Continued growth in the Indian insurance industry promises great employment opportunities for the students of actuarial science in the industry. Actuarial Science is the discipline that applies mathematical and statistical methods to assess risk in the insurance and finance industries. It involves a number of interrelated subjects, including finance, probability and statistics, and economics. Qualified actuaries provide commercial, financial, and prudential advice particularly when long-term management and planning are critical factors for the concerned organization.

Considerably, there is more demand for qualified actuaries in general insurance than in health insurance segment. Actuarial techniques are powerful tools required to manage and regulate the functioning of any general insurance company. IRDA (Insurance Regulatory and Development Authority) has acknowledged the role of an ‘appointed actuary’ in general insurance companies with his services being utilized in Pricing, Claim Reserving, Reinsurance, and Investment.

Though shortage of actuaries has been felt in the health insurance also as there is an increase in demand from the private players in the sector. Moreover, the low rate of success in the final stages of the exam conducted by IAI (Institute of Actuaries of India) has further decreased the chances of these aspirants to join the league. Besides this exam, you need to be a fellow of IAI and possess a certificate of practice issued by this institute.

Aspirants of IAI can be considered as a student member if they score at least 85 percent marks in mathematics / statistics and are recommended by two fellow members of the society. With the medium of instruction in English at 10+2 level, graduation or post graduation in relevant subjects such as mathematics, economics, and statistics as well as students with a degree in engineering or MBA (finance) can also apply. BPOs and management consultancy firms also hire the services of actuaries. Typically, actuaries work in the fields of finance, general insurance, life insurance, investment and risk management, and pension and social security.

Choosing the right kind of policy is very important as you should always choose what gives you highest benefit in accordance with your budget. One can find numerous life insurance quotes with a basic internet search. This kind of search can make your work easier. The added benefit is that you have a huge variety of choice.

There are many comparison websites which provides opportunities to compare various life-insurance schemes of different companies. Using these websites helps one in saving time. You can easily find out the ”plus factors” of certain companies compared to the others. After the comparison process, you have to zero on one or two companies which you think suit you. The websites of these companies will have phone numbers or addresses of their agents. These agents will help you in the process of gaining more knowledge of the policy.

A second opinion is always advisable. You should always try to gather information about the scheme which you choose from someone who has already taken it or had benefit from it. They can explain to you the pros and cons of the scheme in a better way.

Be very careful about fraudulent companies who can cheat you with false promises and documents on life insurance quotes. The best way to avoid such frauds is to conduct a very good research on the companies. After all, getting the right insurance is a question of the well being of you and your dependents.