Spam Prats Nov 09, 2009 No Comments
The growth in the Indian financial market was the major reason for the spurt in the demand for actuaries. Apart from the traditional areas of life and general insurance, pension and reinsurance, actuaries are now needed to play the roles of consultants, investment advisers and risk managers as well. A number of banks are set up joint ventures with insurance companies, which has likely raised the number of life insurance companies from 16 to more than 20. The number of general insurance companies is also expected to increase from 12 to around 15.
The health insurance sector is also expected to get a big dose of growth. V Jaganathan, managing director of Star Health Insurance, says there is huge potential for the sector in a populous country like India. Apollo Hospital, for instance, is close to establishing a health insurance company. Reforms in pension funds, whenever they happen, are also expected to add to the demand.
India has the potential to emerge as a key actuarial back office in the BPO sector as well. A few companies are already in the business of low-level calculations. Once the supply pool expands, India can take up more complex and more lucrative back office work, says Krishnamurthy.