HR Challenges in the Insurance Industry
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Case Code: INS028 Case Length: 03 Pages Period: 2003 Pub Date: 2003 Teaching Note: Available |
Price: Rs.100 Organization: Varied Industry: Insurance Countries: India Themes: - |
Abstract Case Intro
"The real challenge for human resource professionals, especially in the insurance sector, will begin in the new millennium," said Karrupu Vasu (Vasu), senior manager (Human Resources) at Bonny Life Insurance.
"What kind of challenge will we face? As of now, the sailing is smooth for HR professionals as compared to the marketing professionals. As competition is severe in the insurance sector, it requires a lot of skill to sell a policy.
Even finance professionals face difficulties as the interest rates have been on a downward spiral. They now face the challenge of identifying the best investment opportunities," said Chenchull Reddy (Reddy), another manager at Bonny Life Insurance.
"The honeymoon is over. It is time to pull up our socks. After the liberalization of the insurance sector, private and foreign players in India have become active. Though there is a lot of scope for growth in the sector, the availability of human resource with skills suited for the insurance industry is meager. Therefore, it is difficult to find skilled people," replied Vasu.
Both Vasu and Reddy had several years of experience of working in managerial positions for different service organizations before they joined Bonny...
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