Insurance Industry in India in growth mode

The insurance industry in India which stood at a strong US$ 72 billion in 2012 has the potential to grow to US$ 280 billion by 2020. Innovative products, renovating distribution, marketing channels, and positive shift in customer behaviour have led to significant growth in the insurance industry. There is huge potential for the insurance industry as only 0.2 % of a total population one billion has been covered under insurance so far as opposed to 75 % of the population in the US. This is expected to change rapidly with more private companies entering this sector.

This environment has given rise to an insurance market which encourages foreign investors to tap into the sector’s massive potential. This is so not only because of the potential for the insurance industry but also because the insurance industry generates long-term funds for infrastructure development and increases a country’s risk-taking capacity.

Besides the state-owned and private life and health insurance companies there are the ECGC, ESIC and AIC which provide insurance services for niche markets. While their scope is limited by legislation, they enjoy some special powers.

Jobs in the insurance industry
Recruitment for the insurance industry has increased multiple-fold although well-trained individuals with insurance qualifications are preferred. Graduates with a certificate or diploma in insurance will stand a better chance of placement. Jobs in the insurance industry include insurance BPOs and IT companies that do application development and maintenance, and software testing for international insurance companies.

With private companies entering the fray, service levels have improved and recruitment criteria have become stringent. Since November 2011 IRDA, the Insurance Regulator in India, has introduced a syllabus (IC-33) conceived and developed by CII, London. The syllabus aims to make an Insurance Agent a financial professional but with the level of difficulty fairly high the pass percentage of candidates is quite low.

Job profiles in the insurance industry
There are a wide range of job profiles in the insurance industry for candidates with insurance training and coming from either IT, management, legal, financial or technical background. Some of these job profiles are: Claims manager/ agency manager/ Unit manager/ loss assessor/ sales development manager/ business development manager/ process trainer/ insurance trainer/ sales manager/ sales team leader/ insurance advisor/ agency manager-distribution/ branch manager/telesales executive/ business associate/ channel development manager/ manager-analytics/ process improvement and process engineering/information risk manager/ deputy general manager – pricing actuary/ agency development manager/ intermediaries like Third Party Administrators, Surveyors/ Brokers/ Agents/ Consultants/ Legal Advisors/ Surveyors/ Investigators, Adjusters/ Tracers/ Relationship managers/ Accounts Officer/ Investment Officer/ IT officer / Risk Manager/ R & D Manager/ Investigator/Assessor/ HR Manager/ Re-insurance Manager.

Wizmatrix helps with talent acquisition
With 23 private companies in the insurance sector and with the state-owned Life Insurance Corporation itself garnering a 71 % share of the industry, placement needs in the insurance industry are growing exponentially.

With Wizmatrix’s team of highly competent recruitment professionals who have domain expertise in insurance and other niche sectors there is immediate help at hand to resolve the staffing needs. With our large data bank of experienced insurance professionals we are able to deliver placement requirements on time and on budget while maintaining total confidentiality for clients and job seekers.

The Wizmatrix management team comprises IIM alumnus with extensive experience in FMCG, Technology, Insurance, Consumer Durables, Power & Energy, Education, Engineering & Consulting. Given the huge recruitment demands in the insurance industry in India it is only professional recruitment firms such as Wizmatrix that can source the right fit of insurance professionals to fill the wide range of insurance industry job profiles.

The Wizmatrix footprint as a placement agency extends across Bangalore, Mumbai, Chennai, Hyderabad, Pune, Ahmedabad, Delhi, Noida, Kolkata, Gurgaon & NCR in India. Internationally we service placement needs for the US, the UK, GCC – Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, UAE, Middle East - plus Europe, Africa, Singapore, Malaysia, Philippines, Africa, Hong Kong & Australia.

Please call or mail us with your highly critical hiring needs.