NICL Full Form - What is the Full Form of NICL?

The NICL full form and NICL AO full form have been discussed in this article. Know what NICL and NICL AO stand for and get important information related to these exams.

What is NICL?

The full form of NICL is National Insurance Company Limited. It is one of the leading General insurance companies in India. It is under the ownership of the Ministry of Finance, Government of India. The National Insurance Company and Asian Insurance Company were nationalised in 1972, and the company with its headquarters in Kolkata was founded in 1906 by Gordhandas Dutia and Jeevan Das Dutia.

By managing human capital, innovating and adhering to sound corporate governance, NICL provides insurance and other financial services while boosting growth, productivity and shareholder value. The table given below gives a few more important pieces of information regarding NICL:

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History of NICL

National Insurance Company Limited was established in 1906, to fulfil the nationalist aspiration for Swaraj. NICL was nationalised in 1972 and became a subsidiary of the General Insurance Corporation of India (GIC). It was combined with 21 foreign and 11 Indian firms after the General Insurance Business Nationalization Act was passed in 1972 to become National Insurance Company Limited, which is wholly owned by the Indian government. It is one of the four subsidiaries of the General Insurance Company (GIC). In 2002, the Insurance Business Nationalization Act created NICL as a separate entity. In April 2004, NICL and Nainital Bank agreed to share the bank’s offices in New Delhi, Uttarakhand and Haryana with NICL’s core financial products.

Apart from being a leading insurance provider in India, NICL also serves Nepal. With over 1730 offices, more than 13000 trained workers, and more than 50000 Agents dispersed across the country, the company has a significant presence.

Mission and Vision:

The mission of the NICL is to be the most preferred choice of customers for General Insurance by building Relationships and growing profitably. It shares the vision

• To uphold the highest ethical standards in conducting our business.
• To excel in service and performance.
• Leveraging technology to integrate people and processes.

Products and Services

It offers a wide range of insurance services to its customers. The insurance products sold by the company can be subdivided into various lines of business:

• Personal Insurance which includes Health, Personal Accident, Household, etc. kinds of insurance
• Vehicle insurance which is providing insurance to all motor vehicles
• Rural insurance
• Industrial and Commercial Insurance

Functions

The functions of National Insurance Company Limited are as follows:

• To offer state agencies risk management advice so they can affordably and effectively secure their assets.
• To safeguard public assets.
• To hand over all the surplus funds to the government exchequer once all management expenses are paid.
• To generate enough reserves to increase risk retention capacity.
• To cover assets other than public properties whenever the national government directs

NICL Recruitment

The National Insurance Company Limited (NICL) test is used to select applicants for the role of operational officers. Candidates from all around the nation are looking for a means to enter the financial sector as Officers, and NICL offers them that opportunity.

There are three major posts for which recruitment is conducted in NICL. These include

1. Administrative Office
2. Assistant
3. Accounts Apprentice

Among the three posts mentioned above, the NICL AO or the NICL Administrative Officer exam is one of the most sought-after exams in the country. Although NICL Recruitment is not an annual recruitment procedure, it is one of the best possibilities for applicants nationwide seeking a route into the insurance sector because it offers excellent job security and room for career advancement.

Like NICL, there is another insurance exam NIACL, which is also held to recruit suitable candidates for the posts of Administrative Officers and Assistants. Many aspirants get confused in the NICL vs NIACL exams. Candidates can learn in detail about NIACL Recruitment, by visiting the page in the linked article.

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NICL Selection Process

The three phases of the NICL selection procedure are the preliminary exam, the main exam and the interview. As the number of applicants increased in the subsequent years, the NICL decided to recruit people using a three-phase screening process. Candidates must pass each of the three rounds in order to apply for the post.

Prelims: The NICL prelims are the initial stage of the recruitment procedure. It is a test of fundamental skills administered online to applicants. In the first round of screening, some applicants are eliminated, and those who meet the criteria are invited to move on to the next stage.

Mains: Applicants who made it through the prelims will attend the NICL AO mains. It is an online test that evaluates a candidate’s potential for employment. Those who pass the main exams will receive an invitation to the final round of the hiring process.

Interview: When candidates are called in for an interview, their language proficiency as well as the competencies needed for the different NICL posts are evaluated. The authorities verify the applicants’ required documentation throughout the interview process. Hence, the applicant must be sincere and confident in their skill set.

Apart from this, vacancies are released for permanent and contract basis employees and agents. Candidates willing to know more about NICL can visit the linked article. 

What is NICL AO?

NICL AO is one of the posts under the National Insurance Company Limited. The full form of NICL AO is NICL Administrative Officer. 

The Administrative Officer is one of the most reputed posts in the country and aspirants across the country look forward to applying for the NICL AO exam. Although the exam is not annually conducted yet candidates’ anticipation of the exam notification every year is incomparable. 

The last NICL AO test was held in 2017, and since then, applicants have been waiting for the conducting organisation to publish the official NICL notification for the Administrative Officer position.

The NICL AO notification is being provided in order to inform candidates of the most recent exam pattern, crucial exam and application dates, number of openings released, eligibility requirements, and other crucial information regarding the hiring process.

To read about the latest notification for NICL Assistant and AO exams, visit NICL Recruitment, on the linked page.

Given below is some information regarding the NICL AO exam:

Role of NIACL AO

An NICL AO is employed in management. He or she is in charge of Data Entry Operations and aids AOs as necessary. Underwriting, Claims, and Accounts are their key responsibilities. 

Underwriting is the technique used for data entry which also involves authorising and distributing policies as well as entering, accessing, accepting bids and retrieving financial data. Claims entail responding to inquiries on the extralegal and legal implications of customer claims and utilising a rating system for insurance. Lastly, Accounts involve making payments, creating balance sheets and accounting transactions.

To know more in detail about the NICL AO exam visit the linked article.

Candidates willing to apply for other insurance exams can visit the linked article and get a list of the other insurance sector exams in India. 

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