‘’Motor Insurance Stands tall in growing General Insurance Sector’’

Motor insurance including both ‘ own damage’ and ‘ third party’ categories has maximum share of 44 percent in the general insurance business growth of insurance providers in India. Health & personal accident command second highest share at 26.1 percent while property insurance has 16.1 percent, according to 2014-15 data published in General Insurance Council of India recently.  Health and personal accident insurance segment grew at a CAGR of 24.3 percent during the period 2006-07 and 2014-15

The domestic general insurance industry is growing in tandem its global peers with maximum growth seen in personal insurance side.

“ Motor insurance having a high share in the general insurance sector is probably due to the fact that the third-party insurance category of motor insurance is mandatory in India. Third party insurance is needed to compensate for the damages of a third person involved in the car accident where the owner of the vehicle is accountable. The insurance provider to the owner of the car will compensate the aggrieved third person,” explained Deepak Yohanan, Founder & CEO of myinsuranceclub.com.

Both public and private non-life insurers in India have seen significant growth since 2006-07. Insurance penetration (in non-life segment), which is defined as the ratio of premium underwritten in a given year to gross domestic product (GDP), has improved marginally from 0.6 in 2006-07 to 0.7 percent in 2014-15. The overall insurance penetration (general and life) in the country stands at 3.9 percent significantly lower than the world average of over 6 percent.

“ Insurance penetration (both life and general) in India is amongst lowest in the world. Healthcare costs have increased significantly in past some years. Quality treatment of critical illnesses sets the patient or their family back by lakhs of rupees. In this case, people should be proactive in protecting themselves by taking a medical cover and shift the financial risk to the insurer’ s shoulders,” opined Mr Manoj Aswani of myinsuranceclub.com.

Another indicator of industry growth: Insurance density, which is premium per person or per capita premium, has increased three-fold from Rs. 235 to Rs. 686 during the period 2006-07 to 2014-15.

Gross Direct Premium Income (GDPI), which indicates organic growth of the insurer in a given year, more than trebled to Rs 84,686 crores from Rs 26,110 in 2006-07. The number of policies issued has doubled from 6.04 crores to 12.60 crores during the period.

However, rise in the number of employees working in the general insurance sector has not kept pace with the rise in GDPI and insurance density. As opposed to over 300 percent rise in both insurance and GDPI, increase in the number of employees during the period has been mere 27 percent.

 

Source :-   My Insurance Club. Com (Mumbai)

Date    :-   29th  December, 2015

 

 

WOMAN POWER

It’s about collaboration, patience and resilience says Anuranjita Kumar

Every position grants you with a certain authority. I n my experience, men and women leverage their influence and power differently. W hi le most men take to power at work easily and are quick to leverage it, women tend to hold back, till authority is clearly shared with them. Leadership attributes that are seen positively in a man can be perceived negatively if exhibited by a woman. An ambitious, outspoken, driven and focused man is considered powerful. Men, more vocal in boardrooms, are seen as result oriented and stronger. A woman who demonstrates similar behaviors, may be viewed as aggressive or self-centered, as this behavior challenges preconceived expectations and the nurturing character one expects from women.

Given this reaction, women choose to play a relatively more facilitative role, to avoid any negative perceptions. In my experience, it is advantageous for women to recognise this early and adopt an integrated style of leadership. Being inclusive and yet being rightfully assertive can garner a positive response and propel them forward. Women therefore need to leverage their strengths of collaboration, patience and resilience, which also comes naturally to them, to find a balance in their overall leadership style, depending on their environment.

Leaders are expected to be decisive and action oriented. Men tend to take risks with less hesitation. Decision making for men is often driven analytically with some experiential learning thrown in. Women, on the other hand, rely a lot more on intuition and on the opinion of others. Being more inclusive may sometime fuel perceptions of indecisiveness, when they are rightfully focused on consensus building. A woman’s style is more subtle relative to a man but it is in no way different in terms of quality of decision making she connects more coherently and sensitively, taking a balanced view of the situation.

