Insurance India -Present and Future

The liberalisation of the Indian insurance sector has been a subject of contention for a number of years. But its finally all set to open new doors to private competition. The Insurance Regulatory and Development Authority (IRDA) bill has been passed to make way for the private insurance companies to enter the Indian market. Insurance rules and regulatory policies are available on IRDA site. Over the past 8 years, around 30 companies have expressed interest in entering this sector. Several Indian companies are making an entrance with their foreign partners.HDFC has tied with Standard Life , ICICI with Prudential Inc., Kotak Mahindra with Old Mutual, SBI with Kardiff, IDBI with Fortis and Tata group with AIG. All these add up to new products, better packaging, improved customer service and most importantly for you, greater employment opportunities.
The new and improved insurance sector promises several new job opportunities. Ideal candidates are those who are employed in the finance sector, or are equipped with degrees in finance. India employs 5 lakh people in the insurance sector as opposed to 6 lakh in the United Kingdom. Statistics reveal how underplayed the insurance sector in India has been. This is changing with the arrival of the multinational companies. An estimated 25,000 is likely to be employed in the next two years. Companies' plan to set up offices in the small towns in India.
Once the private players come on the scene the demands for skilled workers are likely to increase. In the insurance sector itself there will be demand for marketing specialists, finance experts, human resource professionals, engineers from diverse streams like the petrochemical and power sectors, systems professionals, statisticians and even medical professionals. The demand for underwriters claims management and actuaries will continue to remain high.
Systems professionals especially would be required to generate the MIS (Management Information Systems), to help the organisations in decision-making and product pricing. Also needed would be advertising and sales promotion people for image building exercises.
Remuneration will be linked with performance.
Along with the regular jobs, a range of professionals linked with the sector will develop which includes sales agents and independent claims adjusters who will bring new opportunities to the surveyors. Opportunities will be created for those who are already working in the industry to upgrade their skills.