Demand for sales, actuarial specialists in Insurance

Demand for sales, actuarial specialists in Insurance

While the insurance industry has good growth prospects it is threatened by a shortage of talent when it needs it the most. According to an industry paper by Mercer, insurance industry growth is to come primarily from emerging markets — mainly China, India and Brazil — as populations of these countries age, the middle classes swell and urban development soars. However, finding the talent to serve these markets is a daunting task.

In a recent TimesJobs.com High Tea chat Saba Adil, talent head, AEGON Religare discussed the job opportunities available in the Indian insurance sector. She said that currently there is huge demand for professionals specialising in sales, operations, finance, underwriting and HR.

Insurance vertical provides many career opportunities for CA professionals as well. Adil added that the current status of low insurance penetration in India coupled with the increasing awareness about insurance products is pointing towards high potential that insurance and banking sector holds for CA professionals. She said that if a CA needs to gain more understanding about the insurance vertical, they can do specialised courses from the Insurance Institute of India and LOMA.

Another key business function that plays a major role in the insurance vertical is IT. Right from providing technology and systems that create customer experience to creating internal efficiencies, the IT team plays a very important role within an insurance company. With many insurance companies investing heavily in IT, Adil believes that a number of opportunities exist for IT and BPM professionals within this vertical.

According to her, profiles most in demand in the insurance sector are sales, actuarial and underwriting. Since actuarial and underwriting business functions are specialist roles and considering that skilled professionals are limited in these areas, there is a huge demand for such domain experts. With insurance companies having multiple channels of distribution, sales professionals continue to be much in demand.

Insurance as an industry vertical is very rewarding with a number of opportunities for learning and growth. Adil explained that the insurance sector offers competitive salaries and variable pay and sales incentives are high for performers.

Insurance is a long term business. To build a successful career in this sector, candidates should build functional and behavioral skills. Most importantly, customer-centric skills should be the key driver of all their business decisions.

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