India’s Insurance Industry Faces Talent Shortage

February 8, 2008

It may come as a bit of a shock, but India, the country that’s become synonymous with out-sourcing, is facing a talent shortage.

According to the Darwin Rhodes Group, India’s only specialist insurance recruitment company, the liberalization of India’s insurance sector has created enormous demand for talented actuarial and insurance specialists.

CEO Peter Dunphy, speaking at the 10th Global Conference of Actuaries in Mumbai, noted that India’s insurance industry has changed significantly in the past two years as a range of global European and US insurance companies have been launched in Mumbai and Delhi. Previously depressed salary rates, limited employee movement and low penetration in the insurance sector, has been replaced with a boom in demand for talented insurance specialists.

“Darwin Rhodes has seen triple figure growth in the Indian insurance sector and this growth trend looks set to continue with leading firms seeking senior level actuary, insurance and pension specialists,” he told the delegates.

Dunphy, however, explained that the “developing skills and experience of Indian nationals…is allowing growth in the sector to come from within the country rather than relying on international recruitment.”

He described the situation as “a welcome development as it enhances the strength of employers as well as the career opportunities of insurance industry professionals. However, there is still a lack of qualified talent to take many positions as actuaries and insurance specialists which is currently skewing the demand-supply ratio.”

Darwin Rhodes noted that this is the third year it has sponsored the Global Conference of Actuaries and the company has a solid history placing talented insurance executives in companies throughout India.”

Source: Darwin Rhodes – www.darwinrhodes.com

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