80 per cent of the country’s population
The insurance industry opened up to the
private sector in 2000
Bangalore: For the first time in the country, insurance will be offered at both the undergraduate and postgraduate level at Bangalore University. The School of Business Studies, Bangalore University, and the National School of Insurance Education and Research will jointly offer the programmes from the next academic year (2008-09).
A. Jayagovind, Vice-Chancellor, National Law School of India University, on Saturday inaugurated a workshop organised to develop a curriculum for the bachelor and postgraduate courses in insurance.
Speaking on the occasion, Mr. Jayagovind said that insurance education should be brought to the mainstream. “There is a huge demand for trained personnel in the insurance industry worldwide. University-level education will help pave the way for youngsters wanting to get into the sector.”
B.C. Sanjeevaiah, professor and coordinator, School of Business Studies, said that earlier, insurance was taken up as a part-time job and the approach to insurance business was also very different. “Post-2000, the industry opened up to the private sector. There now is a lot of potential for young talent to enter the field. Looking at the growth in the sector, insurance is likely to become one of the biggest recruiters in the years to come,” he said.
Mr. Sanjeevaiah said that the university was also thinking about offering a similar programme in banking. He said that the university would simultaneously offer the Bachelor programme in Insurance and Actuary and Postgraduate Diploma in Insurance and Financial Planning.
“There still are a few modalities that need to be sorted out. After three years, depending on how the programmes are received, we will introduce a masters programme in insurance and actuary,” he said.
K. Eresi from the School of Business Studies said that close to 80 per cent of the country’s total population is uninsured. “There is a huge potential. Life insurance coverage in India is only 35 million out of one billion. There is a huge demand for skilled persons in the industry,” he said while underlining the potential of growth in the field.
Course in banking
Speaking on the sidelines of the workshop, Mr. Sanjeevaiah said the university had also initiated talks with the Souharda Group of Banks to start a new course in banking. “There is a huge demand for trained persons in the banking sector also. The discussions are under way and we may be signing the memorandum of understanding soon.”
H.M. Jain, chairman, Jeevan Vidya Trust; Meher Patel, principal of Sales Training Centre, LIC of India; C.K. Karun, chief promoter and secretary of the National School of Insurance Education and Research, spoke.