Job opportunities in the insurance sector

The pandemic has brought about a big change in the insurance sector, including a plethora of career opportunities. The increasing use of technologies like Artificial Intelligence (AI) and Blockchain has further increased the demand of skilled workforce in the industry.

The job roles in the insurance industry include actuaries, underwriters, claim adjusters etc. While actuaries calculate probabilities of future events, underwriters determine what risks are worth insuring. Claims adjusters analyse losses to determine how much people or businesses are owed through their insurance policies.

Apart from that, data scientists, sales agents, marketers, customer service representatives and risk managers play integral roles in making the insurance industry function.

Ideally, an insurance career is a good choice for millennials as they are the future of insurance. They possess many of the qualities that recruiters in the insurance industry are looking for, such as an affinity for teamwork, an entrepreneurial spirit and problems-solving skills.

Qualifications needed

The minimum educational qualification to join the insurance sector is 10+2 or equivalent. The candidates need to obtain a licence to work in this sector, for which they need to appear in exams conducted by the Insurance Institute of India. In addition to this a degree in finance, business, economics, or mathematics may prove useful.

Skills required

Depending on the role, specific soft and technical skills are required. For instance, actuaries need math and numeracy skills. Insurance salesmen need good communication skills. Underwriters need good analytical, quantitative, and decision-making skills.

The job of claim adjusters is investigative in nature, so they need analytical and critical thinking skills.

Apart from that, customer service, organising abilities, problem-solving, attention to detail and presentation are some common skills needed for a successful career in the insurance industry. Understanding of new technologies like AI, ML, Blockchain, IoT being used in the insurance sector has also become a prerequisite. Insurance industry also needs Computer Vision Developers, Data Annotation Engineers, UI designers, Product Specialists (Insurance) & Quality Analysts.

Impact of the pandemic

Before the pandemic, health insurance had only 6-10% penetration in the market, but now, health insurance penetration has increased to 20%.

People are increasingly getting insurance or loans digitally. This makes it crucial for insurance companies to upskill their agents and other people engaged in underwriting or risk management. Insurance companies will have to make their employees understand the use of AI, data, ML in digitisation in the processing of risk, avoiding frauds and preventing claims.

(The author is the co-founder and CEO of an insurance services company)