Insurance Sector Records 87 Per Cent Growth In Hiring Activities, Says JobSpeak Report 

The growing start-up culture has taken the meaning of risk at a very different level. A number of people are leaving their jobs and starting their business. Businesses include a number of risks. Whenever, we talk about risks, insurance is the only thing which comes in our mind. Therefore, in the aftermaths of lockdown and lights of emerging startups insurance sector is experiencing growth.  According to an Indian E-employment company Naukri’s JobSpeak report, hiring in Insurance sector has experienced an 87 per cent growth in Aug 22 as compared to the previous year. The growth cues upcoming possibility of employment that the sector can provide to youths of the country.

How Much Growth Did Insurance Sector Note?

It is the seventh time, on monthly basis, when insurance sector experienced this sort of continued grow over last year. Job opportunities have grown over 87 percent making it one of the fast growing sectors in terms of hiring activity. In insurance sector, maximum demand was for candidates having four to seven years' of experience, then of those having zero to three years followed by those with 8-12 years.  NCR region and Mumbai were two cities where growth of hiring activity was highest, compared to last year, showing 136 and 129 percent, respectively.

Number of Years of Experience

While observing the hiring and job activity one thing that must be take care off is level of experience that the candidates have. Higher demand of less experienced persons shows that the sector needs non skilled yet focuses individuals while surge in demand of experienced professionals show how targeted the demand is.  

There is no area in terms of experience in which demand saw dip in overall hiring activity. A very small yet noticeable gap can be noticed in the demands of professionals on the basis of experience. Hiring activity shows that increase was seven per cent for 0-3 years experience bracket, five per cent for four to seven year bracket 7 and six per cent for 8-12 years of experience. Seven per cent of increase is noticed of candidates with over 13 years experience when compared with Aug’21.

How Other Industries Responded

Some interesting industry related insights have been found in the report. It states that hiring activities are increased Travel and Hospitality by 56 per cent, Banking, Financial Services and Insurance by 43 per cent, Auto and Real Estate by 29 and 24 per cent respectively. Biotech did not experience any major change while Information and Technology witnessed a dip of 10 percent in 2022 as compared to 2021.  Overall hiring activity, on a year on year basis, has grown at the rate of 6 percent in Aug’22. In the month of August 2021, overall hiring activity was 2673 which reached 2828 by August 2022.  

As the report is based on data collected across the country, it says Mumbai is the sole Metro to witness growth of 21 percent, whereas Delhi/NCR, Hyderabad, and Pune remained flat. Hiring trends have seen a lot of versatility across cities. In tier two cities, Coimbatore topped with 28 per cent year on year growth. Just after it, at 27 percent, was Kochi. Chandigarh and Vadodara experienced downfall of 17 and 11 percent.

Naukri JobSpeak is a monthly report by Naukri, an Indian Employement company, which collects and records hiring activity data based on the listings on Naukri.com website month on month and year on year. The data is compiled from the website wherein jobs posted by clients on Naukri.com are considered. The report shows hiring trends across industry sectors, geography, and experience level.  

Commenting on the report, Pawan Goyal, Chief Business Officer, Naukri.com, said, “After witnessing an extravagant growth rate in the last 2-3 months, hiring activity is seeing signs of stabilization, and it would be interesting to see how the trend continues in the coming months. Important to note that Insurance as a sector has been flourishing since the start of this year as there has been continuous growth in hiring which is creating opportunities across experience bands with over 100% YOY growth in 0-7 years' experience band.”  

What is Included in the Insurance Sector of India

Insurance industry, in India, consists of two types of companies, life insurers and non life insurers. Major part in the Insurance industry consist non life insurer companies. 58 major companies are counted as base on Indian Insurance industry in which 24 are in life insurance business while 34 works in non life insurance business. Life Insurance Company in the only public sector companies in the life insurance business. While Six Non-life insurers are public sector companies.

When we are talking about employment in the insurance sector, being an insurance agent of an established company is a good source of employment.  With licenses from Insurance Regulatory and Development Authority (IRDAI) the number of agents in Life Insurances increased enormously to 24.42 lakh as of 31st March, 2022 (in 13.26 lakh of LIC and rest for all other private insurers).