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Best Employers in Insurance

Though India's insurance sector accounted for 4.1 per cent of GDP in 2006-07 and the insurance companies recorded a 19.9 per cent growth in premium as compared to the world market growth rate of 2.9 per cent; on world averages India ranks 78th in terms of insurance density and 54th in terms of insurance penetration.

Insurance business in India is divided into four classes : Life Insurance, Fire Insurance , Marine Insurance, Miscellaneous Insurance. The Life Insurers transact life insurance business while General Insurers transact the rest. The market size of the insurance sector is estimated to reach a size of Rs 2000 billion by 2009-10. The domestic insurance industry in India is estimated to be around US$ 60.5 billion by 2010, of which US$ 35
billion will come from rural and semi-urban areas. The life insurance market is expected to grow to US$ 35 billion while non-life insurance market will touch an estimated US$ 25 billion. The entry of foreign players has attracted an FDI of US$ 543 million.

Recruitments in the sector:
India occupies third position globally in terms of employment with 42% of employers having robust hiring plans for FY2008. The insurance sector employers are likely to indulge into aggressive recruitments (42 per cent). With around 15 million new policies being sold every year, the insurance sector is picking up fast in India. Due to its robust growth there is a need of skilled professionals in the sector. The employers are looking forward to hire freshers at junior levels as they are quite flexible and ready to work as part time employees as well. Apart from hiring actuaries and underwriters, the industry is focusing on hiring agents. These agents represent the front end of the customer chain and are responsible for bringing in new business.

Compensation & Attrition:
The sector offers attractive packages to agents and unit managers. In order to curb high attrition rates, the variable pay offered is nearly 100 per cent of the fixed pay. The attrition is seen highest in the insurance sector, touching 35.2 per cent in 2007. Though the salaries are attractive, at the same time, the attrition rates also are high, because insurance sector jobs are highly demanding, target oriented and competitive.

There are rural and non-metropolitan markets that are yet to b tapped by private insurance players. The key players in Life Insurance business are Life Insurance Corporation of India, HDFC Standard Life Insurance, Max New York Life Insurance, ICICI Prudential Life Insurance, ING Vysya, Bajaj Allianz Life Insurance, Metlife India Insurance, Aviva Life Insurance, Bharti AXA Life Insurance and Reliance Life Insurance. In General Insurance business some major players are Oriental Insurance, New India Assurance, National Insurance Company Limited, Royal Sundram Alliance Insurance, IFFCO Tokio General Insurance, ICICI Lombard General Insurance and Cholamandalam General Insurance.

NaukriHub Rankings attempt to rank companies on basis of various HR practices, procedures and policies prevalent in Insurance industry . Ten companies are selected on random basis and ranked on various parameters like recruitment practices, retention rates, compensation policies, work culture, recognition for good work, flexible work timings, et al. The scores are consolidated on the basis of data collected through recent surveys and studies conducted by renowned names like Business Today, Hewitt Associations, IDC Data Quest, NASSCOM and our own study of the organizations.