Deepak Kumar, Administrative Officer at Life Insurance Company shares his life-story in conversation with Team MentorClub.in
- Salary is satisfactory. However, one can earn more and it all depends on individual’s skills in selling insurance policies.
- A person who has an amiable personality and is an extrovert would be happy in this line of job.
- There are three types of jobs in this line. Admin, IT and Sales.
- One must acquire interpersonal communication skills in order to relate to people and make them understand the policies that benefit them.
- There are fewer promotions offered in our line. At times, the work routine is monotonous.
Name — Deepak Kumar
Profession — Administrative Officer at Life Insurance Company
Age — 46
Gender — Male
City — Patiala
Industry — Insurance
Where have you been born and raised?
I was born in the middle-class family in Patiala and have been here ever since. I did my schooling from SD Senior Secondary School, Patiala, where I stood 1st in 12th. Then I completed my graduation from M.M.Modi College, Patiala.
I was active in chess, badminton, debates, etc., and won inter-university chess championship.
What is your family background?
My father was a pharmacist and my mother a homemaker. I have an elder brother. I have had a lot of friends since my college days but Surinder Gupta and Manish Mathur are my close friends, who have been with me in all ups and downs in my life.
Who all had the most influence on you and how?
It’s a well-known fact that peer group matters. Being around friends encouraged me to be where I am today. My wife always supports me and motivates me to keep striving forward in life.
Please give us a summary of your career.
After I completed B.Com, I joined LICas an assistant in 1993. Thereafter, I was promoted to higher grade assistant and posted at Maler Kotla in 2000. Then with another promotion to AAO, I joined Phagwara branch. In 2016, I was posted in Ludhiana after I got promoted to AO.
Which institutes are best for the education/training of this profession?
What are the costs associated with the education/training of this profession?
It varies from college to college from 18,000–60,000 per annum, depending upon various factors like hostel fees, availability of government aid, location, transportation, etc.
How does one enter in this profession?
There are competitive exams at an all-India level in clerical cadre and officer cadre. For both, the basic necessity is that you must be a graduate.
What is the range of income one can expect when starting out in insurance line?
Starting salary — 25,000 INR per month
5 years — 40,000 INR per month
10 years — 60,000 INR per month
15 years — 90,000 INR per month
20 years — 1,20,000 INR per month
25 years — 1,50,000 INR per month
30 years — 1,80,000 INR per month
Above figures are indicative and may vary from person to person, location, year of joining LIC etc. This doesn’t include commission one earns from getting insurances done with own effort. The commission can vary a lot and depends on the efforts of the individual.
After 30–35 years of service, LIC provides its employee with 80 lakhs, apart from the life-long pension.
Please describe your work.
I have a work routine of 10 am to 5 pm for 6 days a week. The newly approved law in our organization offers its employees every 2nd and 4th Saturday of the month as a holiday.
My job involves tending to new business brought in by the sales agents associated with the branch. I look into new cases which are promising. Then I also supervise the form-filling, wherein I have to ensure the data is correctly entered into the software applications. I also look after the underwriting and validation of documents submitted by the applicants.
What are some of the positives, which would encourage someone to consider this career/job?
The salary is satisfactory. One can earn more by selling insurances directly to customers.
A calm atmosphere to work is a bonus. The work hours are fixed nearly throughout the year except during half-yearly or annual closing time of the organization. The extra hours one puts in at that time are acknowledged and one gets additional pay for the same.
LIC also offers an overall development by organizing co-curricular activities for its employees. For example, I can continue my passion for chess here. Recently, I stood second in a chess tournament at the divisional level.
What are some of the challenges that you would want someone to be aware of when considering a career in insurance?
But as every coin has two sides, our line offers fewer promotions. At times, the work routine is monotonous. The culture is not as professional as that in any MNC. It is a government sector so one has to act according to the government policies.
It is very challenging to sell insurance policies, as such because of mis-selling done in the past. Today, customers have a lot of choices and therefore it becomes even more difficult to sell.
The Internet is disrupting our insurance industry. Today, customer compare and buy insurance policies online. This cuts out the commission of sales agents.
But one thing will never go away, which is personal touch and warmth of a relationship, therefore agents should to build relationships and not try to sell all the time.
What are the relevant trends/skills/technologies that are currently commanding a premium in your job profile?
This job has three major distinctions within the organization.
- One involving the IT sector demands the knowledge of Oracle, Linux, and Windows.
- Other involving the administration aspect, which revolves around management of incoming proposals and branch management.
- The last one is sales & marketing, which demands great interpersonal skills as it is all about convincing people into investing in insurance policies.
What kind of person would be happy in your career?
A person who has an amiable personality and is an extrovert would be happy in this line of job.
Given another choice, what would you do differently as far as your professional selections are concerned?
I think I would have done well in Stock trading Business. Although it involves higher risks, it also provides better revenues and consistent growth.
What would be your advice to students or professionals who are just starting their journey on a path similar to yours?
The world is changing rapidly. So, I would like to encourage the newbies to be innovative in the art of convincing people to invest. One should be creative enough to create business even where there is no scope. One should be versatile in dealing with situations as this job at times demands dealing with emotions of people and being professional, within the bounds of government policies.
Contributing Writer — Parul Singla