NEW BANKING LICENSE- MANPOWER THREAT TO INSURANCE SECTOR

With the race of new license application for Banking sector catching the speed, a well known but underlying threat is gradually increasing for the insurance Industry.

It is a very known fact that Insurance industry today is striving hard to attract new talent and it is also becoming bit difficult to retain the good employee.
According to the recent survey of Confederation of Indian Industries (CII) estimated that there would be need of approx. @ 21 lakhs insurance educated employees by 2025.

As a recruiter, I often hear a request from candidates that they prefer to change the sector (particularly Sales domain). Any challenging role with Banking excites them and they will move the sector instantly. This thought process could be because Banking as industry is matured and also done their bit to glamorize the sector which helps in attracting the talent easily.

Also, unlike Banking both acceptability & keenness of professionals from other sector (FMCG/ Telecom etc.) to join insurance Industry is very less.

For the last 3 years, Talent Discoveri is contributing in bringing fresh talent to the industry providing the insurance education to Post Graduate, even thereto I have found reluctance of the students to choose insurance as career.

There is a wide gap in Demand & Supply, any encroachment by banking sector to the insurance professional might severely hurt the sector.

This could be a major concern (accordingly to me) since Insurance is very people driven business and with scarcity of good experienced manpower, both insurer & Brokers will have hit.

Thoughts shared by Abhishek Sharma- Director & Co Founder- Talent Discoveri Consulting

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