INSURANCEINSURANCE

bybyP.S.R. MURTHYP.S.R. MURTHY

Brilliant InsuranceBrilliant Insurance

A. KNOW ABOUT INSURANCEA. KNOW ABOUT INSURANCE

What is Insurance?What is Insurance?• Insurance is related to the protection of the Insurance is related to the protection of the

economic values of assets.economic values of assets.

  What is Risk?What is Risk?• The risk means that there is a possibility of The risk means that there is a possibility of

loss or damage.loss or damage.

ContractContract• When the insured pays the premium and the When the insured pays the premium and the

insurer accepts the risk the contract of insurer accepts the risk the contract of insurance is concluded.insurance is concluded.

Insurable InterestInsurable Interest• The owner of property has a right under law to effect The owner of property has a right under law to effect

insurance on the property.insurance on the property.

IndemnityIndemnity• To prevent one insured from making a profit out of his To prevent one insured from making a profit out of his

loss.loss.

A. KNOW ABOUT INSURANCEA. KNOW ABOUT INSURANCE

B. INDIAN INSURANCE B. INDIAN INSURANCE INDUSTRYINDUSTRY

INSURERSINSURERS

LIFE INSURERSLIFE INSURERS

GENERAL INSURERSGENERAL INSURERS

LIFE INSURERSLIFE INSURERS

3. BIRLA SUN

4. HDFC STANDRAD

1. LIC

2. BAJAJ ALLIANZ

LIFE INSURERSLIFE INSURERS

5. ICICI PRUDENTIAL

6. ING VYSYA

7. MAX NEW YORK

8. MET LIFE INDIA

LIFE INSURERSLIFE INSURERS

9. KOTOK MAHINDRA OLD MUTUAL

10. SBI

11. TATA AIG

12 . RELIANCE

13. AVIVA

LIFE INSURERSLIFE INSURERS

14. SAHARA INDIA

15. SHRIRAM

16. BHARTI AXA

17. FUTURE GENERAL

18. IDBI FORTIS

LIFE INSURERSLIFE INSURERS

19. CANARA HSBC ORIENTAL

20. AEGON RELIGARE

21. DLF PRAMERICA

22. STAR UNION DAI -ICHI

GENERAL INSURERSGENERAL INSURERS

1. THE ORIENTAL INSURANCE CO. LTD

2. THE NEW INDIA ASSURANE CO. LTD

3. NATIONAL INSURANE O. LTD

GENERAL INSURERSGENERAL INSURERS

4. UNITED INDIA ASSURANCE CO. LTD.

5. BAJAJ ALLIANZ GENERAL INSURANCE CO. LTD

6. ICICI LOMBOARD

7. ICICI LOMBOARD

GENERAL INSURERSGENERAL INSURERS

8. RELIANCE

9. ROYAL SUNDARAM ALLIANCE INSURANCE CO.LTD

10. TATA-AIG

11. CHOLAMANDALAM MS

GENERAL INSURERSGENERAL INSURERS

12. HDFC DRGO

13. STAR HEALH AND ALLIED INSURANCE CO. LTD

14. APOLLO DKV INSURANCE CO. LTD

15. FUTURE GNERALI INDIA INSURANCE CO .LTD

GENERAL INSURERSGENERAL INSURERS

16. SHRIRAM

17. BHARTI AXA

18. RAHEJA QBE

C. INSURANCE BUSINESSC. INSURANCE BUSINESS

C. INSURANCE BUSINESSC. INSURANCE BUSINESS2. MARINE INSURANCE1. LIFE INSURANE

3. FIRE INSURANCE 4. MISCELLANEOUS

D. ENTRY LEVEL POSITION D. ENTRY LEVEL POSITION FOR YOUFOR YOU

Assistant Administrative Officers are the entry-Assistant Administrative Officers are the entry-level management cadre post offered by GIC level management cadre post offered by GIC and LIC. and LIC.

These officers are trained in different spheres These officers are trained in different spheres of administration, accounts and development of administration, accounts and development and deal with policymaking, marketing and and deal with policymaking, marketing and procurement of business, as well as procurement of business, as well as management of funds. management of funds. 

Graduates/postgraduates in any subject with a Graduates/postgraduates in any subject with a minimum of 50% marks minimum of 50% marks

Age group of 21-28 years are eligible for Age group of 21-28 years are eligible for appearing in the AAO exam of LIC or GIC. Age appearing in the AAO exam of LIC or GIC. Age relaxation as per rules.relaxation as per rules.

E. ELIGIBILITYE. ELIGIBILITY

F. EDUCATIONAL QUALIFICATIONSF. EDUCATIONAL QUALIFICATIONS

Fellowship or Associateship through exam held by Fellowship or Associateship through exam held by the Institute of Insurance Surveyors and Adjusters the Institute of Insurance Surveyors and Adjusters (IISA) Bombay.(IISA) Bombay.

