The awareness on insurance among mass has been grown significantly in recent year in the line with expansion of country's economy while opportunities for young professionals have been increased to reach mass benefits of the service.
There are two types of companies in the country offering general and life insurance schemes. It also has different sections, such as - business development, administration, finance and accounting, underwriting, servicing, claims and reinsurance.
The country currently has a multi-billion business centered on the insurance industry. And there is more need for youth in this industry.
Bangladesh has ample opportunities to build a career in the insurance industry. It is possible to establish oneself successfully in this profession by working from insurance representative to officer.
According to the Bangladesh Insurance Academy, a graduation is required for admission in post graduate diploma course in insurance in tow levels of certificate and associate ship.
Admitted students appear in the examination in two phases in April and October of the year. Counseling classes play a good role in exam preparation. Currently there are opportunities to attend classes online as well as in-person.
In order to get a diploma, candidate has to pass a total of 10 subjects related to general and life insurances. At present four subjects have to be passed at the certificate level and six subjects have to be passed at the associate ship level after completion of the certificate level.
Regarding the career of young people in insurance, Meghna Insurance managing director and chief executive officer Abu Bakar Siddique said the insurance industry in Bangladesh is constantly growing as a very fast growing industry.
“Through hard work and patience, any person can start his career as an insurance agent. A window of success awaits a person as an insurance agent,” he said.
Candidates who have done post graduate diploma course will get job opportunities as ‘officers’ in various insurance companies.
This degree will also be useful for knowledge related to insurance and professional promotion. Post Graduate Diploma holders from the Insurance Academy are given priority for additional increments and promotions.
Abu Bakar, also a former faculty at Bangladesh Insurance Academy, said job opportunities in the insurance profession are on the rise.
“Skilled manpower is recruited in the insurance companies every year. One can join the insurance company as a graduate pass in any subject. However, you can build yourself up as a qualified and skilled person by doing a post graduate diploma in insurance,” he added.
The insurance companies provide training to develop a person as a qualified representative or officer in the insurance industry. First, an insurance representative is given 3 to 7 days of special training by the company.
Personal skills in policies of the company are taught in that in-service training so that anyone is able to start a career in this profession.
The present government formed the Insurance Development and Regulation Authority in 2011 by enacting the Insurance Act 2010 and the Insurance Development and Regulatory Authority Act 2010 by updating the Insurance Act of 1936 for the development of the insurance sector.
At present, there are 69 insurance companies in the country. Of these, 48 are general insurance and 33 are life insurance companies. About four lakh workers are working in these organizations.
Besides, job opportunities are constantly increasing. Candidates who have done post graduate diploma in insurance have the highest job opportunities in insurance companies.
Four out of every thousand in Bangladesh have life insurance. Insurance in these sectors is playing a big role in the spread of insurance in developed countries. Insurance has already started for expatriate workers. Expansion of this sector is also possible by ensuring education and insurance.