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Assistant Administrative Officers
Library and Information Science
Radio and Television Broadcasting
Insurance and Actuarials
The
concept of Life Insurance is about a century old in India. Bombay Life
Insurance Society Ltd. Which was established in 1871, began the Insurance
services for the Indians. Prior to this life insurance mutual firms in the
country served only the British. In 1956 the entire life insurance
business was nationalised and Life Insurance Corporation of India (LIC)
came into being.
Insurance
is divided into four classes viz. Life Insurance, Fire Insurance, Marine
Insurance and Miscellaneous Insurance. While LIC deals with life
insurance, there is another insurance firm General Insurance Company (GIC)
that deals with rest of them. GIC along with its four subsidiaries namely
Oriental Insurance, New India Assurance, Insurance and United India
Insurance was also taken over by the government in 1973. Medical
Insurance, which is relatively a new concept in our country, is offered by
both the LIC and GIC.
However
with the introduction of Insurance Regulatory and Development Authority (IRDA)
Act 1999 the insurance sector has been liberalised. Insurance coverage
in our country is still abysmally low. Total insurance premium at 2.01% of
GDP is among the lowest in the world. Liberalisation would widen the
insurance coverage by providing variety of products to different
categories of consumers at competitive prices. Permitting competition in
insurance sector will also enable consumers to reap the benefit in terms
of service. Apart from these liberalisation would expand the insurance
market and increase job opportunities as well as generate much-desired
funds for infrastructure and social sectors.
The
increasing awareness in our country both in the area of general insurance
as well as life insurance and government’s decision to deregulate the
sector forebodes very well for those aspiring to join this sector. In fact
following three new companies have already been given licence by IRDA and
started operating:
1.
Reliance General Insurance Company Ltd.,
2.
HDFC Standard Life Insurance Company Ltd.,
3.
Royal Sundaram Alliance Insurance Company Ltd.
Educational
Qualification:
Assistant
Administrative Officers are the entry-level management cadre post offered
by GIC and LIC. These officers are trained in different spheres of
administration, accounts and development and deal with policymaking,
marketing and procurement of business, as well as management of funds.
Graduates/postgraduates
in any subject with a minimum of 50% marks and in the age group of 21-28
years are eligible for appearing in the AAO exam of LIC or GIC. In order
to work as an Insurance Surveyor one needs to hold a license, and fulfil
one of the following qualifications:
·
Fellowship
or Associateship through exam held by the Institute of Insurance Surveyors
and Adjusters (IISA) Bombay.
-
A degree/diploma in architecture of a recognized university
-
Fellowship or Associateship of the Institute of Chartered Accountants or Cost and Works Accountants
-
A degree/diploma from a recognized engineering institute
-
A degree/diploma in naval architecture
A
candidate interested to work in the insurance sector, in the capacity of
an officer or an agent or an insurance surveyor has to have knowledge of
Actuarial Science which is built up on statistical evaluation of the
financial and economic implication of future contingencies and helps in
calculation of insurance risk, premiums and pension programs etc. Those
recruited by the insurance firms are given suitable training. However
graduate course in Actuarial Science is offered by Bombay University and
postgraduate course in Actuarial Science is offered by Kalyani University.
Nowadays, with the opening up of the insurance sector many institutes have
started offering specialised courses covering various aspects of the
industry. These can be taken up as regular/par time courses or even
pursued through correspondence. In the new liberalised environment
management graduates, like in other sectors, would also have good
opportunities in the insurance sector.