What if I say, the Insurance sector has more openings than any other sector? And Yes, it is a factual statement, which shows that the rise of the insurance and finance sector isn’t something to be ignored. Employment trends over the years show us a gargantuan rise in the rates of people getting employed in this sector. Compared to the 00-10 stats, the stats for the previous decade show us how the popularity of this course has increased in India and all over the world. There are several insurance companies established over the past 2 decades and have seen a massive turnover with 10000+ clients all over India. However, recruitment for insurance-related jobs isn’t based on graduation grades or background rather based on recruitment exam scores. Amongst the popular insurance exams include IRDA Exam, NIACL assistant exams, GIC exams which are conducted by public sector companies whereas several private sector insurance companies conduct their recruitment examinations. Let’s take a deeper look into the recruitment methods.
For Public sector insurance agencies, the recruitment process is directly based on examination scores and interview, which will be called upon based on their scores in the main examination. Unlike private sector companies, the public sector won’t conduct any kind of authorized training program for examinations, but several institutes provide coaching for clearing the examination and some basic concepts of insurance.
Insurance Institute of India is the governing body of the IRDA exam used as a direct method of recruitment into the most prestigious insurance organization of India. The Insurance Regulatory and Development Authority (IRDA) is an authorized body formed under the Act of parliament. All Insurance organizations are directly under the direct supervision of IRDA, who look into the legalization of policies and Introduce contemporary policies based on the needs and demands of the people. Every independent Insurance company must naturally require an official IRDA certification to function in India. IRDA recruitment exam is however divided into many considerable sub-portions by providing separate exams for various types of insurance officers. The study materials and other sample papers are promptly published in the Indian Institute of India website and are reformed every year based on the updates on the field.
“How to clear these examinations with ease?” comes the most challenging part of this whole recruitment process. Public-sector examinations aren’t very easy to clear, and along with the materials they provide, candidates should also have basic knowledge about the happenings around the field, to clear the examinations with ease. A similar pattern invariably follows for other public sector examinations like the LIC AAO exam, GLC assistant manager exams, etc. where difficulty level depends upon the position they are applying for. Let us candidly discuss some practical tips and successful tricks to crack these examinations with ease.
Consider Wise Choices
Before we venture cautiously into discussions based on tips and tricks, we need to understand the question paper pattern and the portions which will assist us to get a better understanding of the curriculum. Irrespective of any public-sector companies, the examination is conducted by IRDA and the question paper is traditionally prepared by the Insurance Institute of India. Many exams such as LIC AAO, LIC manager, NIACL exams, etc. are conducted by the IRDA.
The basic question paper pattern consists of two sections namely the objective section and the descriptive section. The objective section consists of 120 questions tallying up to a total of 300 marks and 0.25 marks deduction for each incorrect answer. The descriptive portion is precisely for 25 marks in total, and the number of questions is not fixed for that specific section. The cutoff marks for each social category will be published by IRDA based on the difficulty level, and the aggregate number of candidates appeared for the exam.
Now let’s candidly discuss some practical tips and clever tricks to crack these examinations. The hardest part will be the time that’s not on your side, but there are some small tricks and tips which can assist you over the line. First, trim down the non-important topics and provide increased focus on subjects like Banking and Financial awareness and Data Interpretation and analysis which contain 35% of the question paper. Some of the key topics include types and elements of Insurance, Types of Insurance plans, Lock-in period and LIEN, pooling of risks, FPR and RPR, adverse selection and financial planning. Highlight all definitions and terms, which will be useful for you to recollect during extensive revision. Other academic departments such as Current affairs, general knowledge, etc., to be on fingertips and for that, candidates can regularly practice in popular websites such as Indiabix, etc.
The second Act and Scope
If you are successful with your written part, you’ll be called upon for an interview session with the senior officials of the organization. This is the second act before getting into your dream and stable job but there are possible eliminations in this round. While most of the questions expected will be personal and educational, however, there will be questions sought based on your understanding of various policies and insurance types. And sometimes, questions can also be based on their organizational policies and specific rules. So, how to get past that?
The Second Act isn’t as easy as we think. The candidate is required to do some fundamental groundwork about policies and insurance types. If you have passed the exams by extraordinary luck then this is the moment that requires you to be serious. Merely go through some policies and company regulations before getting inside for the interview. If you have good communication skills, just a small background work is enough to cause mayhem, but if you lack one, then there is some serious work to do. Most importantly of all, you need to develop your communication skills. Do some online tutorials and practice speaking based on written scripts and develop your language before the interview?
What remains to be a wonder, is how the insurance industry gained a humongous rise over the years. While one can sight the modernization and Industrialization that have employed lakhs and lakhs of people but the crucial point here, we miss is the rising concerns within people, that have begotten them to opt for insurances. Anything we do has become a question of instability, and we need to have the proper insurance to cover ourselves up in any situation and whatever happens. To include more fuel to my point, it has been statistically revealed that US insurance agencies have amassed deals mounting up to 100 billion dollars in the recent financial year. The scope of insurance and policy people are indeed unbound as long as the question of instability and uncertainty remains in the hearts and the conscious minds of the people.