A degree/diploma in architecture of a recognized A degree/diploma in architecture of a recognized universityuniversity

Fellowship or Associateship of the Institute Fellowship or Associateship of the Institute of Chartered Accountants or Cost and Works of Chartered Accountants or Cost and Works AccountantsAccountants

F. EDUCATIONAL QUALIFICATIONSF. EDUCATIONAL QUALIFICATIONS

A degree/diploma from a recognized A degree/diploma from a recognized engineering instituteengineering institute

A degree/diploma in naval A degree/diploma in naval architecturearchitecture

G. DOMAIN KNOWLEDGEG. DOMAIN KNOWLEDGE

knowledge of Actuarial Science which is built up knowledge of Actuarial Science which is built up on statistical evaluation of the financial and on statistical evaluation of the financial and economic implication of future contingencies economic implication of future contingencies and helps in calculation of insurance risk, and helps in calculation of insurance risk, premiums and pension programs etc. Those premiums and pension programs etc. Those recruited by the insurance firms are given recruited by the insurance firms are given suitable training. suitable training.

H. WHERE DO YOU GET IT?H. WHERE DO YOU GET IT?

Graduate course in Actuarial Science is offered by Graduate course in Actuarial Science is offered by Bombay University Bombay University

Postgraduate course in Actuarial Science is Postgraduate course in Actuarial Science is offered by Kalyani University. offered by Kalyani University.

Nowadays, with the opening up of the insurance Nowadays, with the opening up of the insurance sector many institutes have started offering sector many institutes have started offering specialised courses covering various aspects of specialised courses covering various aspects of the industry. These can be taken up as the industry. These can be taken up as regular/par time courses or even pursued through regular/par time courses or even pursued through correspondence.correspondence.

I. SELECTION PROCEDUREI. SELECTION PROCEDURE

Written test shall be Descriptive paper in Written test shall be Descriptive paper in English language comprising of Essay, Précis English language comprising of Essay, Précis Comprehension etc.Comprehension etc.

Application Fee: Rs.500/- (Rs.50/- for SC/ST)Application Fee: Rs.500/- (Rs.50/- for SC/ST)

Selection Procedure for General Insurance Selection Procedure for General Insurance Admin Officer consists of a written exam Admin Officer consists of a written exam followed by interview.followed by interview.

I. SELECTION PROCEDUREI. SELECTION PROCEDURE

Subsequent to interview, all the selected Subsequent to interview, all the selected candidates have to undergo pre-recruitment candidates have to undergo pre-recruitment medical examination.medical examination.

The written exam for Admin Officer Positions in The written exam for Admin Officer Positions in General Insurance consists of both Objective General Insurance consists of both Objective questions as well as Descriptive questions.questions as well as Descriptive questions.

I. SELECTION PROCEDUREI. SELECTION PROCEDURE

The Objective Paper consistsThe Objective Paper consists

The Objective paper consists of following four test The Objective paper consists of following four test sections:sections:

(i) Test of Reasoning.(i) Test of Reasoning.

(ii) English language.(ii) English language.

(iii) General awareness.(iii) General awareness.

I. SELECTION PROCEDUREI. SELECTION PROCEDURE

(iv) For the posts of Group A, B & C: Professional (iv) For the posts of Group A, B & C: Professional knowledge Test (Commerce/Accounts: Group A, knowledge Test (Commerce/Accounts: Group A, Engineering: Group B, Legal: Group C). For the Engineering: Group B, Legal: Group C). For the posts of Group D: Numerical Ability/Data posts of Group D: Numerical Ability/Data interpretation Test.interpretation Test.

As you might have found out, the first three test As you might have found out, the first three test sections are common to all while the fourth test sections are common to all while the fourth test section depends on for which post you have section depends on for which post you have applied.applied.

The Descriptive Test papers is a test in English The Descriptive Test papers is a test in English language and would comprise of Essay, Précis, language and would comprise of Essay, Précis, and Comprehension etc.and Comprehension etc.

I. SELECTION PROCEDUREI. SELECTION PROCEDURE

On the basis of relative Performance of On the basis of relative Performance of Candidates (i.e. marks scored) in the written Candidates (i.e. marks scored) in the written exam. The Company would decide the cutoff exam. The Company would decide the cutoff criteria and would call the qualifying criteria and would call the qualifying candidates for the interview. candidates for the interview.

I. SELECTION PROCEDUREI. SELECTION PROCEDURE

J. PERSONAL ATTRIBUTESJ. PERSONAL ATTRIBUTES

That will help the candidate to get That will help the candidate to get selected – how to pass the written selected – how to pass the written test and interviewtest and interview

That will help new recruit/entrant That will help new recruit/entrant to learn the job quickly, perform to learn the job quickly, perform successfully and earn reward and successfully and earn reward and recognition.recognition.

THANK YOUTHANK YOU