The insurance industry in India has also grown along with the country’s economy. Several insurance companies in the country are expanding their operations, across both the public and private sector. The insurance industry in India is expected to register healthy, consistent growth based on the following drivers:
1. Low insurance penetration in India: 3.69% (2017), compared to 6.3% globally (2016)
2. Government programs to increase insurance cover: Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana, Ayushman Bharat etc
3. Strong growth in the automotive industry is expected to boost motor insurance
4. Increasing interest in buying insurance; rising internet usage has contributed to this increasing interest
5. Innovative products are contributing to the growth of insurance
6. New distribution channels such as bancassurance, online distribution and NBFCs are contributing to the growth in insurance cover
Why one should work in Insurance Industry?
The insurance industry holds a long, rich history and is in nearly every part of the world. There are vast number of opportunities available in many areas of the field, adding to the stability factor. More so, this industry is considered to be recession free, therefore presenting the required job security this current generation looks at.
Although many jobs require employees to sit in cubicles, a career in insurance allows people to interact and cultivate relationships with other customers and co-workers. One of the major highlights about this industry and the reason why it is so easy to recommend to students and new graduates, is the ability to form so many strong relationships with colleagues and business partners.” This is a pivotal time in insurance where improved employee and customer interaction is happening at all points of the workflow. Between mobile technologies to better interact with customers and analytics to improve speeds of underwriting and claims processes, the industry has never prioritized innovation so aggressively.
With the wave of digital innovation looming and new regulations and product offerings being created daily, the insurance industry is more dynamic than ever before. Employees at all levels, regardless of their areas of focus, are challenged to come up with creative solutions to tackle emerging problems. With the pace at which this industry is expected to grow, the number of opportunities and intellectual challenge are perfect for millennials as new graduates are more interested in career advancement possibilities and learning opportunities when considering a job than older generations. Therefore, young professionals consider development within their careers more important than salary or benefits.
This sector needs talented and experienced people in virtually every discipline and every skill set. No matter what is your educational background- from financial analytics to health care to marketing and sales to information technology; from damage appraisal and investigation to customer service to human resources and finance to risk management – there’s a place for you in insurance.
What is insurance network?
Your network can be vital to your professional success. A strong and expansive network gives you insight into trends as well as insider information on job openings and movement within or outside your organisation. These days social media makes it easier than ever to hone your existing relationships as well as make new contacts.
The importance of the saying “no man is an Island” has been proved to be the reason why many of us need to make a collective effort in the bid to achieve professional success. For many individuals that have succeeded in their career, the causes have largely been contributed to the strong networking channels they have created over time.
But the question of who you network with and their relevance to your career matters more. This way, you don’t have to network with everyone. Rather, first study how you can contribute to their success, in addition to how you stand to benefit from their knowledge.
Insurance network does just that!! We bring professionals from Insurance Industry on a single platform where we can interact with fellow like minds, explore opportunities, be a part of community events and expand our reach.