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.


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 :D)

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.


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 collection.
  • ICR, Solvency Ratio : These are the terms from which the performance of the company is evaluated.



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