Sunrise industry - With privatisation of the insurance sector, career prospects are manifold. The nature of work has also changed -the skill requirements of the insurance industry has also changed. You have an opportunity to work in wide areas like underwriting, sales, marketing and distribution, product management, finance, HR operations, customer service and investment.
Consider These facts:
Top 3 Emerging Insurance Markets Globally-India, China and Taiwan.
Indian insurance market is set to touch $25 billion by 2010-on the assumption of 7% real annual growth in GDP.
Life insurance coverage in India is only approx 35 million out of one billion.
Recent company reports reveal that a significant part of several diversified company's revenue are beginning to come from their Insurance business. Overall the insurance business is a growing at a much faster rate than many of the parent company's core businesses. Bajaj Auto receives about 32.13 percent of its consolidated revenue from its insurance business. Its a similar story with other groups. India's share of the world's life insurance business has doubled in five years. From 0.5% of the worlds life insurance business India accounts for 1.02 % of the worlds premium. In the last five years china has overtaken developed markets such as Netherlands, Belgium, Spain, Switzerland, South Africa, Australia-given the current growth rates India will also overtake these markets in the next few years. With approx.80% of the total population uninsured-insurance companies are expanding rapidly-creating new jobs every day. For those interested to make a career in insurance-its boom time..
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