By Anoop Khanna
Indian life and general insurers anticipate a spurt in their businesses as the lockdown imposed to curb the spread of COVID-19 pandemic is relaxed. The insurers plan to add substantial numbers to their workforce soon.
According to a news report published in the financial daily The Economic Times, PNB MetLife Insurance, Canara HSBC OBC Life Insurance, Tata AIG General Insurance, Reliance Nippon Life Insurance and Tata AIA Life Insurance are planning to recruit around 5,000 people during the June quarter.
PNB MetLife Insurance plans to add 1,500 people for the quarter, while the number could rise to as high as 3,000 during the full year, the Economic Times report said quoting sources.
Canara HSBC Oriental Bank of Commerce Life Insurance is likely to take on board more than 1,000 people by June end to help cater to the enhanced customer footprint due to the merger of its parent sponsoring banks.
Tata AIG General Insurance is working to recruit nearly 1,000 people and its life insurance counterpart Tata AIA Life plans to employ 500 people this quarter.
Reliance Nippon life insurance already added 300 people to its workforce in May and plans to add 400 more in June to capitalise on business opportunities emerging from the pandemic.
The newspaper report says the insurance industry employs more than 600,000 people as direct employees. India has 58 insurance companies, 24 in the life insurance business and 34 in the general insurance business.
Many of these insurers have ramped up their digital capabilities, creating employment opportunities in the sector at a time when uncertainty due to job-losses and salary cuts dominates the business landscape.
Asia Insurance Review