Insurance Sector to Create More Jobs by 2020

Insurance sector to create more jobs by 2020

India’s life insurance sector not only offers great career options but also provides social satisfaction of doing well. The growing population, increasing life expectancy, expanding working class made the sector optimistic about the future. The major factors expected to drive the growth of the life insurance industry are a strong domestic economy, increased awareness for life insurance products amongst people, a supportive regulatory environment, and policies that foster customer-friendly products. Experts predict that the next five years will be a strong phase of growth at the same time the last five years were marked by consolidation and stabilization. Hiring trends shows, sales jobs will be more demanding in next five years.

Domain wise skills of actuarial and underwriting will top the list. There is a shortage of talent; it is difficult to find the people who can actually blend their domain knowledge and leadership roles. Different types of sales job roles are not limited to company owned channels, but they also be associated with bancassurance or third party partners. There will be skillgap between needed skills and available skills, so it is bit difficult to get people with domain knowledge and leadership roles. Experts believe that Insurance sales are tougher than any other retail sales. It requires understanding the customer needs well and help the customer see product/service benefits accurately. It also requires networking with customers and agents in a speed manner. Here, career growth will be faster and certification is necessary for new roles.

Candidates will be hired for their skills, attitude/values and leadership abilities. A candidate should have strong communication skills and able to handle different situations, ability to influence and impact and conscientiousness are crucial attributes. The prospective candidate should able to present the both internal and external stakeholders with more clarity. Apart from job skills and experience, job applicants need to present their character and conviction. Candidates who are looking to join at middle and senior level positions need to handle change and service-orientation also important in the insurance sector.

 

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