Page 17 - Insurance Times November 2022

the pandemic, but is now seeing a
Life insurance premium to cross $100 billion, says
speedy revival aided by pent-up
Swiss Re demand, IRDAI's push for insurance
According to a Swiss Re report, Life Insurance premium is set to cross the penetration and product innovation,
$100 billion mark in India. The Indian life insurance business will present and the entry of new players across
resilience and develop at a distinctive charge of 6.6% (in actual phrases) in insurance companies, intermediaries,
2022 and additional develop at 7.1% in 2023. Though the worldwide life brokers and distributors.
insurance premiums development will nearly flat this 12 months and develop
"Post-Covid, we are working to
by 1.9% in actual phrases in 2023
improve the attraction and retention
The non-life insurance market in India grew 5.8% (in actual phrases) in 2021 of key talents. One of the reasons is
after a slight contraction in 2020. The development is predicted to that as the market and industry get
decelerate barely in 2022 to 4.5%, primarily due to excessive inflation. back to growth, the competition for
talent is increasing exponentially," said
towards augmentation of its capital the field force would aid higher Bruce De Broize, MD and CEO, Future
base to support solvency levels. persistency levels and enhanced Generali India Life Insurance.
customer satisfaction," Kumar said,
Net premiums earned by the company The industry is struggling with sector-
adding that in FY22 LIC saw a 70 per
increased by 27.80 per cent to Rs specific hiring for positions such as
cent rise in the number of digital actuarial, sales and distribution due to
4,985.21 crore for the financial year
transactions. their technical requirements.
2022 from Rs 3,900.94 crore in FY
2021. The firm's embedded value Over 95 per cent of LIC's individual "The insurance sector is growing at a
increased at a CAGR of 11 per cent business, in terms of premium, is very rapid pace and hence, the demand
from Rs 1,681.20 crore in FY21 to Rs sourced through the agency force and for actuaries too has drastically gone
1,865.01 crore in FY 22. less than 3 per cent through the up. Currently, the supply of these niche
bancassurance channel, per the report. professionals is on the lower side,"
LIC mulls deploying 'bionic said Praveen Menon, Chief People
Life insurers struggle to Officer at IndiaFirst Life Insurance.
agents' to boost digital
Due to talent unavailability and
attract, retain talent
sales applicants having more negotiating
The life insurance sector is battling a
LIC is considering deploying 'bionic power in an employee job market, life
human resource shortfall due to
agents' to support its agency insurers are now looking at more
elevated attrition levels and high-
workforce and boost digital sales industry, geography and job-agnostic
growth environment. Hiring across
capabilities. hiring, at least for non-technical roles,
companies has surged drastically,
and offering more benefits and perks
"A strategy of deploying 'bionic' agents according to industry sources.
such as work flexibility and staff
by extending tech support in the form
The sector had grown tepidly during personalisations.
of digital tools and analytics to the
agency force would surely go a long
way in building the core digital sales LIC market share rises to 68.24%
capabilities and exploring a win-win LIC market share in new business premium jumped to 68.24 per cent during
model where there is a convergence of the six-month period ended September 2022 as against 64.48 per cent in
digital along with the best human September 2021 and 63.24 percent in March 2022.
qualities of advice and engagement,"
LIC's new business premium jumped by 45.99 per cent to Rs 124,191 crore
MR Kumar, Chairman, said in LIC's
during the six-month period ended September 2022 as against Rs 85,112.59
annual report for FY22 .
crore in the same period last year.
LIC has a network of 1.3 million agents,
On the other hand, the market share of private players fell to 31.75 per cent
a large section of which work in rural
as of September 2022 from 35.51 per cent a year ago. LIC's growth outpaced
areas to ensure a pan India presence
the total life segment's growth which came at 37.88 per cent. Total premium
across socio-economic segments.
underwritten by the entire life segments rose to Rs 181,977 crore as against
"The increased focus on IT enablers for Rs 131,981 crore in the six- month period ended September 2021.
The Insurance Times November 2022 15