IKON
Age is no barrier to success, as demonstrated by Dimpy Jindal. At just 21 years old, Dimpy has qualified multiple times for the prestigious Million Dollar Round Table (MDRT) conference. Alongside pursuing her CA, she actively works as a Life Advisor and has always been interested in insurance. Additionally, she has successfully cleared three actuarial science exams, which she believes has greatly enhanced her understanding of insurance products.
Despite the demands of her studies, Dimpy doesn’t find it challenging to manage her alternative career. She believes that working as a Life Advisor with Kotak Life Insurance complements her knowledge of insurance and enhances her advisory role as a CA. For her, selling insurance plans is more than a job; it’s a way to interact with people and provide them with social security. In addition to gaining valuable knowledge, Dimpy earns a substantial income that covers her expenses. She attributes her success to hard work, persistence, and the motivation provided by her branch and Kotak Life Insurance’s recognition and rewards programs.
What is this job all about?
Actuaries are the analytical minds behind insurance and pension plans. Actuarial Science involves evaluating risks and ensuring the financial stability of insurance and financial organizations. Graduates in this field learn to use mathematics, statistics, and economic principles to predict future events and take preventive measures based on historical data.
Actuaries analyze various practical scenarios involving life, property, and industry. They help forecast contingent events by examining past trends and modeling future outcomes. For instance, if there are many car accidents, actuaries would analyze factors such as the age of drivers, the type of cars involved, the roads where accidents frequently occur, and whether the drivers were under the influence. Based on these studies, and considering the number of policies their teams are expected to sell, actuaries calculate insurance premiums for both life and non-life cases.
Insurance covers virtually every aspect of commerce, including health, life, motor, aviation, marine, fire, and property.
Can you go for it?
If you possess strong data analysis, mathematical, and communication skills, along with business acumen, you can excel in this field. Decision-making based on thorough analysis will stand up to scrutiny from both buyers and competitors.
Is there a future in this field?
Yes, the future is bright. With the government allowing private sector companies to compete with LIC, job opportunities in the insurance industry have expanded significantly. Today, there are 57 insurance companies operating in India.
It is mandatory for insurance companies to appoint actuaries, who must be fellows of the Actuarial Society of India – www.actuariesindia.org. With fewer than 500 actuaries in India, but a need for over 1,200, the demand is high. Additionally, large industrial undertakings, such as airlines, shipping and transport companies, hospitals, railways, petroleum companies, and hotels, also require actuaries to ensure their business needs are fully covered.
Given the increasing risks posed by both natural and man-made disasters, and the growing awareness of insurance benefits, the potential for growth in this field is immense.
Where to begin:
In Goa:
Graduates in Science (with a focus on Mathematics) or Commerce can pursue a Master’s Program in Mathematics at Goa University. Although no colleges in Goa offer Actuarial Science programs, taking up a distance-based program alongside your Master’s would enhance job prospects. (www.theiirm.ac.in)
Outside Goa:
• The Institute of Actuaries of India, Mumbai – www.actuariesofindia.org
Offers a course in actuarial practice. Eligibility: 18 years with 10+2 in Mathematics and Statistics (85%). Upon completion of the 16 prescribed subjects, you are awarded the Fellowship.
• University of Bombay (linked with the Institute & Faculty of Actuaries):
Offers a B.Sc. in Actuarial Science & Quantitative Analysis.
• The Institute of Insurance and Risk Management, Hyderabad – www.theiirm.ac.in
A joint venture of IRDA and the Government of Andhra Pradesh, offering various courses, including distance-based programs.
• Insurance Institute of India, Mumbai – www.insuranceinstituteofindia.com
Offers a wide range of study programs in various aspects of insurance, from an Insurance Agent to a Fellow Program in Insurance.
• Narsee Monjee Institute of Management Studies (Deemed University) – www.nmims.edu
Conducts a one-year full-time Postgraduate Diploma Program in Actuarial Science (PGDAS.
• National Insurance Academy, Pune – www.niapune.com
Offers specialized programs in insurance.
Employment Avenues
Actuaries can find employment in insurance companies, large corporate houses, government agencies, and other sectors requiring risk assessment.
Salaries
The financial rewards in this field are substantial. Due to the shortage of actuaries in India, starting salaries can range from ₹50,000 to ₹1-2 lakhs per month. With experience, these figures can increase to ₹3-10 lakhs per month.
Note: For more information on other careers in insurance, please refer to the chapter on Insurance.
Don’t settle for just a degree or diploma — enhance your CV by completing online learning programs with certification in areas relevant to your chosen career. This will significantly improve your employment prospects compared to holding only a basic qualification. Additionally, consider boosting your confidence by enrolling in public speaking courses, such as those offered by Toastmasters International.
For government job opportunities, please check: www.employment-newspaper.com
page updated: August 2024