IRDA to hire 100 niche insurance professionals

The Insurance Regulatory and Development Authority (IRDA) is planning to hire about 100 insurance professionals over the next three months to tackle its growing manpower needs. “The industry has been growing and the Authority needs skilled professionals. So, the present focus is on expanding our base of skilled professionals,” a top IRDA official told Business Line here.

The focus on human resources in the 10-year-old IRDA has never been ‘adequate’ and it is now felt that there is a need to strengthen it on par with other regulators such as Securities Exchange Board of India (SEBI).

“At present, the Authority has 120 people on its rolls. Out of this, nearly half are secretarial staff and 20 are from the industry,” the official said.

The proposed recruitment would focus on niche insurance professionals in actuaries, underwriting, products/claims, among others and will join IRDA as assistant and deputy directors. The much-felt need for skilled staff is understandable given the hectic activity taking place at the Authority.

Besides major changes in regulatory framework of unit linked insurance products (ULIPS), effected last year, the inspection team of IRDA also got busy with a host of issues including the alleged violation of norms by some microfinance institutions.

The imminent announcement of new guidelines for mergers and acquisitions of general insurance companies, norms for initial public offers of insurers are also expected to keep IRDA busy.

On the technology front too, IRDA is in the process of implementing enterprise resource planning (ERP) solution for more speed and efficiency.

As sale of insurance policies is generally expected to be brisk during January-March in view of tax savings, IRDA will also be launching a massive education campaign soon.

“The general public will be made aware of important aspects before buying insurance especially ULIPS. The campaign will be conducted done through print, electronic media and other channels such as pamphlets,” the official said.

Courtesy: Hindu Business Line: http://www.thehindubusinessline.com/2011/01/20/stories/2011012051690600.htm