06 Sep
|
Financial services
|
Thane
06 Sep
Financial services
Thane
Job Purpose
This role is responsible for empowering the retail vertical through analytics & reporting for critical business decisions. This role also responsible for co-ordination on all retail initiatives with key stakeholders within and outside the vertical. Role is also a central SPOC for co-ordination on audit findings & implementation
Job Context & Major Challenges
Job Context/ Job Challenges:
The insurance industry of India consists of 58 insurance companies of which 24 are in life insurance business and 34 are non-life insurers. In addition to these, there is sole national re-insurer, namely, General Insurance Corporation of India (GIC Re) however several Foreign Reinsurance Branches (FRBs) like Munich Re, Swiss Re, Hannover Re have also set up their offices in the recent years. Other key stakeholders in Indian Insurance market include agents (individual and corporate), brokers, surveyors and third party administrators servicing health insurance claims. From the above, insurance brokers are the only channel, which represents the customers and not insurers.
This unique role of the broking channel is recognized by the regulator, insurers and customers. The Indian insurance market is a huge business prospect waiting to be harnessed. India currently accounts for less than 2 % of the world’s total insurance premiums (2018). The country is the tenth largest insurance market in the world (2018) in terms of premium volume. In terms of insurance penetration in 2018 (Premium placed to GDP of the country) India stands at 0.97% against the global average of 2.78% which is not only below advanced nations like USA (4.26%) and Switzerland (4.1%) but also emerging economies like Taiwan (3.4%), China (1.9%), and Malaysia (1.45%). This shows the tremendous growth potential the non-life insurance market promises in the coming years.
Aditya Birla Insurance Brokers Limited (ABIBL) is one of India’s leading composite insurance brokers, licensed by the Insurance Regulatory and D
📌 Assitant MIS Manager (Thane)
🏢 Financial services
📍 Thane