Nasier Chairman speaks
Prof. P N Murthy
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India has been progressing steadily on the growth path and aiming to be a 5 trillion economy and also one of the top three economies of the world. With abundant natural and human resources this dream is achievable. Only need is to focus on the sectors that propel the growth.
Insurance industry is the only one in BFSI segment capable of providing the required opportunities. It has vital lines of operations like Life, Non-Life/General (which in itself is a universe of its own with Motor, Fire, Marine and All others falling under Miscellaneous), Health and most important one of Pensions, which can keep the process on for a long time to come. The opportunities made available by these are so immense but would need a well-planned strategy to utilize the potential to the fullest extent.
I keep quoting this IMF report often. India: Financial Sector Assessment Program—Detailed Assessments Report on IAIS Insurance Core Principles IMF Country Report No. 13/265 on its page 9 mentions "....12.The insurance sector employed 139,000 people in the life sector and 61,000 in the nonlife sector at the end of FY10/11. A little over half held some form of relevant vocational or academic qualification. Slightly less than 10 percent had formal insurance- related credentials. At the time of the assessment, there were 415 individuals with actuarial qualifications (including 82 IAA accredited Fellows) and approximately 5,700 accountants active in the insurance industry. More than 10,000 surveyors and loss adjusters are also employed in the sector. There is a need to increase the number of insurance professionals significantly due to rapid local growth. India is also a major supplier of skilled personnel to the emerging Middle Eastern markets......" https://www.imf.org/external/pubs/ft/scr/2013/cr13265.pdf This shows the extent of options available, but the country needs to strategise to reap the benefits. There is another aspect in the above report which is worth exploring. On page 10 it mentions “13. Approximately half of the private life insurers are making accounting losses, partly reflecting the costs of establishing adequate scale, but also in some cases a problematic business model,10 which IRDA has recently taken steps to address.” This is another major opportunity for professionals from the industry to adopt.
NASIER has been set up by a group of dynamic industry professionals to support the industry in the following areas:
1. To spread awareness on the areas of potential for Entrepreneurs to venture in.
2. To spread awareness on the opportunities of career or self-employment opportunities that can be generated for the young population of the world.
3. Conserve, Preserve and share the technical know-how for this highly technical industry.
4. Share the information on the Global Best Practices.
5. Build skills, upskill, reskill the interested youth.
NASIER has been spearheading the movement to make India the Insurance Skill Capital of the world. We thank all members of our advisory team, functional team for their valuable support.
Prof. P N Murthy