Over the past three years, around 30 companies have expressed interest in entering this sector. Several Indian companies are making an entrance with their foreign partners. Kotak Mahindra has tied up with Chubb, SBI with Alliance capital, IDBI with Principal and Tata group with AIG. All these add up to new products, better packaging, improved customer service and most importantly for you, greater employment opportunities.

The new and improved insurance sector promises several new job opportunities. Ideal candidates are those who are employed in the finance sector, or are equipped with degrees in finance. India employs 5 lakh people in the insurance sector as opposed to 6 lakh in the United Kingdom. Statistics reveal how underplayed the insurance sector in India has been. This is changing with the arrival of the multinational companies. An estimated 25,000 is likely to be employed in the next two years. Companies' plan to set up offices in the four metros and Hyderabad and Bangalore.

Once the private players come on the scene the demands for skilled workers are likely to increase. In the insurance sector itself there will be demand for marketing specialists, finance experts, human resource professionals, engineers from diverse streams like the petrochemical and power sectors, systems professionals, statisticians and even medical professionals. The demand for underwriters claims management and actuaries will continue to remain high.

Systems professionals especially would be required to generate the MIS (Management Information Systems), to help the organisations in decision-making and product pricing. Also needed would be advertising and sales promotion people for image building exercises.

Remuneration will be linked with performance.

Along with the regular jobs, a range of professionals linked with the sector will develop which includes sales agents and independent claims adjusters who will bring new opportunities to the surveyors. Opportunities will be created for those who are already working in the industry to upgrade their skills.

top