Insurance / Loans / Credit Card Sales

Insurance:

Insurance Staffing Agencies: India is one of the biggest insurance markets in the world in terms of premium volume. As per recent reports it is ranked as the 15^th largest market worldwide. Life insurance sector, for instance, has almost doubled since 2000. It is expected to increase at a compounded annual growth rate (CAGR) of 12-15 per cent over the next half decade. However, it is interesting to note that despite these large numbers, the Insurance Recruitment today is totally a push-dependent market with policies sold under the garb of tax incentives etc. There is little to no customer pull. This is a trend that is expected to completely change in the years to come due to growing financial awareness, savings, and disposable income. These expectations are in line with global markets.

In the long run, the Insurance Recruitment is marked for strong growth. Other than the reasons mentioned above, a fast-paced economy, rising awareness and income levels, and improving life expectancy are some of the factors that will drive growth in the insurance sector.

Loans:

When it comes to personal loans, India’s market is expected to grow at an aggressive rate of nearly 10% between 2020 – 2024. This data is cited from a report by TechSciResearch. The report goes on to cite that the (personal) loan market is dominated by banks due to the significantly higher penetration rate of banks when compared to other credit unions. However, it is also important to note that the growth of other credit unions like NBFCs is higher than that of banks. These developments paint a beautiful picture for India’s retail-driven loan industry. The biggest players in this space, in particular order are: SBI Bank, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, IndusInd Bank, IDFC First Bank, TATA Capital, Bajaj FinServ, and others.

Credit cards:

Coming to the credit cards market in India, Economic Times reports that there are 48.9 million credit cards in circulation in May 2020, up from 38.6 million in the same period in 2019. This data is sourced from RBI. This amount to 27% in the last year, making India the largest growing market in the world. The data reveals that almost one million new credit cards are being issued every single month. This aggressive growth trend has thrown up new and dynamic business opportunities.

Challenges in Insurance Staffing Agencies:

This trajectory of growth is excellent news for the aforementioned sectors but also throws up unprecedented challenges in terms of finding the right people to drive business. Acute talent shortage will stunt growth and prevent businesses in these sectors from reaching their full potential.

Solution:

PACE Recruit is a well-known and highly respected Employment agency for Insurance/loans / credit card sales sectors. We have consistently proven ourselves as the best Staffing agency for insurance/loans/credit card sales sectors. We help our clients achieve positive, substantial, and sustainable impact in their business growth. We can do this by combining our extensive experience and expertise in these sectors with our recruitment know-how. Further, we use technology-driven recruitment processes to maximize our results. In addition to the sectors listed above, we also serve clients in Life and non–life insurance services, including Health Insurance, Life Insurance, and other Non-life Insurance products.