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Home > Blogs > Talent crunch in Indian insurance industry in 2020
Insurance industry always seek talents as the sector in India witness steady growth with a growth rate of 12 per cent from the financial year 2014 to 2019. India Brand Equity Foundation (IBEF), a government trust, estimated that the insurance industry growth expected to reach Rs. 19,56,920 (USD 280 billion) by FY 2020, owing to the solid economic growth and higher personal disposable incomes in the country.
India has 57 insurance companies and among them, 24 are life insurance business and 33 are non-life insurers. LIC is the sole public sector company in life insurance and six PSU companies are there in the non-life insurers.
The required talents include underwriters, claims adjusters, actuaries, sales professionals, and others. These are considered as critical talents because the persons in these profiles are able to make a difference of 10-20 per cent in annual growth.
Shortage of skilled sales talents
However, like all other sectors, the insurance industry is also confronting a talent shortage, not because of a smaller number of eligible candidates, but due to the shortage of skilled talents. India produces millions of graduates every year. But the majority of them lack industry-mandate skills to perform jobs. This creates a skill gap in the insurance industry as well.
For instances, as a salesperson, you are the frontline staff of an insurance company. You are responsible to sell products by convincing the customers. Therefore, you should possess multiple skills such as communication, problem solving, creativity, negotiation etc.
Succeed in insurance sales
The above mentioned are a general outlook of the Indian insurance industry. Insurance industry creates around 40,000 jobs per year. A considerable number of these jobs are for sales professionals.
The major attraction for the insurance sales staff is the remuneration. You can earn a competent salary (between Rs. 3 lakhs to Rs. 6 lakhs) along with the incentives as per your sales. The more you sell, the more you earn.
Other thrilling points will excite you:
1. Plenty of opportunities
The insurance sector will remain strong in any economic situations as long as people buy insurance products, that necessitate the importance of salesperson in you. If you are a graduate, you can start insurance sales job as an executive and within five years, you can reach at a senior position based on performance.
2. Flexible timing
As an insurance sales staff, you will enjoy maximum freedom during duty time since you control schedules based on the appointments with the customers. The appointment can be scheduled anytime. Technological advancement enables 24/7 internet and mobile connectivity to contact with prospective customers. Hence, you need not stick to office hours.
3. Professional advice rules insurance
Even though the internet and Google provide every detail a prospective buyer wants to know about insurance products, professional advice has a great value in their final decision. Building a better relationship with society will place you as an expert in this purpose. The connection will easily let you provide personalised advice face-to-face or through phone or online.
4. Learn new things
The insurance sector is very dynamic - frequently changes laws and regulations, and introduce new products. Such times, you get a chance to learn about changes and products in order to convey that to your customers. Since you are among the people, the customers directly come to you to know the changes. To remain a trustworthy insurance salesperson, you will try to learn all the updates beforehand.
Selling products is solely dependent on your expertise, trust and idea, which would gradually be developed as you grow in the field. But the most important element is holding the necessary skills to shine in the industry.
If you feel that you cannot perform well or you lack the aforementioned skills, don’t worry! Think about upgrading your skill with a reputed professional training institution like Manipal Global Academy of BFSI, where you can equip necessary skills prior to joining a company. The expert faculty members and cutting-edge course materials will prepare you a successful insurance sales staff.