With the insurance sector on a high, it is time for actuarial professionals to raise a toast. "There is a yawning demand-supply gap for these professionals.
While life insurance companies are the traditional employers of actuaries in India, non-life insurance, asset management firms, reinsurers, large insurance broking houses and consulting companies also need them," says Tushar Basu, Director, Analytic Consultant, an HR consulting firm.
Actuaries are key players in the management teams of these companies as they are expert risk managers, he explains, adding the demand is likely to emerge beyond insurance in areas like large infrastructure projects that involve long-term finance.
WHO'S HIRING: LIC, NIC, ICICI Prudential, Tata AIG, Bajaj Allianz, Reliance Life Insurance, large insurance broking houses, consultancies and a host of companies in the non-life insurance, health insurance and asset management and reinsurance spaces.
WHO'RE THEY HIRING: Graduates and above (preferably in commerce, economics, mathematics and statistics) with good communications, analytical, problem-solving and IT skills.
AT WHAT LEVEL: Mostly at the entry level. About 15 per cent of total recruitments are at senior level.
AT WHAT SALARIES: Rs 2.4-3 lakh at the entry level (it can vary according to location), Rs 4.8-6 lakh at middle level and for qualified actuaries, Rs 6.5-12 lakh plus (senior level). There are freelancers and self-employed actuaries as well.
WHAT ARE THE NUMBERS LIKE: India will need at least 40,000 actuaries over the next couple of years, including freelancers and self-employed professionals.