How To Kickstart A Career In The Banking And Insurance Sector With Banking Courses In India?
Banking, financial services, and insurance (BFSI) is the industry’s umbrella term for companies that provide a range of such financial products or services. This includes universal banks that provide a range of financial services or companies that operate in one or more of these financial sectors. Various banking courses can be pursued to avail of jobs in the banking industry.
- Growth outlook for the banking and insurance sector in India
The pandemic and lockdown restrictions have greatly impacted insurance sales in India. With all things going digital, the need of the hour was to adapt to the changing conditions and implement an easy and accessible way to boost insurance sales. Banks in India have relied on advanced digital capabilities, promotional activities, and features of new insurance policies to encourage more partnerships with insurance players.
Bancassurance means selling insurance products through banks. Banks and insurance companies come up in a partnership, wherein the bank sells the affiliated insurance company’s insurance products to its clients. To provide “one-stop banking” to valued customers, banks have undertaken the selling and distribution of Life Insurance and General Insurance Products of the most trusted Insurers through their branches.
The market share of bancassurance in India increased to 56% from 27% between 2011 and 2019. Agency sales during this period declined from 42% to 24%. Bancassurance has benefitted the partners, banks, as well as insurance companies. The certificate courses in banking and insurance will provide aspirants with an insight into the various aspects of the banking and insurance sector.
- Skills required for success in the banking and insurance sector jobs
The Banking, financial services, and insurance (BFSI) sector in India is expected at Rs. 81 trillion and is expected to be the fifth largest in the world by 2020 and the 3rd biggest by 2025. This means a lot of banking jobs and several others in insurance and financial services.
A few skills required for success in the banking and insurance sector jobs are described below:
- Customer centricity
Customer centricity is the ability of people in an organisation to understand customers’ situations, perceptions, and expectations. Being able to create a positive experience for the customer and acknowledging that every action is undertaken with the customer at the heart of the business, is one of the skills required for success in the BFSI sector.
- Soft skills
Automation can be efficient, but it can never be emotive or empathetic. This job requires people who possess the right amount of emotional intelligence to be able to read different personalities and understand people’s needs and desires. This would help them to better serve the customers. The job involves interacting with customers of diverse cultural settings, and soft skills will ensure effective collaboration and engagement with all stakeholders.
- Product knowledge
Strong product knowledge would help one to educate customers about the benefits of a particular product and help them make an informed decision. A better understanding of the product will assist in developing strategies to increase sales of certain products.
- Time management
The job profile requires handling multiple tasks at once. Excellent time management skills help to complete all work promptly. This helps to provide quality service to customers and gives you a positive reputation with your employer.
- Technical skills
The BFSI sector has implemented various technical practices, such as cloud-based IT technology, the Internet of Things, digital marketing, cybersecurity programs, big data analytics, robotic process automation, and AI. An aspirant must be skilled in these technologies, as they form the basis of tools that are being increasingly adopted in the financial sector.
- The TimesPro advantage for your banking career
TimesPro, in collaboration with ICICI Bank, offers a formulated programme to create trained professionals who can handle various financial activities associated with the banking and insurance sectors.
The highlights of this programme are as follows:
- A 21-day intensive training programme
- Covers fundamentals of banking, regulatory environment, mandate-specific products, grooming & etiquette, etc.
- A direct branch allotment at ICICI Bank upon successful completion of the programme.
- FAQs
- What is the concept of bancassurance?
Bancassurance means selling insurance products through banks. Banks and insurance companies come up in a partnership, wherein the bank sells the affiliated insurance company’s insurance products to its clients. This arrangement benefits both firms.
- What are the career prospects in the BFSI sector?
India’s Banking, Financial Services, and Insurance (BFSI) sector are expected to provide jobs to an additional 1.6 million skilled workers by 2022. This means plenty of banking Jobs and a host of others in insurance and financial services. Both banking and insurance are fast-growing sectors in the Indian economy. The liberalisation of the Indian economy has brought many multinational banks to India. Similarly, the insurance industry is very well positioned in terms of jobs and career opportunities and offers good career prospects.
- How has the insurance sector changed in the last decade in India?
India’s insurance industry is improving efficiency using new-age technology. Insurers have launched mobile phone apps, making it easier for customers to transact with them. Moreover, earlier, the scope of the insurance industry was limited to players such as LIC, GIC, and National Insurance. However, over time the insurance industry has also expanded and today there are various companies in the market, both Indian and multinational. Consequently, the insurance industry is also offering great job opportunities and careers for India’s population.
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