EDC: Orientation Programme on Self Employment

 

Orientation Program on Self-employment Opportunities in Insurance Promotion

 

The Entrepreneurship Development Cell (EDC) of the college invited Mr Arindam Mazumdar, Training Manager at Reliance Life Insurance who has over 13 years years of rich experience in the insurance sector to speak to the students about the prospects and problems of the insurance business in India and apprise them about the self-employment opportunities available in this vast and fast growing financial sector.

This orientation programme was held on March 12, 2015 at the Computer Centre of the college. There were over 40 participants interested in exploring the opportunities for part/full time earnings in the insurance promotion area

In his presentation and interactions, Mr Mazumdar was very candid in explaining the history of insurance sector in India and the significant transformation brought about by the opening up of this sector to private players along with the establishment of the Insurance Regulatory and Development Authority of India (IRDAI). From a sector which was initially dominated by the Life Insurance Corporation of India (LIC), it has grown in to highly competitive business with large banks and private companies entering the field with or without foreign collaborators

Mr Mazumdar also pointed out that the insurance industry is one of the emerging businesses in Indian economy and offers quite a few opportunities for employment and self-employment as an insurance agent or advisor. He spoke in detail about the pre-internship program of Reliance Life Insurance (RLIC) and offered internship opportunities for the students during the summer vacations.

During the internship, students will be given the task of surveying individuals about their financial needs. Necessary training will also be provided to the students, followed by the mock test. Finally, the students can also take part in the examination conducted by IRDAI. Students will also get the opportunity to earn based on their performance. RLIC will also issue certificates students for the work done during the internship training. Mr Mazumdar also added that there is no strict timings to follow in the insurance promotion area. Every insurance partner is free to work according to their own convenience.

Participants showed great interest in the presentation and asked several questions. In response to a question about the earning potential of the self employment opportunities, Mr Mazumdar mentioned that the partners work on a profit-sharing basis and one can earn up to 35% of the revenue generated by them. Past experience showed that there were students from different institutes who earned around Rs. 50000 in a short span of two months, he added. While the earning opportunities are unlimited, students will need to put in dedicated efforts to realise the potential in full. He also pointed out that those who wish to become insurance agents or partners will need to be very enterprising and that this self-employment opportunity is indeed becoming very popular among people of all income levels.

The program was organised by Dr. Rachna Mohan (Coordinator, EDC) and was anchored by Ms Snigdha (Member, EDC).