Insurance industry likely to see skill shortage

Thursday 24, May, 2012 Courtesy the growing insurance penetration in the country, the sector is likely to face a shortage of skilled manpower, according to experts. "Manpower requirements differ from companies to companies. In Life Insurance Corporation (LIC) alone, the current requirement is about 10,000 professionals at the administrative and clerical level," K Venugopal, general secretary, All India Insurance Employee Association (AIIEA), told Business Standard. In the Indian banking, financial services and insurance (BFSI) sector, the incremental human resource requirement will be about 500,000 persons by 2020, estimates National Skill Development Corporation (NSDC). The insurance industry will require niche high-end skills in complex and highly-specialised areas such as risk management, credit evaluation and financial engineering.

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