Since the much-hyped Insurance Laws (Amendment) Bill-2008 is a law now that allows foreign investors to raise their stake in domestic insurance firms to 49% from 26%, a huge inflow in the sector is expected that would bring thousands of new employments such as – sales, operations, underwriting, analytic, technical skills and soft skills, etc.
According to the placement agencies, the industry is set to add as many as 1, 18,000 new jobs by the year-end.
Randstad India, a division of Dutch multinational human resource consulting firm sees a growth of 10 to 15% jobs in the sector, while job portal Shine.com, a part of HT Media is even more optimistic and expects at least a 12 to 18 percent hike in the number of jobs in India’s insurance sector.
“The move will surely create a lot of job opportunities in the sector, which in past has seen no growth and even contraction in job opportunities due to miss-selling and a lack of trust-building in the insurable community,” Mr. AmitGarg, Executive Director, Digital Initiatives at HT Media said.
Insurance firms may see major changes in their leadership. “Global insurers were keenly looking for Indian partners and now they may undertake re-locations and shuffles at top positions in order to build impressive leadership teams,” said Mr. SanjivSachar, partner at Egon Zehnder, a premium executive search firm.
With digitization in full swing, the industry is likely to see openings in good numbers in online channels and information technology; along with sales support functions, distribution, and customer service.
“Insurers will focus on creating a better employee experience”, Mr. Shailesh Singh, Chief people Officer at Max Life Insurance said.
It is also expected to see significant growth in contract hiring for positions like direct selling agents and insurance brokers.
Also, there would be a need for fresh skillsets.
“Foreign players are going to focus on underwriting, analytical and technical skills,” Mr. Moorthy K Uppaluri, CEO, Randstad India said.
“Foreign players are going to focus on underwriting, analytical and technical skills,” Mr. Moorthy K Uppaluri, CEO, Randstad India said.