As you all know preliminary exam for 300
posts of administrative officer in New India Assurance Company Ltd is
going to be held on 17th December. We will discuss NIAC as an
organization to work with, career aspects and strategy to crack its exam.
Brief about New India Assurance Company
Headquartered in Mumbai, New India Assurance is a market
leader in general non-life insurance in India and is wholly owned by
GoI. Previously it was a subsidiary of GIC but was nationalized in
1973. The government has been trying hard to increase insurance
penetration in India lately as this sector is comparatively underdeveloped.
FDI limit in Insurance was increased to 49% in early 2016
under automatic route so as to allow more foreign companies to enter the Indian
market and operate here. As an organization, it will offer you immense
opportunities to advance your career in the insurance industry.
Work Conditions and other factors in New India Assurance
§ Salary -
Basic salary and overall monthly salary is higher than what a bank PO earns at
entry level. As per the notification, AOs in metro cities will get around 51k
per month. Decent enough!
§ Work
Profile - As an AO, you will be majorly responsible for routine
administrative jobs like monitoring issuance of new policies and settlement of
insurance claims
§ Postings -
notification clearly says that most of the vacancies are in states of
MH, GJ and Goa. You will have to spend 5 years initially at first
place of posting before being considered for a transfer. Just imagine Goa
as your work location, such a delightful option to spend the life.
Rural postings are comparatively less in insurance companies as compared to
PSBs.
§ Work
life balance - 5 day week, rarely you get to sit for late hours means pretty
much time for pursuing other aspects of life.
§ Career
growth - You are eligible for promotions after 3 years. On an average,
it takes 4-5 years to be promoted to next level. You can always switch to the
private sector for higher salaries at a later stage after mastering 1-2
specific areas.
§ Foreign
Postings - Yes, NICL operates in 27 countries with branch and
agency offices spread through Caribbean islands, Gulf, Japan, Hongkong,
Australia and New Zealand to name a few. You may get opportunities for
international postings if you prove your mettle and your bosses see your
dedication.
Strategy for Exam for New India Assurance Company
§ Preliminary
Exam - Would consist of Quant, Reasoning and English sections
following a pattern similar to various other exams. The paper will be of easy
to moderate level. Speed will matter the most. 60 should be considered a safe
score to qualify for mains.
§ Mains
Exam - It would consist of 4 sections (Q, R, E, GA), 50
questions each. As we have observed from AAO & AOs exams in the past,
cut-offs touch the higher end of the spectrum only. One must master English and
General awareness to gain an edge over other candidates. 130+ should keep you
in the game, probably.
§ Descriptive
Exam - Immediately after mains exam, a descriptive test of 30
marks will be held (Essay - 20 marks, letter writing - 10 marks). You need to
qualify this test for reaching the interview stage. Marks though, of
descriptive paper won't be added in the final merit. Final merit would add up
marks from mains exam and interview only.
§ Interview -
Ratio of 80:20 as usual.
So hardly any time left to waste. Practice
as many mocks as you can, zero-in on your weak areas and improve upon
them. That, if followed, would increase your score by 10-15 marks in the next
4-5 days.
