The insurance industry presents an enticing career trajectory for Post Graduate Diploma in Management (PGDM) graduates due to its amalgamation of risk management, financial planning, and strategic decision-making.
A Chartered Insurance Institute (CII) survey reveals that insurance professionals with advanced certifications or post-graduate degrees, like a PGDM, earn 15-20% more than their non-certified counterparts.
This article will outline why PGDM graduates should contemplate a career in insurance business management, explore the range of opportunities available, explore the associated benefits, and identify PGDM specializations that offer particular advantages in this field.
Scope And Qualities Required in The Insurance Sector
Many surveys highlight the luminous scope of the Insurance sector, such as the study conducted by the All India Management Association (AIMA), where 70% of PGDM graduates who pursue careers in the insurance sector experience heightened job satisfaction and enhanced career advancement prospects attributed to their honed managerial expertise.
The other one is one according to the Swiss Re Institute: global insurance penetration (total insurance premiums as a percentage of GDP) was approximately 7.5% in 2022, highlighting the vast market and growth potential in the insurance sector.
Underwriting: It is crucial to safeguard the best interests of all stakeholders involved. A sharp analytical mindset and meticulous attention to detail are required to assess risks and determine policy demands’ terms and premiums.
Claims Management: In overseeing and processing insurance claims, ensuring fair and efficient settlements is vital. Effective communication and problem-solving skills are crucial in this regard.
Sales and Marketing: To effectively attract and maintain clients, it is crucial to develop and implement strategies that demonstrate creativity, strategic foresight, and a comprehensive awareness of market dynamics.
Risk Management: The main goal is to spot potential risks and devise smart strategies to lessen their impact. This position involves carefully analyzing strategies and making proactive decisions.
Data Analytics: Proficiency in statistical tools and data interpretation is important for making well-informed decisions and enhancing business processes using data.
Why PGDM Graduates Should Choose the Insurance Sector
Growth Boom:
The National Association of Insurance Commissioners (NAIC) report highlights a notable trend of over 30% of entry-level employees in the insurance sector advancing to mid-level or senior positions within five years.
Furthermore, the U.S. Bureau of Labor Statistics (BLS) projects a 5% employment growth for insurance sales agents from 2021 to 2031, surpassing the average growth rate for all occupations.
Subsequently, A report by the National Association of Insurance Commissioners (NAIC) highlights that employees in the insurance sector have a relatively high rate of internal promotions, with over 30% of entry-level employees advancing to mid-level or senior positions within five years.
Innovation and Technology Integration
The industry is rapidly evolving due to advancements in technology and data analytics. According to the Deloitte Global Insurance Industry Outlook, more than 60% of insurance companies are engaged in digital transformation endeavors.
PGDM graduates with a strong interest in tech-driven solutions are well-positioned to capitalize on opportunities to spearhead innovative projects, spanning from digital insurance platforms to cutting-edge risk modeling.
Diverse Career Paths
The insurance industry encompasses a variety of functions, including underwriting, claims management, risk assessment, sales, and operations. This diversity presents PGDM graduates with the opportunity to explore a range of roles and identify a specialization that aligns with their individual interests and skills.
Strategic Role in Risk Management
Insurance is the cornerstone of risk management, offering solutions to protect individuals and businesses from unforeseen losses. PGDM graduates, leveraging their strategic and analytical skills, are well-equipped to design and oversee insurance products that effectively meet market demands.
PGDM Specializations with the Highest Relevance
Finance: A PGDM finance specialization is a strong foundation for roles in underwriting, actuarial science, and risk management. These roles require a good understanding of finance.
Marketing: Individuals with a PGDM in marketing can effectively demonstrate their expertise in sales, product development, and customer relationship management by utilizing advanced skills in market analysis and strategy.
Operations Management: PGDM (Operations) opens up opportunities in insurance operations and process management, emphasizing the importance of efficiency and strong organizational capabilities.
Business Analytics: The specialization aligns well with data analytics roles in the insurance sector, focusing on leveraging data to drive business decisions and strategies.
Human Resource Management: For individuals focusing on talent management in insurance companies, acquiring expertise in human resources can be advantageous, particularly in the areas of recruitment and employee development.
Benefits of a Career in Insurance Business Management
- Competitive Salaries
- Career Advancement
- Skill Development
- Work-Life Balance
- Impactful Work
About VJIM
PGDM, from Vignana Jyothi Institute of Management, is in huge demand as it is approved by AICTE, accredited by the National Board of Accreditation (NBA) and the South Asian Quality Assurance System (SAQS).
The faculty at VJIM are Exceptional Scholars in their disciplines, Impactful consultants, Award-winning Case writers, and Renowned Corporate and Policy Advisers. Extensive support is offered by our faculty as they play an extensive and boundless role in students’ lives. Beyond teaching educational subjects exceptionally, they also impart knowledge to groom their personalities to thrive in future managerial and business roles and provide over-and-beyond support to our students in all prospects.
The syllabus at VJIM indulges in Research and development and has a cutting-edge curriculum, industry internship, international exposure and much more. The PGDM course program structure at VJIM is dynamic, up-to-date with the needs of the business world. Alongside, we recognise the importance of personality grooming, practical exposure, and academic excellence. Hence, we constantly strive to provide over-and-beyond support to our students in all prospects.