The Hindu Business Line : A finishing school for insurance pros

Hyderabad, March 22 ICICI Prudential and Talent Sprint have come together to set up a finishing school for insurance professionals, a sector facing shortage of trained manpower.

A six months customised course would empower people to get both classroom training and internship with assured placement after completing a test.

The former Chairman of the Insurance Regulatory and Development Authority (IRDA), Mr N. Rangachary, who is an advisor on the board of Talent Sprint, said that the insurance market is under-penetrated at about 4.3 per cent and has potential to go up to 6.5 to 7 per cent in the next five years.

However, the sector faces shortage of trained manpower, even in areas such as actuaries. Given the opportunities in the sector in the last few years since the opening up of the insurance sector, chartered accountants and lawyers are taking up careers in insurance. There is big dearth of actuaries too, he said.

Addressing a press conference here, Mr Rangachary said the sector has potential to add to the capital in the country and several overseas companies are looking at entering India.

Typically, it takes about 7-9 years to get into profitability in the insurance sector.

The Chief Executive Officer of Talent Sprint, Dr Santanu Paul, said the initiative is not exclusive to ICICI Prudential and could be extended to other insurance companies also.

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