The National Insurance Company Limited is the oldest General Insurance company in India. The company was established in Kolkata on December 5, 1906. It was nationalized in 1972. The insurance company has become a part of the General Insurance Corporation of India (GIC) which is owned by the Government of India. The company serves around 14 million people with total 200 insurance policies. The insurer is the second largest provider of non-life insurance products and services in India. It also has tie ups with the top banks, state governments, and corporate entities of India. Apart from working for India, the NICL also works for Nepal.
Role of NICL
The National Insurance Company Limited has a range of coverage policies targeting different sectors such as:
- Motor Insurance– It includes insurance related to the safety of the registered vehicles which benefits the customer in terms of any damage, injury or loss to the vehicle.
- Health Insurance– In this the insurance policy deals with Hospital expenses, treatment of illness/disease or injury.
- Personal Insurance– The include various insurance policies related to Individual personal accident, Householders insurance and Janata Personal accident.
- Rural Insurance – The insurance has two policies i.e, Gramin Suswastha Microinsurance Policy and Gramin Suraksha Bima Policy. Both the policies deal with the products and services which include Hospital expenses, Bodily injuries etc. provided to lower income class.
- Industrial Risk Insurance– This insurance is work as a protector for equipment, machinery, electronics, electrical equipment etc in the industries.
- Commercial Risk Insurance– The commercial risk insurance is the special type special type of insurance policies which incorporate insurance policies related to Standard Fire and Special Perils Policy, Shopkeeper insurance, marine insurance and credit insurance.
Strengths of NICL
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The National Insurance Company Limited has a teamforce of around 14,902 skilled personnel. It has total 1,998 offices spread across the nation and in Nepal. The insurance company has the largest market share of Motor insurance. In its biggest achievements, the NICL recorded a premium of Rs 11282.64 crore in FY 15 recording its highest PBT of Rs 1196.74 crore as against 1007.82 crores in the previous year. The investment income of the company has also increased to Rs 2654 crores from the earlier 2263 crores.
Job Prospects with National Insurance Company Limited (NICL)
The National Insurance Company has a recruitment section on its official website at nationalinsuranceindia.nic.co.in All the information regarding any upcoming recruitment is made available through this portal. Eligible and interested personnel may apply for various posts such as Hindi Translators, Administrator officer, Manager, Deputy General Manager, Marketing Officer, Finance Officer etc. Candidates may explore various opportunities through placements at various functional departments. The company operates on multiple levels in which it has segregated departments to lend a smooth functioning to the company. The departments are as follows:-
- Technical Department
Note- a candidate seeking to be employed in any of the department must keep a track of the regular updates that are issued by the company. Also, a candidate should keep note that for each department, the recruitment or selection criteria may vary. Candidates may have to undergo written tests and interview rounds as part of selection.
The insurance company is a Partner of 2017 edition of the prestigious Statesman Classic Vintage car rally, held in Kolkata. It is worth noticing that the company is serving 9 districts in the state of West Bengal, which include approx 2.5 Billion families under the Swasthya Sathi scheme of West Bengal Government.
Achievements and Awards
It has been recognized as one of the India’s Premium Brands by The Economic Times. Recently at the felicitation ceremony at Mumbai in February 2017, the NICL has been certified as the symbol of excellence. The company has received many prestigious awards which are as follows:
- Green LI Enterprise Award in 2013
- Financial Inclusion Award for the top 50 projects in India
- Top 100 CISO Award
- Business Leadership Award by NDTV Profit
- Digital Inclusion Award
- The India Insurance Award
The company recruits the various aspiring students. The NICL is searching the young talents for various job vacancies. For that candidates must be eligible for the post he or she is applying for. The company has its own recruitment section on its official website. This section includes all the information related to the recruitment in the Insurance Company. It announces posts annually in accordance with the vacancies in the company.