The insurance industry of India consists of 53 insurance companies of which 24 are in life insurance business and 29 are non-life insurers. Among the life insurers, Life Insurance Corporation (LIC) is the sole public sector company. Apart from that, among the non-life insurers there are six public sector insurers. In addition to these, there is sole national re-insurer, namely, General Insurance Corporation of India (GIC Re). Other stakeholders in Indian Insurance market include agents (individual and corporate), brokers, surveyors and third party administrators servicing health insurance claims.
The insurance industry is entering a new era. Changing consumer needs and expectations are placing greater demands on existing players. Insurers are adapting with digital offerings and advanced analytics—which in turn deliver compelling new business opportunities. But how can the industry sustain profitable growth in a highly competitive, low-interest-rate environment and serve an aging population? Through a customer-centric approach that drives every interaction.
Industry Scenario Today
The growing influence of the Indian economy is rapidly becoming a global platform for new growth in financial services, creating demand for highly skilled finance professionals. We address talent needs for all middle and senior management roles across all the segments of the sector such as Investment banking, Retail financial services, Insurance, Wealth Management etc.
Financial sector companies require staff to build on knowledge, but they are finding it increasingly tough to train new workers. Retaining talent in an industry with a huge growth potential poses another big challenge. What makes PMS Consulting Stand Apart?
Given that the industry is highly dependent on the talent pool, effective talent management is critical to the success of a company. We at PMS Consulting have a highly experienced team of consultants, who have a solid background of the industry; and they bring deep industry and functional knowledge as well as insights that help our clients source the best available talent. Our strong network across companies also helps us assess the requirements in advance so that we can work on a mandate even before it comes to us.