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Insurance signifies an agreement of being covered or protected against any kind of danger of life or to any of the assets possessed by humans. I today’s world, insurance is a financial agreement that binds two parties to certain obligations which is known as ‘Policy’. This policy can be used to cover certain eventualities e.g. fire, theft, motor accident, etc. 

With the liberalization, privatization and globalization (LPG) of our economy, the Indian insurance industry has taken rapid strides and has emerged as a favorite career option for many of our youngsters. As a result, not only insurance agents but also marketers and actuaries are in great demand in the insurance sector. 

Insurance Companies deal in two main areas – Life insurance and General insurance. With the liberalization and opening up of this field several companies have come up in the field of Life insurance and general insurance.

For Insurance Agents:

Agents are not on the payrolls of the insurance company. The insurance agents get a fixed commission on each policy they (insurance-agent) manage to sellPeople who wish to become insurance agents are required to undergo 100 hours of training by the respective insurance company. Once the training is complete, the candidate is eligible to appear for an online examination conducted by the Insurance Regulatory Development Authority (IRDA) with at least 50 per cent marks set for qualifying.

Composite Agent - is the one who sells both life and general insurance policies. One has to put in 100 hours promoting life insurance products assuming that you are a general insurance agent. A life insurance agent, before appearing for another exam, has to dedicate 50 hours towards promoting general insurance products. A composite agent has to appear for another test also (conducted by the I.R.D.A.)The agent is supposed to renew his license after three years, by putting in another 25 hours (and 50 hours for composite insurance agent) of training. An agent can register under a development officer in any insurance company. The training institutes are accredited by the I.R.D.A. and the insurance Company merely sponsors its agent(s). An agent works with the Development Officer in the insurance Company and the credit for the policy of the insurance agents goes to the Development Officers within the organization. Nevertheless, this job is as good as freelancing. Secondly, the insurance companies also provide incentive schemes for the insurance agents from time to time.

For Insurance Surveyors:

Surveyors, Loss Adjusters and Assessors are technically qualified professionals who perform the job of assessing the losses, according to their qualifications and experience. They work as 'consultants' for the company. A surveyor with a background in mechanical engineering assesses industrial accidents. Here the surveyor would investigate, evaluate, assess, adjust and determine the liability, negotiate and then finally submit a report.

A surveyor must hold either a fellowship or associateship from one of the following:

The Institute of Insurance surveyors and Adjusters (IISA), Mumbai 

A degree or diploma in architecture from a recognized university or institute

Fellowship or Associateship from the Institute of Chartered Accountants or Costs and Works Accountants

A degree or diploma from a recognized institute of engineering or a degree or diploma in naval architecture.

They have to apply to the IRDA for a license that further categorizes them as Class A, B, C, or D. A surveyor, loss adjuster or assessor is the only specialized link between the insurers and the insured.

Qualifications for Insurance Surveyor:

For membership of the Institute the candidate should fulfill the parameters listed below besides the satisfaction of the Managing Committee: 

The candidate should be in the business or profession of Insurance Surveyor or Adjuster: 

Should have attained the age of twenty one years

Should be been in professional practice either as a Principal or Head or responsible surveyor of any firm company or corporation connected with the profession or business of Insurance Surveyors or Adjusters for at least two years consecutively immediately preceding the date of his application for admission and membership but the Managing Committee may in its absolute discretion waive or relax this restriction in a special case or cases and admit a person to membership;

Should be able to furnish proofs of his professional ability as the Managing Committee may in their absolute discretion require;

Is not directly or indirectly connected or otherwise works as broker or agent or solicits or canvasses or procures insurance business;

Is not an owner, partner or otherwise directly or indirectly connected with a workshop or motor garage undertaking repairs of accident job, and;

Is not an employee of an Insurer or a Principal or Chief Agent of an Insurer:

Norms for Membership:

Fellow: Ten Years after empanelment

Associate: Five Years after empanelment

Licentiate: Ten Years after empanelment

Student: Undergoing Apprenticeship

Fellow, Associate, Licentiate and Student are four categories in which IISA grants membership 

Student: Any individual undergoing apprenticeship with a licensed practicing surveyor is eligible to apply for student membership of IISA. Student Membership can be upgraded to Licentiate Membership on obtaining a Surveyors' License from Insurance Regulatory and Development Authority of India 

Licentiate: Two years after empanelment and duly licensed by the Insurance Regulatory and Development Authority of India, any individual is eligible to apply for Licentiate Membership of IISA 

Associate: Any individual duly licensed by the Insurance Regulatory and Development Authority of India, is eligible to apply for Licentiate Membership of IISA.
Skills and Attributes

Ability to convince others, presence of mind and dedication for service towards the clients are the deciding factors in this profession. 

Similarly organizing skill, logical approach, quick grasping skill, good communication skills are always beneficial for managers and officers. 

In case of an insurance agent, the key- skill required is to have a capability for convincing people along with a great business sense.

For surveyors, excellent communication skill coupled with willingness to work outside the office for odd hours are the qualities required.


Agents get about 25 to 32 percent of the premium amount in the first year of the policy. In the second and third year they get about 7.5 percent and in fourth and fifth year they get about 5 percent of the premium. After about four years of good performance, an agent may also be entitled to office facilities, car, computer, telephone, maintenance, housing loan etc.

Moreover, for an actuary, sky is the limit as this is one of the most rewarding jobs in the insurance sector. Here, entry level salary is expected to be somewhere around Rs. 8 lakh per annum .For the underwriters it is around Rs. 6 lakh per annum.

Actuarial Society of India, Mumbai

Address: 9 Jeevan Udyog, 278 Dr. D.N Road, Fort, Mumbai-400001
Website: www.actuariesindia.org
Course    : Training in Actuarial Science
Students who have passed 10 + 2 or equivalent exam may register for the Entrance examination with the Actuarial Society of India.
A) Passed 10+2 (H.S.C) or equivalent with at least 85% in Mathematics/Statistics.
B) Graduate or Post Graduate with Mathematical subjects with not less than 55% marks.
C) MBA/ PGDBA or equivalent in disciplines having mathematical/statistical content.
D) Fully qualified members of ICAI, ICWAI, IFAI & The Insurance Institute of India
E) A student member of Institute of Actuaries, London; Faculty of Actuaries in Scotland; Institute of Actuaries, Australia 

Amity School of Insurance and Actuarial Science, Noida
Address: Amity Campus, Sector 44, Noida- 201303
Phone    : (0120) 4392304
Fax    : (0120) 2431856
Website: www.amity.edu

Course: MBA (Insurance)
Eligibility: Graduation (min 50%) 
Duration: 2 years

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