Insurance is a specialization option for students who are interested in a demanding and competitive career in finance. Since insurance is a broad field, there are many courses one can take to build a successful career in the industry. One can choose which of these courses best meets their needs. Insurance can help you avoid financial losses. It is a legal agreement that establishes financial reimbursement for losses between an insurer (the company that provides insurance) and the insured (the individual who purchases the insurance policy). Both individuals and companies can use it.
Students may choose management courses in insurance even though it is a professional course that can be studied in terms of actuarial sciences. BBA, BA, and B.Com are among the undergraduate degrees that provide insurance management courses. For the Master’s level, students can choose between an MBA, MA, or M.Com. within the insurance industry. There are other Ph.D. programs in risk management and insurance.
Careers in Insurance
Risk management, insurance, and financial markets are all experiencing increased competition. The industry places high importance on professionals. There are many different professional paths. Students who specialize in insurance may find employment with governmental organizations, nonprofit institutions, insurance companies, and risk management companies. A student with insurance experience can find employment in a variety of fields, including banking, auditing & finance, and underwriting, in addition to insurance agencies.
Job Profiles
Insurance Claim Specialist
Reviewing insurance claims that clients have made is the responsibility of the insurance claims specialist. The job description also evaluates odd claims to see if they qualify for coverage under the program.
Insurance Claim Adjuster
An insurance claim adjuster’s job is to determine how much compensation needs to be given to clients who have suffered losses.
Insurance Agent
The role of an insurance agent is to locate, get in touch with, and sell insurance policies to clients. They receive a set sum as the brokerage for each insurance policy sold.
Insurance Account Manager
A company’s or insurance company’s accounts are managed by the insurance account manager. His or her goal is to make a lot of sales and enter the information into the accounts database. He might also oversee account executives’ work. He or she establishes connections with new clientele and aids them in creating profitable ideas.
Required Skillset for Insurance
Academic excellence combined with common abilities is essential for success in the insurance industry.
Some of the skills relevant to this industry are-
- Mathematics and computer skills: Finance and a lot of calculations go into the insurance profession. A professional should have the ability to handle details accurately.
- Communication Skills: In this line of work, effective communication is crucial since you frequently deal with clients who may not be familiar with financial concepts. Without strong communication skills, you will not be able to sell your insurance.
- Active listening: Meaningful communication produced by active listening plays a significant role in the growth of client relationships. You wouldn’t be able to respond to the client’s question if you didn’t listen to them.
- Monitoring and evaluation skills: It is crucial to evaluate your work because, in this line of business, mistakes cannot be tolerated. Monitoring and evaluating your work can help you to address mistakes.
- Adaptability: Rapid global trend change makes it difficult to survive in such a cutthroat industry unless one can adjust to the new situation and improve their competence.
Course Curriculum for Insurance
The theoretical knowledge in the areas of banking and insurance, as well as exposure to market reforms and all financial policies, are all covered in the course curriculum. The topics covered in the course include accounting, auditing, insurance, and banking. The course’s organizational structure aids in producing professionals who are qualified to work in industries other than insurance. Because it is a practical field, one can gain a deeper understanding of actual banking and insurance issues.
Six semesters make up the three-year, undergrad-level Bachelor of Business and Insurance program. A person’s soft skills, such as confidence and communication abilities, are strengthened by the curriculum in addition to their professional knowledge and talents. It addresses numerous forms of insurance, including:
- Commercial Insurance
- Auto- Industry Insurance
- Insurance law and risk management
- Life insurance
- Health Insurance
- Persona Insurance