How to Land a Job in the Insurance Sector

The insurance sector is on the cusp of growth in India and is expected to scale rapidly & exponentially in the months and years to come. The looming uncertainty around the future & widespread panic due to the increasing number of COVD 19 victims has led to a large number of people realizing the importance of insurance & a surge in the insurance sector.

The insurance is an untapped gold mine with thousands of vacancies for statisticians, salespeople, analysts, surveyors, agents, engineers, actuaries, data scientists, etc. According to a recent survey, there will be over 4,00,000 openings in the insurance sector by the end of 2020. In this article, we will give you a list of the best opportunities in the Insurance sector and walk you through how you can secure such opportunities.

How to Land a Job in the Insurance Sector

How to Land a Job in the Insurance Sector

Even though there are private players such as Reliance Nippon Life Insurance, TATA AIA Life Insurance, HDFC Standard Life Insurance, Kotak Mahindra Life Insurance, Max Life Insurance, etc there are none as large as the state-owned Life Insurance Corporation of India (LIC) when it comes to employment opportunities. LIC conducts its own recruitment processes to identify qualified candidates for various posts across levels and functions. The top opportunities are as follows:

1. LIC ADO Recruitment

 Life Insurance Corporation of India’s Apprentice Development Officer more commonly known as the LIC ADO recruitment is conducted annually to recruit around 8,500 to 10,000 skilled candidates for the ADO role. On average, an ADO in LIC gets a monthly stipend of over INR 34,500 during the apprentice period. The pay package includes allowances such as CCA (City Compensatory Allowance), gratuity, medical benefits, and (House Rent Allowance) HRA.

In metro cities and class A cities in India, the total monthly payout can be up to INR 37,300. Any candidate with a valid bachelor’s degree from a recognized institute in India or a Fellowship of Insurance Institute of India can take part in the recruitment process. An ADO can eventually go on to become a Regional Manager (RM) or Senior Divisional Manager (SDM).

Interacting and selling products is a major part of the job description. Candidates with great interpersonal skills and who prefer interacting with new people on a regular basis might find this job ideal.

2. LIC Assistant Recruitment

The LIC Assistant recruitment process is conducted to fill assistant/clerk vacancies across the offices/branches of LIC in the country. There are typically around 8500-9000 vacant positions available. The number of vacancies available in each zone/region may vary. The primary eligibility criteria is successful completion of a 3 year-long undergraduate degree.

The monthly take-home salary of a LIC assistant is approximately INR 30,000. This is probably the easiest of all the recruitment processes conducted by the LIC and the difficulty level of the process is usually easy to moderate. The job role of a LIC assistant includes reviewing and processing documentation related to insurance policies and dealing with customers’ queries.

3. LIC AAO & AE Recruitment

This is the most sought after the recruitment process in the insurance sector. The LIC AAO & AE recruitment is conducted to onboard skilled Assistant Administrative Officers (AAO) and Assistant Engineers (AE). It is conducted periodically whenever there are enough vacancies to fill. Generally, there are around 150-250 AAO vacancies and 50-100 AE vacancies.

LIC AAO and AE Recruitment

To be eligible for the AE role, you should have successfully completed your engineering degree (UG/PG) and to be eligible for the AAO role you should be a graduate. There are AAO cadre vacancies available for 5 different job profiles – Legal, Actuarial, Chartered Accountant (CA), Information Technology (IT) and Rajbhasa

The other recruitment processes that we highly recommend are as follows:

  1. NIACL’s (New India Assurance Co. Ltd) Assistant and Administrative Officer Recruitments
  2. NICL’s (National Insurance Company Ltd.) Assistant and Administrative Officer Recruitments
  3. OICL’s (Oriental Insurance Company Ltd.) AO (Administrative Officer) Recruitment
  4. Manager recruitment conducted by the IRDA (Insurance Regulatory and Development Authority)
  5. UIIC’s (United India Insurance Company) Assistant and Administrative Officer Recruitments
  6. General Insurance Corporation of India (GIC) Recruitment

There are 24 life insurance companies, over 30 non-life insurance companies, and one Reinsurance company (GIC) in India that could be great potential employers if you are serious about starting a career in the insurance sector.

A career in the insurance sector can provide you more than a decent pay package and ample allowances. It could be your chance to serve your community, experience diverse cultures, and launch a stable & rewarding career. Explore further and start working towards your goal.