Branding Insurance as an Attractive Career Choice

28 Jun

I recently went to a college for an interaction with the students there. During the course of which I asked them if they would want to join the insurance industry. Not many were inclined, and upon asking them the reason, they told me that they weren’t aware about what the sector does as such. Though they could narrate and relate a few things on insurance with respect to the frontline agents, they were grossly unaware of the technicalities that are involved behind insurance offerings. So, I then asked them that what is it that they’re looking for in a job! The answers were pretty predictable – they wanted job satisfaction, challenging projects, good salaries, a steady growth and a sense of contribution to the greater good of the society. These answers also pointed out to me one of the biggest worries the insurance industry faces, i.e. of attracting the right talent!

Despite being around for more than 600 years, and despite being an industry that makes an impact to the country, the society and to the people through its financial offerings, insurers still have a long way to go in terms of positioning themselves as attractive employers. From insuring an individual’s health and his assets to insuring a corporate’s business, to insuring a nation’s projects – from its infrastructure to the satellites – insurance acts as an economic enabler. Whether it be floods, cyclones, draughts, earthquakes, torrential rainfalls, landslides –insurers have been there through it all, and have been one of the most important pillars of ensuring economic stability. As an industry, insurance generates direct and indirect employment to millions of Indians – may it be through the 60+ insurance companies operating in India, or the 400+ broking firms, or the 550+ corporate agents, 50+ TPAs and web aggregators, or the 2 million agents who partner with both life and general insurers. We also significantly invest in nation building activities with 75% of life insurance and 65% of general insurance investments flowing into Govt. and infrastructure development projects.

Having elaborated the roles that insurers play, if you match the aspiration of the youngsters to what the insurance sector delivers, you’ll be amazed to see the semblance. It is no more a traditional paper based sector, rather deploys the latest technology from Artificial Intelligence (AI), Machine Learning (ML) to blockchain to deliver its services. Its products range from health to infrastructure to agriculture to cyber-security. With new age risks and newer competitive technology coming into picture, insurance is re-defining itself every day. With a low penetration of 0.93 percent of the GDP, there is still a wide scope of increasing the outreach in various cities and villages of the country. As the country moves towards becoming an economic superpower, insurance is poised to take a giant leap along with it. Rising health care costs, governmental push towards insurance in terms of health, crop, personal accident and motor is all giving the industry the impetus it has been looking forward to. This coupled with its vision to becoming a pull product instead of a push one, gives the new recruits challenging yet exciting opportunities to use high end technology and next generation skill sets. As insurance is one of the few industries where the work spans from pens to planes, it will always be open to experimentation of newer models, strategies and technologies. Also with a double digit growth rate, the insurance industry sure is a great place to work which offers progress and stability to its recruits.

But more than anything, it is the smiles that insurance brings to people’s faces that makes this a noble profession to be in. It comes into play during the direst hours of one’s needs, and helps people lead a life of dignity, by giving them financial aid while facing any form of a contingency. Hence without the financial net offered by insurers – governments, businesses, societies and individuals wouldn’t be able to manage their risks. Working in insurance or its related fields thus would extend your horizons beyond your paycheck and your office desk. It will give you all that you seek for in a job! And when you see the bigger picture, when you realize the investment that insurers have put into the country’s economic growth and the smiles it has brought to people’s faces, you’ll understand the role you have played in contributing to the greater good of the society, the environment and the planet.

So this insurance awareness day, it is my endeavor to brand insurance as a lucrative and attractive sector to be associated with. I would be happy to take any of your questions, since, as I always say, this is an industry that pays you to do good! I was trained to be a scientist and I have spent close to three decades of my life being an insurer. Still, if given a choice I’d do it all over again, since once an insurer always an insurer!

3 Responses to “Branding Insurance as an Attractive Career Choice”

  1. jitendra singh June 28, 2019 at 11:42 am #

    Dear sir,

    Good post. Even I have experience while interacting with friends/students, out of 10 even 1 haven’t considered/chosen insurance as a career path, imaging insurance company as uncore sector which is not particularly attractive as other core sector.

    This makes clear that the critical role our industry plays is not fully understood, particularly among the students who are just about to pass there university and searching for career growth.

  2. Amandeep Hundal June 28, 2019 at 1:06 pm #

    Respected Boss- I feel very happiness & proud to be working in Insurance company being a Noble Job and when as customer/friend you are advising/ helping on insurance risks and coverages, as a social worker people really likes it and feel piece and Honor. we have to encourage youngsters to start carrier in insurance industry as a vast subject and end less learning in it.

  3. Dr. Tushar Rathore (PhD) Motor Insurance July 4, 2019 at 11:50 am #

    Dear Sir,

    It was a very motivational speech. The Insurance sector will grow in the Future with lots of opportunities, as the Insurance Sector in India is very competitive.

    The future looks promising for the life insurance industry with several changes in the regulatory framework which will lead to further change in the way the industry conducts its business and engages with its customers. The overall insurance industry is expected to reach US$ 280 billion by 2020. The life insurance industry in the country is expected to grow by 12-15 percent annually for the next three to five years.

    Demographic factors such as growing middle class, young insurable population and growing awareness of the need for protection and retirement planning will support the growth of Indian life insurance.

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