Explains Aloke Gupta, Chief Representative Manager--India, CIGNA International: ``Claims management is the art of assessing the risk of any project and underwriting is that of setting the prices.''

``Right now, there are no good courses that give a specialisation in underwriting and claims management,'' adds Gupta.

Though the Insurance Institute of India offers a three-fold qualification in these subjects, it provides at best only academic knowledge to the candidates, which is not sufficient. Gupta feels that it is only in the capacity of an officer in the government-run LIC and GIC that a professional gets a true and fair knowledge of the claims management and underwriting.

Actuarial science is another area that would be booming in the times to come. Actually, it is a field where first hand experience helps in the long run. Currently, it is non-existent in the industry except in LIC, which uses it at a minimallevel. But with liberalisation, the floodgates will be opened. Its application will become wide-ranging. Truly, to be an actuary, a formal 3-4 years of service is required. Knowledge in this discipline is mostly used for calculating the risk factor, mortality projection, bonus level premium and, of course, the profit.

Adds Duncan G West, CEO, Royal and Sun Alliance Insurance: ``Insurance, unlike banking, depends more on the selling skills. So, the insurance companies would take pains to bring in and nurture the best sales force to sell their policies.''

Apart from this, systems professionals would be needed to generate the MIS (Management Information System), to help the organisations in decision making and product pricing. Also needed would be advertising and sales promotion people for the organisations' image building exercises.

Candidates who fit the bill in the emerging setting will be those having a blend of traditional theoretical training and practical experience. Adds West, ``The individualsshould have a positive attitude and be action-oriented and should takes pains to go the extra mile to serve the customer. This should be in addition to truth, thrust and team work.''

The most striking thing is that a substantial part of the HR in India can easily be trained in requisite direction, feels Derek Stott, Chief Representative-India, Prudential Plc.

And, once the professionals are in, certainly the growth potential for them will be immense. Career will be based on merit rather than age or seniority.

To add to this, remuneration will be linked with performance. But more than this, there will be massive investment in the development of their competencies rather than mere academic training.

Throughout the years of operation of these government-run insurance corporations, monopoly had resulted in very low penetration (almost 18.3 per cent) in the market. Both LIC and GIC were not able to tap the resources to the optimum. It is increasingly felt that with privatisation, new areas will be tappedleading to higher market capitalisation and increased employment generation.

As of now, there are no special courses on insurance as an academic discipline. But with privatisation, it is possible that colleges and universities may initiate degree or diploma courses in insurance, feels an optimistic Gupta. This may happen with the support of company sponsorships.

Adds Gupta, ``It may even be possible that the MBA courses may start offering specialisation in insurance.''

Alongside the regular jobs within the companies, a whole range of linked professionals will be developed. This includes the professional brokers, who are already existent in India. The upcoming ones would be sales agents (as a distribution channel) and independent claims adjusters (who bring new opportunities to the surveyors who assess claims).

Clearly, opportunities will be there for those who are already working in the industry to upgrade their skills. As has been witnessed in other sectors, competition will force the existingcompanies to enhance their already extensive training programme. Training will become more vocational.

Also, the Insurance Regulatory Authority (IRA), the Insurance Institute of India and the National Insurance Academy will have crucial roles to play in the development of the sector. Privatisation of the insurance sector indeed promises to throw up several new job opportunities in the country.