Insurance cos tie up with IIMs for staff-training
Insurance majors such as ICICI Prudential Life, Kotak Life Insurance and Tata AIG Life among others have tied up with the IIMs to train their mid-level executives.
By TNN |
NEW DELHI: Insurance majors such as ICICI Prudential Life, Kotak Life Insurance and Tata AIG Life among others have tied up with the IIMs to train their mid-level executives. They are not only encouraging employees to take up short-term courses to gain better understanding of their jobs but also sponsoring them. Private insurance companies are likely to spend close to Rs 30 crore to train their employees this year.
Some companies already have tie-ups with leading B-Schools in India. ICICI Prudential, for instance, spends anywhere between Rs 25,000 and Rs 3 lakh to train each employee in the junior and mid level.
���We send our executives for short-term training programmes to leading management institutes in India for proper understanding of the sector,��� ICICI Prudential HR head Judhajit Das said. The insurance major has tie-ups with various IIMs in Ahmedabad, Kolkata and Bangalore. It also has training sessions within the organisation to educate its employees with the required knowledge and skill set in the insurance space.
According to industry experts, short-term courses work well for both employers and employees, as they are tailor-made to suit their requirements. Kotak Life recently tied-up with IIM Indore and spent close to Rs 1.5 crore to train its mid-level management staff. It facilitated a 13-day programme in the institute for its executives to gain better understanding of their current job and enhance future opportunities and growth.
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���During job shifts, employees often have to cope with completely new responsibilities. To ensure that productivity is not affected, we have tied up with IIM Indore to train our employees,��� said Kotak Life Insurance executive vice president Sugata Dutta.Currently, there are 17 players in the insurance sector. With expansion plans on board and newer players waiting to tap the market, there is increased competition in the industry. Currently the penetration of life insurance in India is about 4.1% of the total GDP.
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