Insurance Assistant – Growth, Opportunities, Work Profile, Benefits

Hello and welcome to exampundit. Here is a brief article on the life of an Insurance Assistant by our own Nisha Gautam.

About UIICL :

United India Insurance Co is one of the four general
Insurance companies in India in the public sector.
General Insurance Company is one which offers non-life
Insurance products, i.e., personal accident, health, motor, fire, householder,
etc. (You can know more about each from Google J
Nisha Gautam in UIICL

I am working here in UIICL as an Assistant in the Motor
Claims department. As mentioned above, there are different types of general
insurance products and based on those we have different departments. So the
management decides depending on the requirement in the department and expertise
of the candidate which department to allot to him/her.
Talking about my experience here, I was not given any
department upon joining as I was about to avail maternity leave. So upon
resuming after six months of paid maternity leave, I was given Motor Claims
department also called ‘OD HUB/SERVICE HUB’ in Insurance Companies. This
department takes care of settling the motor claims coming from various
divisional offices.
There exists one Regional Office in a specific region/city
and multiple divisional offices under RO. 
Again there are branch and micro
offices under DOs. Whenever you access Office locator in the Insurance
company’s website, you will find the name of the office as ‘RO/DO/BO/MO’. All
ROs report to Head Office HO.

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Work environment and
responsibilities :

Frankly speaking it depends only on the person ki usko kaam
karna hai ya nahi!! There are people everywhere who will spend the whole day
without doing anything but a person who does not like to sit idle will find
ways to give the output as much as he/she can! I am of the latter types K

Job role of Assistant is to assist any one from the
organization. Also it depends on the department allotted. Computer proficiency
is tested prior to selection because the claims are processed in the system and
everything is handled on systems reducing manual work.
Job role of AO is to give approvals of the policies coming
from the operating offices(DO/BO/MO) where the policies are underwritten.
Talking about the staff, there are people who will be
willing to guide you in each and everything and there are people who will try
to use you in some or the other way. So you have to be cautious as well as
aware of everything in the organization. I have people in my office who are
very helpful in every matter so I feel lucky here. You enjoy working in any
company if you and people around you are happy-going!
Best thing is  5 days a week job! J

Work-life balance :

People join PSUs for a happier personal life compared to
private companies. Work-life balance can be maintained as here no one will
pressurize you to work overnights or extra hours. (Exceptions do exist everywhere 😀)
Benefits :

When it comes to benefits or perks other than the salary,
Insurance Industry does not have anything monetary for the Assistants!! L(if compared to clerks in banks or Assistants in NABARD/RBI)
Probation period for Assistants is 6 months, so if at all
any benefit is to be availed; it can be only after confirmation like leave
encashment of Privilege leave, Festival advance, technical allowances, etc.
Home loans and other loans can be availed after completing
three years from confirmation date.

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Future prospects :

If willing to retain in the Insurance Industry after joining,
you must start preparing for these exams – Licentiate, Associate and Fellowship
conducted by Insurance Institute of India. Each of these exams will give you an
allowance adding in your salary too J
(but only after confirmation)
After completing two years after confirmation, you can
appear in promotional examination conducted by the company. So meanwhile if you
have completed fellowship, you stand very high in merit provided you score very
well in the promotional exam. There are people here who have become AO within
two years of confirmation!
Some terms you should
know :
  • Insurance : an agreement where customer pays premium and the
    company compensates him/her for the loss if occurs. Also insurance means losses
    of some shared by many. (Premium sab log bharte hain but claim sirf kuchh log
    karte hain)
  • Premium : An amount a customer pays to the company in return
    of the claim if occurs.
  • Underwriting : Analysis and evaluation of risks. Practical
    terms mein underwriting is done in operating offices and not Regional office.
  • Claim : Amount which the company pays to the customer if any
    accident occurs.
  • Policy : Issued to a customer after underwriting and premium
  • ICR, Solvency Ratio : These are the terms from which the
    performance of the company is evaluated.


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