In a highly interactive session with the students, Mr. Vinay Trivedi spoke about the insurance industry and his expectations from candidates looking to get into the insurance sector. He also touched upon the experiences garnered from spearheading three functions at Future Generali Insurance, viz. HR Governance, Talent Acquisition, and Talent Management.
The importance of talent management in a sales driven sector like insurance is paramount. There are times when certain departments face attrition rates of over 100% which could be unheard of in other industries. This adds on to the challenges faced by HR personnel in the insurance sector. According to Mr. Vinay, a career in insurance sector will be challenging in more ways than one. Your persuasion skills, flexibility, ethical grounding, all plays a major role in ensuring your career progression. The strength of character is also one of the pre-requisites for anyone who’s looking for a career in Insurance sector.
The insurance industry is one of those sectors which suffers a stigma from the general public. “People have a negative approach towards insurance sales” he said. The importance of insurance will only be felt when someone is faced with an unexpected tragedy in their lives. You get to know the value of the product only when someone dies. But the experience and exposure that one gains from working in insurance sector will change their perspective on life.
Talking about the technicalities of product development, Mr. Vinay said that behind every insurance product conceptualization, there would always be an actuarial team which makes use of various statistical tools to analyze the market. A study on life expectancy is also done to get a clearer understanding of the market. According to Mr. Vinay, product development in insurance sector would take anywhere between six to eight months. On answering the questions from students, he explained about the three target segments of Future Generali which included the mass affluent segment, the institutions, and the corporates. He ended the discussion by thanking the students for making it a highly interactive and lively discussion.