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
- 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
- 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.
End 2016 on a good note and give you best. Cheers!
Handwritten notes
Download Free Notes for New India Assurance Exam here
