Post the finance ministry directive that state-run insurers must revamp their HR process and provide lateral hiring opportunities with better grade and pay packages. As per the government's study, almost 75% of the officers in key positions would be retiring in the next seven years and there is an urgent need of staff for IT and investment functions. The common area identified for lateral recruitments are IT, Investment, Risk Portfolio and Actuaries while for marketing existing employees may be utilised. On their part state-run general insurers of the country have decided that they would hire graduates from top-rung institutes such as Indian Institute of Management, IIMs. This will help them upgrade their workforce in departments such as investment and information technology. After doing an assessment in general insurers, the government may also push India's largest insurer, Life Insurance Corporation to look at the same.
Source: The Economic Times