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Kill development and Banking Kill development and Banking

Human Resource and Skill requirements in the Banking financial services and Insurance sector (2013-17, 2017-22)

Publication Type:

Report

Authors:

Source:

National Skill Development Centre, New Delhi, India (2015)

Abstract:

Minister of State launched the Human Resource and Skill Requirement reports across 24 sectors in India which will serve as the baseline for all skill development initiatives being planned across the country. The idea behind the Skill Gap Studies is to understand which sectors are likely to face the biggest gaps. He said, it is imperative for us to plan the skilling of future workforce of India on the basis of these reports.

As per the report, 

  • Huge under penetration would derive the demand for insurance services for all types of insurance products
  • High expected growth in the Indian insurance sector during 2013-22 is likely to drive the demand for skilled professionals with varied skill sets 
  • The growth is also expected to be driven on account of high average employee age in public sector insurers, low recruitment in the last two decades and opening of offices in far off places to cater to rural insurance needs
  •  Health insurance and micro insurance are expected to figure among the fastest growing insurance services
  • Knowledge of basic technology concepts, standard software and computers is the basic requirement for all the entry level positions in the sector, including both formal and informal segments
  • For entry level, non-life insurers would require workforce skilled at analysis of business underwriting considerations, evaluation and analysis of risk assessment, rate making, and proper understanding of rating factors
  • For middle level, special underwriting professionals who can market customized products suited to dynamic customer requirements would be in demand
  •  Life insurers would require people in specialist role in various areas, such as actuarial, product pricing, reserving and evaluation of economic capital, and estimation of incurred but not reported (IBNR)
  • Both life and non-life insurers would require specialist investment professionals to operate in increasingly complex regulatory and market environment

Notes:

year of publication not given

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Document Category: Report, Skill Development

Minister of State launched the Human Resource and Skill Requirement reports across 24 sectors in India which will serve as the baseline for all skill development initiatives being planned across the country. The idea behind the Skill Gap Studies is to understand which sectors are likely to face the biggest gaps. He said, it is imperative for us to plan the skilling of future workforce of India on the basis of these reports.

As per the report, 

  • Huge under penetration would derive the demand for insurance services for all types of insurance products
  • High expected growth in the Indian insurance sector during 2013-22 is likely to drive the demand for skilled professionals with varied skill sets 
  • The growth is also expected to be driven on account of high average employee age in public sector insurers, low recruitment in the last two decades and opening of offices in far off places to cater to rural insurance needs
  •  Health insurance and micro insurance are expected to figure among the fastest growing insurance services
  • Knowledge of basic technology concepts, standard software and computers is the basic requirement for all the entry level positions in the sector, including both formal and informal segments
  • For entry level, non-life insurers would require workforce skilled at analysis of business underwriting considerations, evaluation and analysis of risk assessment, rate making, and proper understanding of rating factors
  • For middle level, special underwriting professionals who can market customized products suited to dynamic customer requirements would be in demand
  •  Life insurers would require people in specialist role in various areas, such as actuarial, product pricing, reserving and evaluation of economic capital, and estimation of incurred but not reported (IBNR)
  • Both life and non-life insurers would require specialist investment professionals to operate in increasingly complex regulatory and market environment