A reason to cheer
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Job opportunities in the insurance sector are likely to increase significantly, given the current Government policy. A look at the scene.
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Controversies over the opening up of the insurance sector to private players and the proposal to increase the foreign direct investment (FDI) in the sector from the existing 24 to 49 per cent continue unabated. However, amidst these controversies, a matter of cheer for job aspirants is the number of career opportunities that are likely to open up with the change in policy.
If the proposal of the Finance Minister, P. Chidambaram, in the Union budget is accepted, there will be a capital inflow of around Rs. 3,000 crores and that will undoubtedly translate into job opportunities in the insurance and allied sectors.
Opening up new vistas
With the expansion of the industry, the major players will have to branch out to the rural areas from the current market, says M. Venkateswaran, financial consultant in Thiruvananthapuram.
"With the opening of new branches, the volume of business will increase considerably and primarily the companies will have to recruit advisers or agents and consultants. Marketing personnel, especially MBA-holders and post-graduates in Commerce with sharp communication skills, will be in great demand. The companies would go for online processing of policies and that would provide many employment opportunities for IT professionals. Women can function as front office or customer relations officers. Those aspiring for the job need only a pleasing personality and communication skills," says Mr. Venkateswaran.
As society becomes more and more service-oriented, salesmanship becomes more important.
The companies would need more advisers and there would be a continuous need for grooming them.
Regular training makes an adviser more self-confident and it would help him improve his output.
Hence, dynamic youth will get the opportunity to work as advisers and there would be a scope for conducting training programmes with the approval of the Insurance Regulatory Development Authority (IRDA).
Tapping the rural market
As 74 per cent of the country's population lives in the rural areas and contributes to about 40 per cent to the national income, the insurance sector would attach top priority in tapping this market.
The IRDA has laid down targets for insurance companies regarding the business to be promoted in the rural market. The target set for life insurance is seven per cent in the first year. This should go up to 16 per cent in the fifth year.
The target laid for general insurance is two per cent in the first financial year and five per cent thereafter. Companies are gearing themselves up to tap the potential and there will be an increased demand for advisers.
The opening up of the sector anyway undoubtedly offers hope for the youth.
N. J. NAIR
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