The need for having a well-trained workforce is enormous in a competitive environment. In a domain where changes take place at a fast pace, keeping abreast of the developments from time to time is vital. In some areas of insurance business particularly Information Technology, Claims Management etc., the insurers need to focus on training their staff on a regular basis.

The key differentiating factors that determine the success of any business in the 21st century are speed, technology and human capital. In this backdrop, the future strategy for the insurance industry would revolve around four factorsProduct Variety; Service; New Delivery Channels; and Professionalism. The industry has to explore various avenues to leverage these factors and be ready for the challenge to stay ahead in the global competition. The time is therefore ripe for upcoming insurance companies to reflect on their business strategies and explore the role of training in a competition and technology-based business environment.

Today, most insurance companies are tying up with training institutes to equip their employees with the necessary knowledge and skills. A survey reveals that the training sensitivity among the top eight private insurance companies in India stands at 3 on a scale of 0 to 5, where 0 represents not sensitive and 5 represents highly sensitive.

The ongoing liberalization of the insurance sector in India has brought along with it the need for quality insurance training. With increasing competition, there will be an increase in demand for insurance-oriented marketing and sales personnel, IT specialists, underwriters and actuaries. Consequently, there is an imperative need to evolve professional standards for various constituents of the industry, both front office and back office, which will put them on par with the best in the world.

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