Role of HRM in Insurance Sector

Submitted By R K krishna Vazrapu

(0409005)

Insurance

• Insurance = Collective bearing of Risk.• Basic Human trait is to be averse to the idea of

risk taking.• Types of insurance– Life Insurance – Non Life Insurance

• The key development started with the market liberalization set by IRDA (Insurance Regulatory and Development Authority).

Emergence of Insurance sector

HRM

• Human resource management (HRM) is planning personnel needs; recruiting, selecting, training, and developing capable employees; placing them in productive work environments; and rewarding their performance.

Principles Of HRM insurance

• Human resource are the most important assets

• Organizational success

• Organizational culture, values and climate significantly

• Human resource management is concerned with interationgetting all members of the organization involved and working together with a sense of common purpose.

Role Of HRM in Insurance Sector

The use of the individual, team and organization learning for serving the customer in a better way.

Update Employee’s knowledge and skills . Aligning the development and learning

strategies with the firm strategies . Devising strategies to motivate the employees

Role Of HRD in Training

JOB DESCRIPTION

• To find for potential customers• To handle customer related affairs• To check the claims• To ensure that all premiums are paid properly

Competencies for Insurance Jobs

• Public speaking skills• Computer Knowledge• People skills• Organizational Skills

Advantages Of HRM in Insurance

More flexible than personal management.Professionally managed by HR.Quick update of requirements of a firm.Good understanding of the firm requirements

and increase in efficiency.

Hierarchy of Job

Chief Managing Director

Chief Area Officer

Zonal manger

Area Sales

manager

Area Manager

Zonal manager

Salary as per Experience

Conclusion

HRM has a crucial role to play in insurance sector. It acts as backbone for the insurance sector , because it only lays the structure for the organizations operations, functioning and working. Even with the advent of high technology it will have a prominent role to potrayed.