LOMA FLMI (Life Office Management Association) is a 10 level course, offering diffrent specializations at diffrrent levels, for example Level 1 talks about Insurance Industry and general principlies related to Life Insurance and overall practices of Insurance companies specific to US market.
LOMA is a good certyification cource if you are aligned with any of the Insurance processes within a BPO or if you are working for an Insurance company that has partnered with US Insurance company to understand the diffrence between US and Indian Insurance market.
I have completed Level 2 of LOMA FLMI, however now a days its not uincommon for many fresh graduates to undergo this certifications as a lot of companies across India have a tie up with LOMA and they take the I* test online as a part of their Learning plan.
LOMA certification (depending upon which level), is useful in case you are joining a company which has specific process related to US Insurance since LOMA is basically US based organization providing knowledge on US Insurance and other financial products like Mutual Funds, Annuities, retirement plans etc.
If you plan to join any of the Indian Insurance companies, LOMA can be an added advantage, however just LOMA will not suffice since Indian Insurance is very diffrent than US Insurance.
the average package a fresher in this industry will start with is depending upon the specialization like Insurance Sales Agent may get start of 8k to 12k + Incentives
Customer service Rep may draw between 8 to 12k again
Underwriters who specialize in premium processing may get somewhat between 18 to 30K
Acturies can expect more than all since they decide on premium rates.
My suggestion, you should go for certification from Indian Institues that will be more helpful and relevent in case you plan to join Indian Insurance companies.
ICFAI and Symbiosis do offer such distance Learning courses.
Hope this information helps
4th March 2011 From India