Opportunities & Potential For Career Development in Insurance Sector Preface
Potential for career development in insurance sector is most vibrant topic today. One Million plus persons are working today as an employees in Insurance sector and 5 Million plus persons are associated with this sector as Agents, Consultants, Surveyors, Loss Assessors, Underwriters, Claim Settlers, Salvage Dealers, Brokers, Sub-brokers, etc etc. The growth rate in Insurance Sector is more than 20% in last 3 years. There is huge potential for development in Insurance sector. The sector is under developed and penetration of insurance is very very low in the country compared to other developing and developed countries. India is leading towards one of the strongest economy of the world by 2020 and it is international phenomenon that insurance sector always booms along with growing economy. Insurance Services are the foundation for smooth functioning of all business & commercial activities. Insurance is the backbone of overall economy of the country. For the developing country like India where growth of the economy is at double digit rate, Insurance talent is inevitable. All Industries in this scenario can be monetarily well protected from all types of catastrophic and manmade risks. Insurance is a vehicle for growth in growing economies. The whole world is looking at India as one of the giant and Asian tiger in next 8 to 10 years. All this is true. But very interesting fact of the today is that no one is aware about the exact potential of career development and opportunities in Insurance Sector. This article is dedicated to find the facts and figures about career development opportunities in Insurance Sector in India. This is an effort to enlighten and guide the readers, employees, students, stake holders to understand the facts and facets of insurance sector and how one can develop long term career in Insurance Sector. The article will review all aspects of insurance sector and discuss • Opportunities for Career Development • Growth potential in Insurance Sector • Changing Scenario of Insurance Sector • Manpower & Skill Sets Required by Insurance Sector • Regulatory Changes in Insurance Sector • New trends and Developments • International Impacts • Present Academic Scenario • Available Educational Facilities • Recent Educational & Academic Developments • Speed and growth cycles of career enhancement in Insurance Sector • Salary Packages at Entry Levels, Middle Level and Top Level • How to improve Employibility and Skill Sets • Career Opportunities Outside India • Subsectors in Insurance for Career Development • Preparing Career Development Path in Insurance Sector • Challenges & Opportunities for Career Development in Insurance Sector, • FAQs i.e. Frequently Asked Questions @ Career Opportunities in Insurance Sector, etc After 25 years of experience in Insurance Sector and witnessing the changing scenario of insurance sector after IRDA, I have noticed that the present and future workforce in Insurance sector is totally puzzled about the career enhancement and confused to find a road map for growth. Thousands of Career Fairs & Exhibitions across the country are covering all sectors for career
opportunities like IT, BPO, ITES, Engineering, Automobile, Management, Finance, Medical, Health Care, Accounts, Law, Company affairs, etc, nobody is talking about insurance sector for career development. People believe that insurance is a small part of finance sector and it need not be cared beyond mere selling of insurance products. Unfortunately I have to state that working employees, students, parents, media, academicians, colleges, universities, top executives of insurance sector and society as a whole are not aware about the exact potential and scope of career enhancement in Insurance Sector. Working in insurance sector is always a secondary thought and society hesitate to honour career in insurance sector. Association in insurance activity is always...
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