Sunrise industry?
With privatisation of the insurance sector, career prospects
are manifold.India is ranked among the top life insurance
markets worldwode.Market penetration by the life and non
life insurance compnaies have improved since the time the
sector was opened for private participation.The nature of
work has also changed -the skill requirements of the insurance
industry has also changed. You have an opportunity to work
in wide areas like underwriting, sales, marketing and distribution,
product management, finance, HR operations, customer service
and investment.
Consider
These facts:
- Top 3 Emerging Insurance Markets Globally-India,
China and Taiwan.
- Indian insurance market is set to touch $25 billion
by 2010-on the assumption of 7% real annual growth
in GDP.
- Life insurance coverage in India is only approx
35 million out of one billion.
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Recent company reports reveal that a significant part of
several diversified company's revenue are beginning to come
from their Insurance business. Overall the insurance business
is a growing at a much faster rate than many of the parent
company's core businesses. Bajaj Auto receives about 32.13
percent of its consolidated revenue from its insurance business.
Its a similar story with other groups. India's share of the
world's life insurance business has doubled in five years.
From 0.5% of the worlds life insurance business India accounts
for 1.02 % of the worlds premium. In the last five years
china has overtaken developed markets such as Netherlands,
Belgium, Spain, Switzerland, South Africa, Australia-given
the current growth rates India will also overtake these markets
in the next few years. With approx.80% of the total population
uninsured-insurance companies are expanding rapidly-creating
new jobs every day. For those interested to make a career
in insurance-its boom time..
Where to study?
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