How power is used is influenced by how people negotiate or influence men in positions of power place a higher premium on their professional competence, negotiating better for opportunities and rewards. Women leaders understand their power but more often than not, understate it. They rely more on the personal equity and not always on the power of the role. Negotiations and commanding a role is both about leading the team towards goals and winning minds. Women tend to calibrate themselves with far more dexterity while being firm, decisive and tough in negotiations as they tend to keep the impact of the message in mind at all times. Internal and external connectivity are invaluable in enhancing one’s influence that may lead to more powerful engagements. Networking is an area where one finds men far more proactive, as it is another way to yield more influence. It is a domain I find where women consciously step back, either viewing it negatively or simply choosing not to engage, focusing instead on just getting the work done, or investing free time in personal priorities. Women should leverage their innate strengths in building relationships and collaborating to build strong networks, and in turn their own personal brand. This will make them more conscious of what is transpiring in the environment around them and better equipped to position themselves & their organisations strongly. Ultimately, a successful professional imbibes constructive qualities applied to context without trampling on their own styles. It is possible to have a balance on one’s way to achieving success.

Anuranjita Kumar is managing director and chief human resource officer, Citibank South Asia.

Source: The Economic Times (Mumbai)

Date: 30th December, 2015.

SBI’s Hot Seat Up for Grabs and Here are the Top Contenders

Anshula Kant, Dinesh Khara and Praveen Kumar Gupta are the aspirants for the top post at State Bank of India as its chairman Arundhati Bhattacharya completes her three-year term in September 2016. Besides being competent, all the three senior executives qualify for the post since they have a longer tenure -one which is a prerequisite for the post.

Anshula Kant Age 54, MA (Economics), DMD

Kant joined SBI as probationary officer in 1983 and was appointed CFO of the bank about six months ago. She is said to be a `hands-on’ commercial banker who also served as CEO in charge of SBI Singapore operations. Her strength lies in dealing with investors and stakeholders of the bank -a skill she developed when she was in charge of planning and performance review.

Dinesh Khara Age 53, M.Com, MBA and CAIIB, DMD

Khara, MD and CEO of SBI Mutual Fund, joined the bank as probationary officer in 1984 and rose to be chief general manager in charge of Bhopal circle. Pri or to this he was general manager in charge of associates and subsidiaries and also DGM in charge of consolidation of associate banks. His trump card could be his familiarity with the subsidiaries as well.

Praveen Kumar Gupta Age 55, MA

Gupta was recently elevated as the MD of the bank after serving as MD and CEO of SBI Capital Markets. His biggest strength is the experience he has gained in treasury. He was earlier CGM in charge of global markets and in May 2014 promoted was to CFO of the bank. His experience includes the Middle East and Africa.

 

Source: The Economic Times (Mumbai)

Date: 30th December, 2015.

Tips to transform from Desk-potatoes to Fit-buffs in 2016

With the New Years Eve around, most of us are busy jotting down our resolutions into the lovely pages of our brand new 2016 diary (most are just going to be the same resolutions you set up last year, but failed to follow-up in the fast pace of life).

So one goal that research says is very common in most of our New Year’s Resolutions (yes, even if you have the perfect body for modelling) is the promise to hit the gym more often and improve your fitness levels. We determine that our 9-5 desk jobs, that leave us with big spectacles and even bigger tummies won’t rule our lives anymore and the subscribe to Gym-memberships with the faith that we would walk into the next New Years Eve party with a transformation that would make heads turn in astonishment (or shock!). Oh wait; this is what we promised last year as well.

It’s like on an all-repeat mode every single year, and you can’t help but notice how the sedentary lifestyle is making your pooch worse, your neck and back sore due to nothing, and a low energy level throughout the day. The solution? How about making small changes every day?

We at Talent Discoveri, understand that you spend most of your time at work. So why not work-out at your work-place? Harvard School of Public Health is of the opinion that physical activity even for short periods of time can do wonders for your physical fitness as well as your work-performance by acting as a mood-elevator.

We don’t suggest you turn up to work in your sweat-suit. But nevertheless, there are simple moves you can do while you work that wouldn’t really transform you like those tele-brands ad, but definitely be a good foundation for pushing yourself more physically.

So here are some simple moves that will help you work-out while you work.

1) Sky is the limit:

Clasp hands together above the head, and stretch upwards. Lean arms and shoulders to the side, giving your sides a good stretch. Repeat the same with each arm extended overhead.

1.11.2

1.3

2) The shoulder-stretch

Gently pull each elbow to the opposite side overhead to work out your shoulder-blades. Clasp hands behind your back, push the chest outward, and raise the chin. Breathe deeply and as you exhale, try to bring your hands upwards.

