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  • Category: Finance and Banking Jobs

    Which is better Banking sector or Insurance Sector?

    Check out here to know which is better between sector and Insurance sector from our experts.

    When it come to choose between two which one is better?

    I have a question about the two section of financial sector. Whether to go with banking sector or Insurance sector?
    Why to choose Insurance or banking and why not to choose Insurance or banking as a career?

    Want the expert answer on this.
  • #141057

    Both banking and Insurance are related to the financial sector. Both are needed and essential in different ways. Both will be growing and assimilating many new changes and remain dynamic. Some of the basic regulations and control are also similar.
    However Banking is more essential than insurance. Insurance gets tie-up business banks.
    Regarding a career, pay and career growth are there in both. The only one they differ in is the in the public contact and local reputation. With all automation, people still visit banks and interact with the officials there. A bank manager or desk official gets more public contact. If that person is efficient, pleasant in his behaviour and able to solve the issues for his clients fast and without hassles, then he gets a good reputation from the accountholders and local people. (This suits for public sector banks and old generation private banks.The new generation banks are slightly different genre)
    As bank officials are more prone to transfer than insurance sector officers, bank officials get some acquired knowledge from meeting new people and staying in new places.
    In the matter of incentives, it is the insurance sector which s better. The job risk factor is also more in banking.

  • #141059
    Both jobs are good. It is all about your intrest.
    Most students wish to like to join in various public and private sector banks in the entry level positions of clerks and Probationary officers.
    Banks are contributing more in the economic development of India. So plenty of opportunities are available in banking sector,Banking Sector is better than Insurance. Because most of jobs in Insurance sector are based on sales target.
    banking sector have better career as because in this sector you will get good salary package and many other facilities like traveling, house rent etc.
    The salary packages varies from 25000 to 35000 rupees per month.

  • #141063
    Banking sector is booming these days and jobs are lot secure too. Also the progress and simplicity of the job makes it more attractive. In case of insurance there are plenty of opportunities in it. However compared to banking, it has lot of job options like data, public relations, accounts, management etc. So both fields have good opportunity to handle. I'd say if you are looking for job for long term growth then banking can be good. It has starting jobs from 30k. And as it grows the salary will get much higher depending on the place you are working.
    In case of insurance sector if you are into business development, then initially there would be limited growth but with experience this has more chances of salary. Also there are other jobs for technical, analytical positions too. It all comes down to your inclination.

    Both the sectors are good, so do give a try on both sides.

  • #141189
    Both the Banking sector and Insurance sector are good in competitions. However some of the Insurance sector comes with lots of competitions like two wheeler insurance, four wheeler insurance, three wheeler insurance,
    Heavy vehicle insurances are also there according to the classifications. The Banking sector is also entirely different from the Insurance sector, where you get a job in the bank after the competitive exam is over, got it
    as a probationary officer. It good you do the job according to the banking needs and get promoted then and there based on your performance and the exams that are available for the higher positions. Job security is available
    in the Banking sector when compared to the insurance sector. In insurance every things get counted, target oriented.
    Banking sector is always performance and customer service oriented and is based on the public or private sector bank. Mostly the public sector bank career moves up slowly, where as the private sector bank career moves
    quickly. Job in Bank sector is much more secured than the insurance sector.

  • #141240
    Both the Banking and Insurance sectors are good in terms of quality of jobs but still job of Banking - sectors should be given top most priorities because of the following considerations-
    1) In the Insurance - sector, you need to fulfill the target of sales of insurance and this is a decisive factor to secure a job, however, in the banking - sector though achieving a target is important but there are other parameters as well such as restoration of customer's satisfaction, quick delivery of the results in the areas assigned to you such as recovery of Housing or Car - loan in an uninterrupted manner within the specific time - frame and above all the way of convincing capacity of the aspirants to convince the customers to boost the sales of the Banking -products.
    2) In the services of insurance - sectors, there is no specific time - frame of discharging duties, there may be variation of the hours depending upon achieving of the sales where as in the job of the Banking - sectors there is usually less stretching of the times in terms of working - hours.
    3) In respect to emoluments, the Banking - sectors far outweigh than the Insurance sectors since employees in the Banking - sectors enjoy attractive emoluments and also in the near future there is expectation of fair revision of the pay - structure where as in the Insurance - sectors, attractiveness of the pay is not that much attractive.
    4) In the Banking - sector, an efficient aspirant may enjoy faster promotion and there are several departmental examinations to elevate them to higher posts, such channels in the job of Insurance - sectors are absent.

  • #141376
    Earlier insurance sector was limited in its extent to players like LIC, GIC, National Insurance etc but with time insurance sector also has expanded to bigger dimensions and today various insurance instruments are available in market and variety and flavor is seen in them. So as far as job opportunities and career aspects are concerned insurance sector is also offering good opportunities.
    Banking sector was already in a very good shape as regards to the job and career opportunities and holds good prospects in this regard.
    Presently we can say that both the sectors are equally good and one can try for his career there.

    Knowledge is power.

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