Apart from consumers, ICICI Prudential Life also extends the protection shield to its employees
Life is like an intriguing mystery, with many twists
and turns. And as the complicated plot called life unfolds, there are surprises and setbacks in store for all of us. Surprises add spice to your life, while setbacks make you sit back and take stock of the situation in which you have unknowingly landed. Whatever the case be, one can never really say for sure what turn destiny might take. This is one of the major reasons that many people seek ‘insurance’. However, the very word insurance carries a negative connotation. Hence, consumers are not easily swayed by the innumerable promises that insurance companies make. With the paychecks getting fatter by the day, Indian consumers are increasingly looking at alternate modes to plant their money, hence insurance cover takes a backseat. So even today, a vast Indian population is uninsured. Even those who have taken some sort of insurance cover are also grossly underinsured.
For close to 50 years after Independence, the sector was in complete chaos, with only one life insurance player, LIC, operating in the country. The penetration level was miserable as well as the awareness was low. The year 2000 was clearly the watershed period for the insurance sector, with the government allowing private participation in the sector. No sooner had the government announced reforms in the sector, a flurry of private players as well as international players made a beeline for this highly potential yet unexplored sector. One of the first companies to set shop was ICICI Prudential Life Insurance (a joint venture between ICICI Bank and Prudential plc – a leading UK-based international financial services group). Clearly in the past few years, insurance has emerged as one of the fastest growing sunrise sectors in India. Huge potential, intense competition and tax benefits have given a new lease of life to the insurance sector. Although LIC still continues to dominate the pack, but among the private players ICICI Prudential Life stands out as a clear winner with 7% market share (ICMR Survey).
ICICI Prudential Life is the first life insurer in India to receive a National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. For ICICI Prudential Life, the key to success has been their highly motivated workforce (read agents), that have the real tough task to motivate consumers to buy an insurance policy. The company has seen a lot of activity in the last two years and its workforce has increased from 7,500 employees in 2005-06 to nearly 29,000 employees, today and still counting…
With such rapidly growing workforce, the role of HR becomes all the more critical in identifying and nurturing the right talent that will enable the company to build scale. While speaking to B&E on the people challenges faced at ICICI Prudential Life, Judhajit Das, Chief – Human Resources, ICICI Prudential Life Insurance, points out, “With this kind of growth, our highest need is that of talent at the frontline level and customer service points, given our scale requirements.” In fact the entire financial services sector has a shortage of talent that is suited for middle management roles in corporate functions like finance, audit, human resources and specialist functions such as product development, underwriting, claims and actuarial. Consequently, the company too finds itself in a ‘war for talent’ situation, wherein there is a dearth of skilled professionals who have the domain knowledge of specialised insurance functions. Therefore, retaining high potential talent are the biggest challenges for the human resource function. To address the challenge of finding the right set of people ICICI Prudential Life has partnered with some exclusive business schools to launch a Post Graduate Program in Management and Insurance (PGPMI) to train and develop skilled insurance professionals, who can later join the company and help them build scale. In addition to this, the company has also adopted other innovative strategies such as identifying and nurturing talent among Indian Armed Forces and encouraging second career amongst the senior citizens, which also enables ICICI Prudential Life to strike a balance between young and mature minds within the organisation. To build further scale, the company has moved beyond the metros, to recruit talent from tier II & III cities as well.
For Complete IIPM Article, Click on IIPM Article
Source : IIPM Editorial, 2008
Life is like an intriguing mystery, with many twists
and turns. And as the complicated plot called life unfolds, there are surprises and setbacks in store for all of us. Surprises add spice to your life, while setbacks make you sit back and take stock of the situation in which you have unknowingly landed. Whatever the case be, one can never really say for sure what turn destiny might take. This is one of the major reasons that many people seek ‘insurance’. However, the very word insurance carries a negative connotation. Hence, consumers are not easily swayed by the innumerable promises that insurance companies make. With the paychecks getting fatter by the day, Indian consumers are increasingly looking at alternate modes to plant their money, hence insurance cover takes a backseat. So even today, a vast Indian population is uninsured. Even those who have taken some sort of insurance cover are also grossly underinsured.For close to 50 years after Independence, the sector was in complete chaos, with only one life insurance player, LIC, operating in the country. The penetration level was miserable as well as the awareness was low. The year 2000 was clearly the watershed period for the insurance sector, with the government allowing private participation in the sector. No sooner had the government announced reforms in the sector, a flurry of private players as well as international players made a beeline for this highly potential yet unexplored sector. One of the first companies to set shop was ICICI Prudential Life Insurance (a joint venture between ICICI Bank and Prudential plc – a leading UK-based international financial services group). Clearly in the past few years, insurance has emerged as one of the fastest growing sunrise sectors in India. Huge potential, intense competition and tax benefits have given a new lease of life to the insurance sector. Although LIC still continues to dominate the pack, but among the private players ICICI Prudential Life stands out as a clear winner with 7% market share (ICMR Survey).
ICICI Prudential Life is the first life insurer in India to receive a National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. For ICICI Prudential Life, the key to success has been their highly motivated workforce (read agents), that have the real tough task to motivate consumers to buy an insurance policy. The company has seen a lot of activity in the last two years and its workforce has increased from 7,500 employees in 2005-06 to nearly 29,000 employees, today and still counting…
With such rapidly growing workforce, the role of HR becomes all the more critical in identifying and nurturing the right talent that will enable the company to build scale. While speaking to B&E on the people challenges faced at ICICI Prudential Life, Judhajit Das, Chief – Human Resources, ICICI Prudential Life Insurance, points out, “With this kind of growth, our highest need is that of talent at the frontline level and customer service points, given our scale requirements.” In fact the entire financial services sector has a shortage of talent that is suited for middle management roles in corporate functions like finance, audit, human resources and specialist functions such as product development, underwriting, claims and actuarial. Consequently, the company too finds itself in a ‘war for talent’ situation, wherein there is a dearth of skilled professionals who have the domain knowledge of specialised insurance functions. Therefore, retaining high potential talent are the biggest challenges for the human resource function. To address the challenge of finding the right set of people ICICI Prudential Life has partnered with some exclusive business schools to launch a Post Graduate Program in Management and Insurance (PGPMI) to train and develop skilled insurance professionals, who can later join the company and help them build scale. In addition to this, the company has also adopted other innovative strategies such as identifying and nurturing talent among Indian Armed Forces and encouraging second career amongst the senior citizens, which also enables ICICI Prudential Life to strike a balance between young and mature minds within the organisation. To build further scale, the company has moved beyond the metros, to recruit talent from tier II & III cities as well.
For Complete IIPM Article, Click on IIPM Article
Source : IIPM Editorial, 2008
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