2.1

2.2

3) Break-a-Leg (No, not literally of course)

Hug one knee at a time, pulling it toward your chest. Remain seated, extend your legs and reach toward your toes. Try holding that for 20 seconds.

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3.2

4) The Chatter-box pose

Cross your legs and alternate twists toward the back of the chair and chat away with your neighbour to catch up with that latest gossip. Tip: Exhale as you lean into a stretch for a greater range of motion.

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5) The head-roll

Gently pull your head toward each shoulder. Slowly roll your head in a circular motion (clockwise). Repeat a couple of times and then change the direction.

5

So like we mentioned before, these moves are definitely not going to reap major physical benefits (sorry, you cannot get Kareena Kapoor’s zero figure like this), but it will definitely provide you relief from your desk routine. It is advisable to take breaks at regular intervals and take a walk. It’s been said that sitting is the new smoking, so it will definitely help to get off the couch once in a while (do complete your targets as well).

So go ahead, and stretch.

 

Picture courtesy: www.healthline.com

Date: 30th December, 2015.

Written by:  Shivani Balasubramanian (Associate at Talent Discoveri Consulting India Pvt. Ltd., Mumbai)

Tube Investments Set for Upgrade after Insurance JV Stake Sale

Tube Investments, manufacturer of iconic Hercules bicycles and supplier to auto makers, received a shot in the arm after it sold 14% stake in Cholamandalam MS General Insurance.

This may trigger valuation re-rating of the residual stake in the insurance venture as well as bring down its debt burden. The combined positive impact of these two factors lifted its stock 11.62% on Monday , the highest one-day percentage change since September 2014, to end at `446.6.

There are two factors that might help analysts to lift their target price on the stock. One, the company will receive nearly `882 crore post selling 14% stake in the insurance company.This will be used to retire the debt of the company and consequently, bring down the interest expense by nearly half.

At the end of FY15, the company has a total debt of `1,420 crore, and is expected to receive net proceeds of `750-800 crore from stake sale after deduction in capital gains.

De Arul Kaarthick, analyst with Karvy stock broking says that the interest cost of Tube Investments will come down to `79 crore for the next fiscal versus `122 crore this year.

The company’s profit margin for the next year may improve by 120150 basis points.

Secondly , after selling 14% stake, Tube Investments will still own 60% in the insurance firm. Given that the current deal is valued at 8.46x the book value, much lower than currently factored by the analyst, the revised valuation for general insurance could set higher valuation benchmark of the remaining stake and could potentially trigger valuation rerating of the insurance company .

 

Source: Economic Times

Date: 29th December 2015

Top Jobs That Will Rule in 2016

As 2016 approaches, recruiters expect an increase in demand across sectors, be it e-commerce, financial services or mobile product development. There will be many more jobs for those in product development in particular owing to the sharp growth in the number of mobile devices in the country, besides a surge in entry-level openings for data analysts, report Varuni Khosla and Brinda Dasgupta.

DIGITAL MARKETING HEADS

More and more companies are looking to beef up their online presence to meet the growing demand amid a sharp increase in the number of people accessing the internet. It is critical for such companies to have the right person to lead the digital marketing team.

“Companies across sectors are ramping up their digital marketing teams and the job profile is slowly but surely attracting more attention because it’s seen as relatively stable and talent is as yet scarce,“ said Nicolas Dumoulin, regional director at Michael Page India.Since it’s a nascent sector, relevant experience matters more than educational qualifications, said Dumoulin.

SECTORS: Any sector that is consumer-related. E-commerce and retail firms, FMCG and SaaS companies are prime examples.

PAY: `30-60 lakh per annum, depending on experience and seniority of position.

PRODUCT DEVELOPERS

With IT companies ramping up their offerings and startups mushrooming in several sectors, product developers are expected to be in high demand in the coming year. “This job profile will particularly be much in demand, with new-age companies targeting the younger segments of the population by building mobile and app-friendly products,“ said Satya Sinha, CEO, Mancer Consulting.

Engineering degrees in different disciplines coupled with a good understanding of software as well as adaptability to new technologies will stand would-be product developers in good stead.

SECTORS:

IT product companies and startups.

PAY: About `15 lakh for junior levels, going up to ` 50 lakh for senior positions.

SKILLED TECHNICIANS

The demand in the IT sector is expected to slow down a tad since the companies in this sector are not expected to grow as fast as they have in the previous years. However, manufacturing sector will see a higher demand for jobs, said AG Rao, group managing director at ManpowerGroup India. Skilled technicians in factories, mechanical engineers, electronic engineers and sector specific locomotive engineers will be in great demand in the coming year, he said.

