High-paying jobs in the insurance industry

Determining whether a job in the insurance sector is worthwhile is crucial. A career in life insurance offers you the chance to work for yourself as an independent insurance agent or a salaried business employee. It also offers you job security, a good salary, a flexible schedule, and the chance to work for yourself. Employers seek graduates who are committed and demonstrate a high level of professionalism. Companies will prioritize soft skills and look for new workers with good lateral thinking, negotiation, and communication skills. Outstanding customer service and client connection skills are just as important as having good math skills.   

Benefits of choosing a career in the insurance industry 

The insurance sector in India is predicted to grow at a 5.3% CAGR up to 2023, and India is ranked 11th in the global insurance industry. So, the scope for a career in this field is immense, as are the career opportunities.  

Choosing a career in the insurance industry comes with several benefits. Firstly, the insurance industry provides stability, as insurance remains a critical aspect of modern economies. Secondly, professionals have diverse career paths, spanning underwriting, claims, sales, and management. Additionally, the industry offers opportunities for continuous learning, with a growing focus on technology and data analytics. 

 Insurance careers also contribute to societal well-being by providing financial security and aiding economic recovery after unforeseen events. With global relevance, the insurance sector provides a platform for professionals to make a meaningful impact, enjoy financial rewards, and engage in a constantly evolving, intellectually stimulating environment. 

Check out: What will you earn in new-age banking and finance? 

Top jobs in the insurance sector 

Below is a list of a few of the top positions in the insurance industry with their pay ranges. 

Actuary: An insurance actuary evaluates financial risks to establish the proper premium for insurance policies. To lower risks for insurance companies, these professionals calculate appropriate premiums utilizing mathematical theories and financial facts.  

Salary: The annual salary of an actuary can go up to INR 12.4 LPA. 

Underwriting Manager: Underwriting managers lead underwriting teams, ensuring the proper evaluation of risks and setting appropriate premiums. This role involves decision-making that directly impacts the company’s profitability. 

Salary: An underwriting manager can earn an annual salary of up to INR 19 lakhs. 

Claims Manager: Claims managers or directors oversee the claims department, ensuring efficient and fair claims processing. Their responsibility includes managing claims adjusters and making decisions on complex or high-value claims. 

Salary: They earn an annual salary of up to INR 11 lakhs. 

Insurance Product Manager: Product managers in the insurance sector are responsible for developing and managing insurance products. This includes analyzing market trends, creating new products, and optimizing existing ones. 

Salary: They earn an annual salary of up to INR 26.5 lakhs. 

Risk Manager: After assisting in the analysis of potential risks, a risk manager makes suggestions on how to eliminate or reduce risks. They might assist in identifying, evaluating, and alerting different parties to threats. This group may include underwriters, loss assessors, and senior staff members. 

Salary: Risk manager salary in insurance industry can go up to INR 19.5 LPA. 

Insurance Broker: Brokers help clients find suitable insurance coverage and negotiate with insurance companies on behalf of their clients. They may specialize in specific types of insurance, such as health or commercial insurance. 

Salary: They earn an annual salary of up to INR 8.6 lakhs. 

Insurance Sales Manager: Sales managers in the insurance sector lead sales teams, set sales goals, and develop strategies to meet targets. Their compensation often includes a combination of salary, commissions, and bonuses tied to team performance. 

Salary: Insurance sales managers typically earn an annual salary of around INR 5.5 Lakhs. 

Also, read B.Com vs BBA: Which is better after 12th? 

Insurance companies in India that offer well-paying jobs 

Life Insurance Corporation of India (LIC): LIC is a state-owned insurance company and the largest life insurance provider in India. 

ICICI Prudential Life Insurance: A leading private life insurance company, a joint venture between ICICI Bank and Prudential Corporation Holdings Limited. 

HDFC Life Insurance: Another major private life insurance company, a joint venture between Housing Development Finance Corporation (HDFC) and Standard Life Aberdeen. 

SBI Life Insurance: A joint venture between State Bank of India (SBI) and BNP Paribas Cardif, offering a range of life insurance products. 

Max Life Insurance: A leading private life insurance company in India, known for its various life insurance products. 

Bajaj Allianz Life Insurance: A joint venture between Bajaj Finserv and Allianz SE, offering life insurance solutions. 

Kotak Mahindra Life Insurance: A subsidiary of Kotak Mahindra Bank, providing a range of life insurance products. 

Reliance Nippon Life Insurance: A part of the Reliance Capital group, offering life insurance and related products. 

Aditya Birla Sun Life Insurance: A joint venture between Aditya Birla Group and Sun Life Financial Inc., providing a variety of life insurance products. 

New India Assurance Company: One of the largest and oldest general insurance companies in India, offering various non-life insurance products. 

United India Insurance Company: A government-owned general insurance company, providing various insurance solutions. 

Oriental Insurance Company: Another government-owned general insurance company, offering a range of insurance products. 

Bharti AXA General Insurance: A joint venture between Bharti Enterprises and AXA, providing general insurance products. 

Prepare for a career in the insurance industry with an MBA in finance 

Earning an MBA in finance helps you to excel in the insurance industry. This program equips you with a comprehensive understanding of financial markets, risk management, and insurance operations. Develop critical skills in analytics, leadership, and strategic decision-making. Network with industry professionals and gain hands-on experience through internships and industry projects. The MBA in finance positions you for leadership roles in insurance companies, brokerage firms, and financial institutions, providing a solid foundation for a successful and rewarding career in the dynamic and evolving landscape of the insurance sector. 

Also read: Best online degree courses in banking and finance 

Get into well-paying jobs in the insurance industry with MUJ’s online MBA in finance 

An online MBA in finance from Manipal University Jaipur (MUJ) assists individuals in enhancing their knowledge and skills and land a well-paying job in the finance or insurance industry. If you are looking for an online MBA program that is at par with the on-campus program, enroll in the UGC-entitled MBA finance program from Manipal University Jaipur. You can benefit from live and recorded classes, experienced faculty and course mentors, free e-learning content, free access to Coursera, excellent student support, and placement assistance. 

Conclusion 

The BFSI industry is growing quickly, creating a great need for qualified employees. You can develop the industry’s required skill sets and further your career by completing an MBA with BFSI as an elective. This will increase your earning potential and offer you the necessary access to the Insurance industry.