The FINANCIAL -- Swiss Re's Global Business Solutions unit in India has signed a memorandum of understanding (MoU) with National Insurance Academy (NIA), Pune, India’s premier institute of insurance education to collaborate as a technical partner to the latter's academic activities and programmes.
The initiative aims to develop re/insurance skills, insights and expertise among students and professionals aspiring to pursue careers in insurance in India.
Through this partnership, Swiss Re will use its global and local market expertise to support the development of the course curriculum for NIA’s flagship Post Graduate Diploma in Management (PDGM) insurance programme. Swiss Re will also provide access to bespoke workshops and create specialist modules and seminars on risk management, insurance, reinsurance, and data analytics. There will be a regular programme of guest lectures by Swiss Re experts that will span different insurance business lines, including health, motor, life, property, and casualty, according to Swiss Re.
In addition, Swiss Re will work with NIA to explore the prospect of establishing a specialist course in actuarial science. This is in response to the rapidly growing demand for actuaries in India and is a conscious effort to help close the gap between rising demand for qualified actuaries and their limited availability at present.
Swiss Re and NIA will also exchange insights and expertise to increase awareness about the diverse and rewarding range of career opportunities in the re/insurance industry. This can help address the huge demand for jobs that will exist in the industry in the coming years.
Under the agreement, Swiss Re will also help create opportunities for NIA students to gain first-hand experience of the re/insurance industry through summer and final placements, research projects, and access to webinars and trainings hosted by Swiss Re specialists from India and abroad.
Commenting on the MoU, Amit Kalra, Head of Global Services, Bangalore, Swiss Re Global Business Solutions India Private Limited, says: “Swiss Re’s partnership with NIA is an important step in our ongoing efforts to increase the availability of suitable talent for India’s insurance industry. We look forward to working with NIA, bringing Swiss Re’s global expertise and understanding of the Indian market to train young people for fruitful careers in risk management.
Sushobhan Sarker, Director, NIA, adds: “National Insurance Academy in its pursuit of excellence has always partnered with leading industry players. We are delighted to further strengthen our collaborative efforts by associating with Swiss Re, a global institution of repute. This partnership promises to give NIA’s students access to knowledge and insights from a leading global insurance/reinsurance organisation, with significant opportunity to develop specialist skills, ultimately enhancing their preparation for an enriching and rewarding career in the re/insurance sector. The partnership also facilitates further blossoming of other academic activities of National Insurance Academy”.
Swiss Re has a proven record of contributing to skills development of re/insurance professionals through several existing relationships with premier academic institutes in India. These partnerships all focus on enhancing knowledge and understanding of the insurance industry, and enable students to build long-term careers in re/insurance.
As part of its efforts to support the growth of the larger industry ecosystem, in 2016, Swiss Re also launched the first ever insurance-focused start-up accelerator in India. The Swiss Re InsurTech Accelerator is a 24-week intensive global programme through which Swiss Re mentors start-ups with the potential of disrupting insurance practices. The Swiss Re Global Business Solutions Centre in Bangalore is playing a key role in collaborating with clients in new ways. Through the InsurTech Accelerator program, Swiss Re is currently collaborating with GOQii, a company that uses wearable technology to promote healthier lifestyles, and Max Bupa, the health insurer, to design and develop a first-of-its-kind insurance product in India, due to be launched this year.