PAY: ` 2.5-5 lakh for entry-level jobs, with higher salary for wider skill set. For instance, a locomotive engineer will command a higher entry level salary due to his special skill set.

With the Narendra Modi government pushing `Make in India’ and `Skill India’ campaigns, both state-run and private companies are expected to go on a hiring spree. And with the implementation of the Seventh Pay Commission, salaries will go up, said Sachin Vohra, directorrecruitment IKYA Human Capital Solutions, a division of Quess Corp.

SENIOR MANAGERS: E-COMMERCE

In the e-commerce sector, young promoters are on the lookout for sales and marketing professionals, along with supply chain, distribution, delivery and logistical employees to add value to their companies.PAY: `1-10 crore for CXO level employees, depending on the stock options that the companies offer. The soft skills required for these jobs include independence of thought, a high degree of emotional maturity and an ability to cope with crises. On the whole, a few sectors are expected to do extremely well in terms of employment generation. These include e-commerce, where jobs will range from sales and marketing to logistics. All e-commerce firms are on the lookout for talent across the board, said Navnit Singh, chairman and MD of India for Korn Ferry International.

DATA ANALYTICS

In 2016, entry-level jobs for data analysts are expected to be aplenty since companies across the board, from small firms to larger companies like Infosys are looking to expand their footprint in technology . These jobs will require mathematical and analytical skills.

“We are planning to double our capacity to hire people for these roles at the entry level,“ said Sreenivasa Rao Yadavilli, managing director India at Futurestep, a recruitment solutions arm of Korn Ferry . “This is because mobile devices are increasing at a rapid pace and India will reach 400 million smart mobile devices soon and there are various areas around which data can be analysed,“ said Yadavilli.

PAY: `2-10 lakh for entry-level jobs and `70 lakh to ` 1 crore for senior positions.The soft skills required for this job will be comparable to any other senior level job, such as good spoken and written English and more collaborative skills than an IT professional would need.

MOBILE PRODUCT DEVELOPMENT

With mobile users set to cross 500-million mark by the end of 2015, according to a GSMA report, mobile product development engineers are expected to be in huge demand next year as software products and apps are being developed in droves. “What started as a trend in consum er technology is now being regarded as revolutionising software usability and, therefore, is being adopted in enter prise software product development as well,“ said Rituparna Chakraborty , senior VP at TeamLease Services.

A BTech or a bachelor’s degree in en gineering, design or related fields is a prerequisite for such jobs. AutoCAD certi fication, detailed knowledge of applications development on AndroidiOS will steer hopeful candidates smoothly along.

SECTORS: IT consulting firms, e-commerce companies and companies building software products and mobile apps.

PAY: `12-18 lakh at the entry level; `35-40 lakh at higher levels.

Source: Economic  Times

Date: 29th December 2015

 

5 WAYS TO Make an Employee a Risk Taker

Companies should encourage employees to take risks. Many believe if employees are not taking risks they are probably not working to their potential.Varuni Khosla asks experts five ways through which managers can encourage employees to take more risks:

1 Lead by Example

Managers often need to take risky decisions in order to achieve innovative outcomes.It is imperative for managers to not just introduce and encourage innovations within an organisation but also implement them to set an example for others, said Peesh Chopra, managing partner, Peesh Venture Capital.

2 Face Rejection

According to experts, approval must be expected as default outcome while rejection should be a considered decision. If the manager wants to say no to an idea, he or she should write a two-page thesis explaining why it’s a bad idea. This will result in more ideas being tested, said Mohit Gundecha, co-founder of Jombay, a company built on people science and analytics.

3 Open to Ideas

Saying yes to most suggestions will encourage experimentation and make it an important part of an organisation’s culture. “The biggest risk is not taking any risk,“ said Facebook founder Mark Zuckerberg, reminded Rajeev Thakur, director, Grassik Search Pvt Ltd.

4 Right Platform

A formal platform for new initiatives will give employees more confidence to come up with new ideas, said Vidur Gupta, co-founder of Spectrum Talent Management.

5 Be Proactive

Managers should avoid spoon-feeding employees and tracking all their moves. They should instead encourage a culture of minimum viable feedback and give people room to experiment, said Gundecha.

Source: Economic Times

Date: 29th December 2015