Header Ads Widget

Is LOMA certification really worth it?, LOMA certification frequently asked questions in India.

To understand better about LOMA certification we must understand the meaning of the wprd insurance and other affiliated words to it:

Insurance: an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium.

Annuity: Annuities are contracts issued and distributed (or sold) by financial institutions where the funds are invested with the goal of paying out a fixed income stream later on. They are mainly used for retirement purposes and help individuals address the risk of outliving their savings. Upon annuitization, the holding institution will issue a stream of payments at a later point in time.

Loan: A loan is money, property, or other material goods given to another party in exchange for future repayment of the loan value amount with interest.

Beneficiary: A person who derives advantage from something, especially a trust, will, or life insurance policy.

Why Loma certification?

loma certification

If by chance you are working in an Insurance Domain or your work is related to insurance domain then you might require LOMA certification to get work outside India and to increase your credibility.

LOMA Certification

LOMA is a very well respected Life insurance organization that has been providing education and certifications for many years.
You will learn a lot about insurance and be respected by others in the industry for achieving your certification. It will help you in job searches in the industry.

What is LOMA?

Under the umbrella organization LL Global, LOMA (short for the Life Office Management Association) and LIMRA (formerly Life Insurance Marketing and Research Association) are two of the largest trade associations in the United States insurance industry. LOMA oversees a number of designation programs.

How can LOMA certification help you?

How will it help in career progression? It will help by communicating to you what the industry sees is important for advancement. On the other side, as each cert is earned it communicates to management and potential employers that you’re interesting in advancement and how ready you are for the next step in your career.

Will it effect my job hiring process?

No foreign insurance company heirs at India as they don't have business in India. IT companies and companies like Swiss re which performs there back office processes give preference to hire LOMA certified people. But note, LOMA is mostly preferred only by US companies and less or none by other countries insurance companies.
First of all, only if you're in your early part of career (say within 7–8 years maximum), it will be of maximum value add in your resume. To save the costs, initially one can just complete 2 papers (level 1) and once gets placement in IT or ITES companies, may request companies to sponsor for fees. Most of these companies have sponsorship for such certification.

Other Insurance Courses in India.

There are many insurance courses available in our country but the PGPLI(Post Graduate Program in Life Insurance) which is a joint venture of HDFC Life and UpGrad is better than all of them.

Thanks for reading!

Post a Comment