Rajiv Burman, senior director and chief people officer, Max New York Life Insurance talks about the hiring trends in the life insurance sector in India.
How is the industry currently faring?
After the economic slowdown of 2008, the life insurance sector in India had picked up and witnessed steady growth from the second half of 2009-10. And this trend continued till the end of the first half of 2010-11. At the juncture, growth was hindered by the large scale revamping of the regulatory environment. The regulatory changes were aimed at re-orienting the life insurance industry on the core focus of long-term savings and protection from unexpected events. The regulatory changes in 2010-11 have taken the industry to its next phase of development where the players have to deal with providing greater customer benefit, curbs on mis-selling, pricing control and long-term orientation.
The life insurance industry in India provides employment to over 2.5 lakh people in India. There are 23 companies offering life insurance products to the Indian customers. These companies are in their various stages of operations and need talent to implement and sustain their growth plans. The long-term growth prospects for the industry and employees are bright.
What kinds of career opportunities are available in this industry?
Niche skills like actuarial, underwriting are some specialist skills required by the industry; while there is also a large demand for various careers, sales and distribution professionals in different managerial levels given the growth and coverage options in the industry, are in-demand.
What are some of the traits and qualifications the industry looks for in the people it hires?
We look for individuals who believe in the cause of securing people's lives and future. Our employees must have a long-term focus in their roles to serve customers. Qualifications requirements are also diverse; however, the minimum qualification level for employees is graduation in any stream with a preference for a further professional qualification.
— Yasmin Taj
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