BUSINESS IN INSURANCE

The success of a business, whether it's a tiny enterprise run out of a basement or a large corporation, is largely dependent on hard work and ingenuity. However, no matter how industrious you are, one disaster can wipe out all your profits and even destroy your business. The key to making sure that all the effort and money you have invested in a business doesn't disappear when a disaster strikes is to protect it with the appropriate insurance.

The opening of the Indian Insurance Industry in 1998 marked a new era for the Indian insurance sector. A proliferation of new entrants, mainly in the form of joint ventures with foreign insurers, changed the competitive landscape substantially. The new entrants brought with them innovative product designs and creative distribution strategies, which led to rapid growth in premium income over the past few years. Five years after the opening of the insurance sector to private players, foreign insurance majors are making a beeline for the Indian insurance market. That is because India is turning into one of the top markets in Asia.

We can thus see a clear growth on both the supply side as well the demand side for insurance products and services. The entry of the private players has widened the product range and a lot of choice is now available to the with the Indian consumer. For a consumer, it is a difficult task to take an informed decision as he has neither the required knowledge nor the time to continuously track the market. Thus, there is a need for insurance professionals who will understand the customers' financial asset protection needs and develop and deliver appropriate products and services.

The main challenge is that this special caliber, the new age insurance professionals, is an emerging tribe who are endowed with certain specific attributes. The accelerated demand for this category calls for specific training efforts to make them productive. The need of the hour is to evolve a program which blends knowledge, skill and application so that students, who undergo this program, become Insurance professionals and are industry ready on day one. They will be sought after not only by the organizations who are offering insurance services but also by the individuals who need this support.