What are the challenges faced by HR in the Indian Insurance Sector?

The Big five challenges faced by HR in the Indian insurance sector are:

• Attrition of frontline sales personnel
• Lack of adequate trained manpower
• High manpower cost
• Low productivity
• Inadequate leadership pool

Why is it difficult to source talent for the Insurance Sector?

The Big three reasons are:

• Low attractiveness of the sector;
• Preference for talent with specific sector/ market exposure
• People manager reputation

What are the growth opportunities for young professionals in the Insurance sector?

Given the dearth of Talent and potential growth in the sector, the growth opportunities across organisations and within organisations, whether it be within the function or across functions as specialists or generalists is quite promising.

How competitive is the remuneration in Insurance Sector as compared to other industries in India?

It is quite competitive and almost all of the players do an annual compensation benchmarking to calibrate their remuneration and align to the market. Across sectors also the Insurance industry is competitively placed as far as compensation is concerned.

What are the essentials for developing a successful career in Insurance?

Some of the distinguishing requirements for building a successful career in Insurance are:

• Long term commitment and continuous learning
• Dealing with complexity and ambiguity
• Eye for details and execution focus

In your opinion what steps should be taken to promote Insurance as a career option for the youth?

Better campus positions and interaction along with enhancing leadership role models to start with, which will help improve the industry branding and credibility.

How does Bajaj Allianz Life nurture and retain talent?

We are taking a holistic approach in terms of systemically addressing policies pertaining to hiring, performance and career development, practices pertaining to engagement, performance management and culture; and making investments in Hiring, Learning, Talent Management and People Manager Development.

 

Ruben Selvadoray, Chief Human Resources Officer- Bajaj Allianz Life Insurance

People and Management

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