MBA Insurance Jobs, Scope, Salary in India 2024

Thasleen Mohideen

Updated on - Apr 3, 2024

MBA Insurance salary in India is between INR 3-10 LPA (Source: Ambition Box). graduate's salary is affected by experience in the field, interpersonal skills, and knowledge in the area of specialization.

The average starting salary for an Insurance Underwriter is between INR 4.50-5 LPA, and the salary for an Insurance Sales Manager is between INR 4-6 LPA. Professionals after having 3 years of work experience can work as Product Managers (Insurance) with an average salary between INR 12-16 LPA, and Corporate Risk Managers with a salary between INR 13-15 LPA.

The MBA Insurance graduates can work in areas/industries like bank and financial institutions, consulting firms, government regulatory bodies, supply chain and logistics, e-commerce, etc. The graduates are hired by top government and private companies like SBI Life Insurance, HDFC Life, Max Life Insurance, ICICI Lombard General Insurance, etc.

Table of Contents

MBA Insurance Salary in India
MBA Insurance Jobs in India
Career Scope of MBA Insurance Course

MBA Insurance Salary in India

The average entry-level MBA Insurance salary in India is around INR 3-10 LPA [Source: Ambition Box]. After gaining more than 3 years of work experience the salary can be more than INR 10 LPA. The table below shows the salary breakdown of MBA Insurance graduates in India:

MBA Insurance Salary	Amount (INR)
Highest Salary	More than 10 LPA
Average Salary	5 LPA
Lowest Salary	3 LPA

MBA in Insurance Salary Based on Job Designations

The average salary offered by top companies in various job profiles of MBA in Insurance are listed below:

MBA Insurance Jobs Profile	Average Entry Level Salary	Salary After 3+ Years of Experience
Insurance Portfolio Manager	INR 8-10 LPA	INR 12-15 LPA
Risk Manager	INR 7-9 LPA	INR 10-14 LPA
Marketing and Product Manager	INR 6-9.50 LPA	INR 13.10-15 LPA
Insurance Investment Manager	INR 5-7 LPA	INR 9.50-13 LPA
Insurance Customer Relations Manager	INR 6-10 LPA	INR 11-15 LPA

MBA in Insurance Salary Based on Sectors

MBA Insurance graduates can work in both private and public sectors in domains like life and general insurance, public sector insurance companies, legal and compliance, reinsurance companies, etc. Below is the list of top recruiters and the average salary of MBA Insurance graduates in the government and private sectors:

Recruiters in the Private Sector for MBA Insurance Graduates

MBA Insurance salary per month in private companies for graduates ranges between INR 40,000-70,000, as per the domain expertise and year of experience. Below is a list of top private recruiters for MBA Insurance along with average salary:

Top Recruiters	Average Annual Salary
HDFC Bank	INR 8.50 LPA
Reliance General Insurance	INR 7.10 LPA
Religare	INR 7.40 LPA
Genpact	INR 6-7 LPA
Mercer	INR 6.50-7 LPA

Recruiters in the Government Sector for MBA Insurance Graduates

There are various MBA Insurance jobs in the government sector with an average salary ranging between INR 3-7 LPA. Below is a list of top government recruiters for MBA in Insurance graduates along with average salary:

Top Recruiters	Average MBA Insurance Monthly Salary
SBI Life Insurance	INR 30,000-35,000 Per Month
General Insurance Corporation of India	INR 35,000-50,000 Per Month
Employee State Insurance Corporation	INR 33,000-51,000 Per Month
Power Finance Corporation	INR 38,000-60,000 Per Month
New India Assurance Company Limited	INR 28,000-32,000 Per Month

MBA Insurance Jobs in India

As per the Global Data report, the Indian Life Insurance industry is projected to grow at a 14-17% rate in the coming few years, resulting in high demand for skilled professionals. Below is the comprehensive overview of jobs available to MBA Insurance graduates in India:

Entry-Level Jobs for MBA Insurance Graduates

The freshers after completing MBA Insurance course can start their career with roles like insurance product analyst, business development-insurance, insurance operations coordinator, etc. Below listed are a few job roles for freshers after MBA Insurance course and entry-level salary of MBA Insurance in India:

Entry Level MBA Insurance Job Role	Job Description	Average Entry Level Salary
Claims Analyst	Coordinate with legal team to ensure claim settlements are done timely. Record and maintain data for claim settlement. Investigate insurance claims to measure validity and accordance with company policies.	INR 3.40-4.50 LPA
Risk Management Trainee	Aid in the analysis of information about operational, strategic, and financial risks. Prepare risk assessment reports and mitigation plans.	INR 4-6 LPA
Insurance Marketing Associate	Develop marketing strategies for insurance products and research market trends. Coordinate with sales teams to assist in acquiring new customers and generating leads.	INR 4.50-6 LPA
Insurance Analyst	Develop and Maintain insurance products and coverage options. Evaluate risk variables with actuaries and underwriters.	INR 5.50 LPA

Government Jobs for MBA Insurance Graduates

The MBA Insurance govt jobs are available in organizations like National Health Authority, SEBI, Agriculture Insurance Company of India Limited, United India Insurance, etc. Below listed are a few government jobs after MBA in Insurance course:

MBA Insurance Job Role in Government Sector	Job Description
Regulatory Compliance Officer	They evaluate how regulatory changes affect the insurance sector. Perform internal audits to evaluate compliance with regulations.
Risk Management Specialist	Create and implement policies and strategies for risk management. Evaluate the success of risk mitigation measures.
Insurance Research Analyst	They make reports on consumer behavior, market dynamics, and the competitive environment from the research conducted. Focus on new developments and prospects in the insurance sector.
Export Credit Insurance Officer	They determine the buyer's creditworthiness and the risk involved in doing business internationally. Evaluate and underwrite insurance policies for export credit.

