IKON
Age is definitely no bar for achieving success. And who would know this better than Dimpy Jindal. Being just 21 years old, Dimpy has qualified for the prestigious Million Dollar Round Table(MDRT) conference multiple times.
She is pursuing her CA along with being an active Life Advisor and has always been interested in insurance. And not only this, she has also successfully cleared three actuarial science papers, which she believes has helped her a lot in understanding products better. For someone still pursuing studies, it seems difficult to take time out for an alternative career, but that’s not how she feels
She believes that being a Life Advisor with Kotak Life Insurance further adds to her knowledge of insurance and to her advisory role as a CA. The best part of it all being that she can do it at her own convenience. To her, selling insurance plans is a way of interacting with people and provides them with social security. Apart from learning about insurance, Dimpy makes a handsome amount that takes care of her expenses as well. She attributes her success to her hard work and persistence, and the constant motivation provided by her branch and Kotak Life Insurance’s R&R programs.
What is this job all about?
Actuaries are the brains behind Insurance and Pension plans. They apply mathematical, statistical and economic analysis to Risk Management i.e. Life and Property issues.
They take into account a range of practical life / property situations for various age Groups and Industry situations. They help forecast contingent events by analyzing the past and modeling the future. Based on these studies and estimates of the number of polices their teams are targeted to sell, they calculate insurance premiums for both Life and Non-Life, viz. Motor / Aviation / Marine / Fire / Property, etc.
Can you go for it?
Strong Mathematical / Statistical abilities, good communication skills, acumen for business and a practical outlook to current expectancies and past life records, required.
Many opportunities exist in Insurance Companies. So also, in big Industrial Undertakings that need to take Insurance Cover for their various business needs e.g. Airlines, Shipping Companies, Hospitals, Railways, Petroleum Companies, etc.
Now that the Government has permitted the private sector (MNC’s) to compete with LIC, job opportunities have improved tremendously. There are over23 major global Companies competing in the country to-day.
Is there a future in this field?
The Insurance Regulatory and Development Authority (IRDA) have made it mandatory for all insurance companies to appoint actuaries who should be a fellow member of the Actuarial Society of India. www.actuariesindia.org.
Risk factors are pretty high these days with both, natural and man-made disasters. Also with more and more people becoming aware of the benefits of Insurance, e.g. Education Travel, Medical, Property, Marriage Insurance, the target groups are ever expanding. So the field is enormous.
Where to begin:
In Goa:
Graduate in Science or Commerce then Goa University offers a Program offer a Masters Program in Mathematics. There are no studies at the moment in Actuarial Sciences
Outside Goa:
The Institute of Actuaries of India, Mumbai:
Course in actuarial practice. Eligibility: 18 years with 10+2 (Mathematics and Statistics (85%).
On completion of the 16 subjects prescribed,you are awarded the Fellowship.www.actuariesofindia.org
Classes of Membership: Student, Associate Member and Fellow.
An Associate member is entitled to use the designatory letters of AIAI after his name.A Fellow member is entitled to use the designatory letters of FIAI
The Institute of Insurance and Risk Management (a joint venture of IRDA and Government of Andhra Pradesh), Hyderabad – 500 033 offers various courses including a distance based program. (www. iirmworld.org.in)
Insurance Institute of India, Mumbai, has all study Programs in various aspects of Insurance, right from an Insurance Agent to a Fellow Program in Insurance www.insuranceinstituteofindia.com
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,http://www.niapune.com
BSc at the Institute Of Acturial & Qualitative Studies, Patkar Varde College Santa Crux Mumbai (University of Mumbai)
Employment Avenues
Insurance Companies, Big corporate Houses, Government agencies, etc
Money
This is the best part of the deal. Since the number of Actuaries are currently in short supply, the pay package is very attractive and can easily go to from around Rs.50,000/- to Rs. 1-2 lakhs p.m.
Note : For other jobs in Insurance please go to the Chapter on Insurance.
Please do not be satisfied with just acquiring a Degree/Diploma – try and enhance your CV by doing online learning programs (with a certificate) of programs relevant to your choice of career. Your chances of employment will be much better than just a plain degree/diploma.
Please check this website under other details for places you can learn online. Also try and develop your confidence by doing a public speaking training program with people like Toast Masters International.
For government jobs: please check : http://www.employment-newspaper.com/