With the Parliament ratifying the new 49% cap for foreign direct investment (FDI) in insurance from 26%, the placement market has been galvanised, with the industry set to add as many as 1,18,000 new jobs in 2015.Recruiters are still working out the overall impact on the job market, but they agree that the move would bring back the sheen to the jaded insurance sector as a career option.

The Indian arm of Dutch staffing firm Randstad expects a 10-15% growth in job creation in the insurance sector, while job portal Shine.com is more optimistic and sees hiring activity going up by at least 12-18%. Fresh skillsets are likely to be needed. “Foreign players are going to focus on underwriting, analytical and technical skills,” said Moorthy K Uppaluri, chief executive officer, Randstad India. “Soft skills to articulate complex insurance propositions, negotiation and persuasion skills etc will also be in demand.”

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