A career in insurance

While starting a career in insurance, most youngsters opt to work for reputed insurers. Fair enough.

But if a young job seeker chooses to work with an Insurance Broker (not an insurance agent), benefits could be substantial.

An insurance broker can deal with any insurer. He is not bound to work for any single insurer. For example, if his client wants to buy a cancer policy, the insurance broker can compare plans from life, general and standalone health insurers.  If the client wants coverage for advanced treatment on indemnity basis, he can suggest Apollo’s iCan policy. Or if the client is looking for income benefit in a cancer policy, the broker may suggest HDFC Life Cancer Cure, LIC Cancer Cover or Max Bupa’s cancer insurance plan. Or he may suggest better options. The client benefits as he gets to select from a wide array of options.

So how does the young job seeker gain by working for an Insurance Broker?

He/ she (the job seeker) will have to learn about all the products from all the insurers. He/ she will have to decide the most suitable plan for the client. This provides tremendous scope for learning.  Compare this with working for an insurer, where an employee is bound to sell products offered by the insurer. 

Thus the scope for learning under an Insurance Broker is immense. Of course, the job may require a Licentiate or Associate diploma from the Insurance Institute of India. The pay may be less compared to that of an insurer.

But the experience gained will boost your chances in insurance. You are likely to do very well. So keep learning. Money will ensue. Eventually. Substantially.