Many worry that the insurance sector is not an attractive first choice of careers for today’s youth – but they can take heart from a panel of today’s young Indian insurance professionals.
A good cross section of budding insurance professionals gathered for a panel discussion on the final day of this year’s India Rendezvous to debate the subject of ‘tomorrow’s Indian insurance leaders: Expectations and hopes’.
Bajaj Allianz General Insurance deputy manager Aditya Ubgade, GIC Re deputy manager Rohit Babel, Tata AIG General Insurance manager (reinsurance) Hemlata Hajong and Digit Insurance management trainee Lakshya Gupta took part in a lively discussion that held many important insights for today’s insurance employers.
Mr Ubgade set the tone when he said, “What attracted me most about the industry is the potential growth of the sector – and the fact that there is not a lot of red tape,” in an industry that does a lot of societal good.
Ms Hajong concurred and said that insurance was a “resilient industry that has huge potential,” and that was why she first considered working in it.
Mr Babel was candid about the industry being “slow to adapt to change,” but hoped that was in the process of changing. Mr Ubgade followed through by saying that there was a misconception that insurance “was about having to sell – and having to lie.” Mr Babel countered this by saying that at the end of the day “you know you’ve helped people.”
All of the panel agreed that the long-term solution to the perception problems that the industry has lies in “catching them young”. There is a burning need for broad financial education to begin in schools – while the importance of social media in educating tomorrow’s insurance industry intake is paramount.
In addition to lack of awareness, the other major impediment to growth lies in lack of trust, according to the panel, and the fact that many people think insurance doesn’t offer a ‘dream career’ in terms of financial remuneration.
The reality is that today’s younger employees in the sector are the best advertisement for more new recruits – and savvy employers will recognise this and start working on new recruitment drives.