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n recent years, the insurance industry has been home to a national program called '€œInsurance Goes to Campus'€, which is part of an annual insurance campaign conducted every October.

Aimed at educating and introducing students to the world of insurance, the program is held at various universities and high schools throughout the country, with thousands of students already participating in the one-day program.

Choosing the right career is not easy for students who have just finished their academic studies.

But with the continued development of the national insurance industry, the idea of building a career in the insurance industry could be a tempting proposition as the industry has grown more professional and important, presenting a bright future to new graduates.

Advancement and the potential growth of the insurance industry have also reached a record high in the past five years, which in turn has provided a catalyst for much-needed training in manpower as well as professionals in various fields dedicated to boosting quality in the insurance sector.

Moreover, a career in the life insurance industry provides not only challenges, opportunities and rewards, but also the moral satisfaction of helping others attain financial protection for their families and loved ones.

While it is common for the public at large to have come across an insurance salesman, the industry also requires professionals in a wide variety of job functions including financial expertise, such as actuaries, who are some of the highest paid professionals in any industry; marketing; agency management; underwriters and insurance and investment advisors.

Key professional

In fact, graduates in actuarial science are ideal candidates for insurance companies as this is the backbone of the industry, where the knowledge in the application of their mathematical and statistical skills are vital. The actuary is the key professional in the insurance business, responsible for aspects of financial securities, risk evaluation and management uncertainties and probabilities as the lifeline of the insurance business. It also includes task premium rate-setting, product development and valuations of policy liabilities and financial strategies of these companies.

 The credibility and reputation of insurance companies also hinges on how well claims are handled in fulfilling their obligations to policyholders. As claims arise, the companies are required to comply with all procedures that lead to settlements of all claims.

 Therefore, a claims officer has a duty and responsibility to expedite claims on behalf of the company and decide on the validity of the claims. This therefore is a demanding job that requires the full technical knowledge of insurance - the apparatus, the laws and the regulations governing the procedures and processes, including investigation and communication skills.

 Insurance companies or insurers are governed by law and as such are required to practice utmost prudence when investing from the proceeds of premiums collected.

 Approved financial instruments for short-and-long-term investment by insurers as packages of low risk investment portfolios build up financial reserves that will guarantee eventual payback to policyholders.

 An investment officer or manager has to ensure that the insurance company'€™s investment portfolio yields maximum returns to meet payment obligations and policy benefits, including claims when policies mature. They are also expected to understand and prevent the company from making high-risk investments.

 Similar to other kinds of businesses, marketing is also an important aspect to consider in the life insurance industry. People marketing is responsible for promoting the company'€™s products, including conducting market research, advertising, sales promotion and developing an impeccable corporate image and identity to gain the trust and confidence of the public.

Entrepreneurial savvy

A life insurance agent acts as a conduit to build a long-lasting relationship between the company and the public, which are potential policyholders. Besides having adequate product knowledge, a life insurance agent should ideally possess entrepreneurial savvy to be truly successful and reap the rewards.

  Service staffers are also key to the success of a life insurance company. They are tasked with serving client needs such changes in policy and product information, which require customer service representatives to acquire good communication skills and the ability to serve well.

 Information technology has become a critical aspect in the daily operations of a life insurance company. Given the huge amount of data and transactions that need to be processed daily, efficiency and accuracy must be the cornerstones of a progressive insurer in this modern era. Therefore computer systems and technology expertise also have potential for career building in the insurance sector.

 As in all business enterprises, human resources development and management is an integral part of a company'€™s overall objectives, goals and philosophy. This will ultimately determine how well the company can attract, develop and retain its employee base of qualified and dedicated staff to help achieve the company'€™s desired results.

From the brief description above, the overall life insurance industry, like all other sectors, offers highly rewarding and career building opportunities in all areas of its operations. Presently, with greater education and awareness of the full benefits of life insurance, the industry presents a great opportunity for anyone with ambitions of long-term stability as well as a rewarding career in the financial sector.