Private Jobs for MBA Insurance Graduates

The MBA Insurance private jobs are diverse in nature as graduates can work in areas like financial services, retail and consumer goods companies, risk management consultancies, etc.Below listed are a few MBA Insurance job opportunities in the private sector for graduates:

MBA in Insurance Job Role in Private Sector	Job Description
Underwriting Manager	They assist underwriting teams to decide on the terms and conditions of the policy. They develop strategies for pricing and risk assessment based on data and trend analysis.
Insurance Product Manager	They conduct research to determine consumer demands and industry trends for product creation. They focus on the introduction of cutting-edge insurance products through the integration of technology.
Insurance Sales Manager	They develop a sales strategy to meet revenue goals and market expansion. Oversee and manage a team of experts in insurance sales.
Actuarial Consultant	They offer consultancy services to clients in areas like risk assessment, reserving, and pricing. Analyse and model data to assist in actuarial computations and decision-making.

Areas of Recruitment for MBA Insurance Graduates

The MBA in Insurance graduates are hired in areas or industries like insurance tech startups, telecommunications, rural development and agriculture, etc. Below listed are a few common areas where MBA Insurance graduates are recruited along with the job roles:

Area of Recruitment	Job Roles for MBA Insurance Graduates
Insurance Companies	Underwriting Manager, Claims Analyst, Product Development Specialist, Risk Management Consultant, etc.
Financial Services	Risk Analyst, Wealth Management Advisor, Investment Analyst, Actuarial Consultant, etc.
Real Estate and Construction	Property Insurance Manager, Construction Risk Analyst, Real Estate Underwriter, etc.
Retail and Consumer Goods	Retail Insurance Sales Manager, Consumer Goods Underwriter, Claims Manager, etc.
Brokerage and Intermediary Firms	Insurance Broker, Claims Coordinator, Client Advisory Specialist, Intermediary Manager, etc.
Government and Regulatory Bodies	Research Analyst, Regulatory Compliance Officer, Insurance Policy Analyst, etc.

Career Scope of MBA Insurance Course

The MBA Insurance scope and salary depend on the industry like healthcare, consultancy, government regulatory bodies, etc., and the job role a graduate is working such as insurance product manager, claim analyst, risk management consultant, etc. Below is the overview regarding what to do after MBA Insurance course:

Career Options After MBA in Insurance Course

The job roles for MBA in Insurance in India are diverse in nature ranging from reinsurance analyst to employee benefits manager. Below is a list of jobs after MBA Insurance in India:

Insurance Trainer
Regulatory Compliance Officer
Claims Manager
Risk Management Consultant
Commercial insurance Broker
Insurance Operations Manager

Courses After MBA Insurance

Students can pursue various advanced certification courses and higher education degrees to enhance their skill and domain expertise in the insurance industry. Below listed are a few courses that can be opted after MBA in Insurance course:

PhD
Certification Course in Insurance Sales
Executive MBA in Insurance Risk Management
Certified Insurance Data Manager Course
Captive Insurance Associate Certification Course

Top MBA Insurance Recruiters

The MBA Insurance graduates can work in the government and private sector in different industries like supply chain, manufacturing, financial services, automobile, etc. Below listed are a few top recruiters for graduates along with their average salaries:

Top Recruiters	Type of Industry	Job Position Offered	Average Entry Level MBA Insurance Jobs Salary
Life Insurance Corporation of India	Insurance	Claims Analyst, Underwriting Assistant, Risk Analyst, etc.	INR 4-6 LPA
Aditya Birla Insurance Brokers	Insurance and Broking	Insurance Broker, Client Advisor, etc.	INR 6-8 LPA
Infosys Consulting	Consultancy	Insurance Strategy Analyst, Insurance Consultant, etc.	INR 4.50-6 LPA
Mahindra Insurance Brokers Limited	Insurance and Broking	Client Relationship Manager, Underwriting Assistant, Claims Analyst, etc.	INR 4-5 LPA
Apollo Munich Health Insurance	Health Insurance	Health Insurance Specialist, Claims Analyst, Sales Executive, etc.	INR 3.50-5 LPA

Skills Required for MBA Insurance Jobs

Below listed are a few skills required by MBA in Insurance graduates in order to excel in their careers and remain competitive in the job market:

Risk Management Skills: In order to correctly assess the risk nature and develop strategies for organization to mitigate those risks.
Legal and Regulatory Knowledge: Graduates should understand insurance laws, policies, and regulations as per the industry standards.
Financial Acumen: In order to analyze and interpret financial data and asses the financial health of insurance portfolios.
Analytical Skills: To analyze statistics and information on financial indicators, claims, and risks.