Insurance existed in ancient India

By Ranjan K Baruah

We have published about career options related to insurance and in this edition we are publishing more about insurance and agencies associated with it. In India, insurance has a deep-rooted history. It finds mention in the writings of Manu (Manusmrithi), Yagnavalkya (Dharmasastra) and Kautilya (Arthasastra). The writings talk in terms of pooling of resources that could be redistributed in times of calamities such as fire, floods, epidemics and famine. This was probably a precursor to modern day insurance.
Ancient Indian history has preserved the earliest traces of insurance in the form of marine trade loans and carriers’ contracts. Insurance in India has evolved over time heavily drawing from other countries, England in particular. As per an ASSOCHAM report, insurance sector requires 30 lakhs of manpower by 2030. Therefore there is an urgent need for trained professionals with knowledge and skills of the sector.
There are different positions in the sector which include administrative officer (AO) and assistant administrative officer (AAO), development officer, insurance agents, composite agent, insurance surveyor, etc.
Though the minimum qualification for the insurance agent starts from Class XII but for other administrative and management posts higher qualification like graduates or MBAs are preferred.
The Insurance Institute of India formerly known as Federation of Insurance Institutes (JC Setalvad Memorial) was established in 1955, for the purpose of promoting Insurance Education and Training in the country.
National Insurance Academy is a premier institution devoted to equip the insurance industry with the best of talents. Its close association with the insurance industry provides the ‘real life’ reference to its training, education, research and consultancy activities.
Following the recommendations of the Malhotra Committee report, in 1999, the Insurance Regulatory and Development Authority (IRDA) was incorporated as a statutory body in April, 2000.
The key objectives of the IRDA include promotion of competition so as to enhance customer satisfaction through increased consumer choice and lower premiums, while ensuring the financial security of the insurance market. Institute of Actuaries of India is a statutory body established under The Actuaries Act 2006 (35 of 2006) for regulation of profession of Actuaries in India.
Personnel attributes which are essentials are like good communication and networking skills. One needs to have pleasant personality and friendly behaviour with others to get more success in this field. This area has tremendous prospect in near future for which one can train him or her.
Initially people have thought that insurance are for those who are rich or afford to pay the amount but now it has changed its course and there are many aspects of insurance including crop insurance and others which benefits the farmers.
Many corporate are also trying to rich out to rural areas for their business which brings more scope for young people and others who wanted to get associated with insurance sector. There are micro insurance which are mostly for rural people.

Updates:
NDA Exam: An Examination will be conducted by the Union Public Service Commission on 22nd April, 2018 for admission to the Army, Navy and Air Force wings of the NDA and for the Indian Naval Academy Course (INAC) commencing from 2nd January, 2019. The approximate number of vacancies to be filled on the results of this examination will be as under: — National Defence Academy: 360 (208 for Army, 60 for Navy and 92 for Air Force) Naval Academy: 55 (10+2 Cadet Entry Scheme) -Total: 415. Last date for sending application through online mode is 5th February.

(Ranjan K Baruah is a career mentor and can be reached at [email protected] or 8473943734 for any career related queries)