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Areas of opportunity

Insurance Industry

The insurance industry dates back to the 2nd Century BC when Chinese and Babylonian traders used the concept to cover possible loss of their goods. In the years since, its form has changed many times over, but its premise is still the same: to eliminate the financial risk of losing an asset – it could be a vehicle, home, factory, or even one’s health - so that the person or organization who suffers the loss does not bear a huge financial burden as a consequence.

Why is insurance important?

In India, some assets like vehicles and factories must compulsorily be covered by insurance, while others like health, home and travel are optional. As awareness of insurance spreads, people realize that the premiums they pay towards securing their asset are just a small fraction of the amount they would lose if the asset itself were gone. Hence, insurance has a huge social role to play by ensuring continuity for businesses, better medical care for those who are unwell, security for those who travel abroad and assistance at the time of a car accident.

Is it a growth industry?

Each year more and more people become aware of the benefit of having insurance propelling the industry’s growth. Since the privatization of the industry in 2000, 24 new companies have begun operations in India, emphasising the potential our country holds. In fact, the insurance industry has grown at 9.2% in the financial year 2015, considerably outperforming the country’s GDP growth.

But the growth story of insurance goes beyond financials. It’s a story of creating a nationwide footprint that has created jobs for over 100,000 people across the length and breath of India. It is a story of ensuring timely availability of medical care, of improving standards of healthcare, of giving people courage to buy homes and of giving businesses a safety net. It’s a never-ending cycle of evaluating customer needs, innovating products, outreach programs and partnerships. Most of all, its an unseen, but essential cog in our country’s march towards the future.

Is there a role for me?

As the leader amongst private life insurers, ICICI Lombard leads the charge across multiple aspects of the industry, be it location footprint or partnerships, innovation or customer service, employee practices or risk management. We are always looking for bright and enthusiastic people to help us take our business to new frontiers. If you are interested in being a part of one of India’s fastest growing industries, look no further!