difference in both of the available options. The decision ultimately being yours hope you think about every possible aspect and get admitted to the appropriate course.all the best