Prudential To Hire 10,000 Workers In India
posted in Outsourcing News and Top Outsourcing deals |Source: www.indiaabroad.com
Sometime this year, leading international financial services company - Prudential, will be hiring a minimum of 10,000 new staff in India for its joint venture insurance operation.
Shikha Sharma, Chief Executive - ICICI Prudential Life confirms, saying that she expects to have a workforce of 27,000 by March 2008, as compared to 16,300 last year and 7,700 two years ago.
Set up six years ago, ICICI Presidential Life, a joint venture between Prudential and ICICI, India’s second-largest private bank, holds a 26% stake in it.
Sharma, who has pioneered insurance products for diabetes argues that India’s huge untapped market means that ICICI Prudential Life can maintain a dizzying compound annual growth rate of more than 100% for the next four to five years. Eying the health-care sector, the main target for ICICI Prudential Life is India’s growing ranks of affluent people.
“We expect well in excess of 100-million households to have disposable income by 2010,” says Sharma, though the current existing market touches about 30-million. Whereas, Prudential’s customers in UK number about 7-million, in India at present, it has only 4.5-million policyholders.
Sharma believes healthcare insurance is the ripest growth market in a predominantly private sector market, in which government tariff controls were lifted only last month. As well, car insurance also offers an opportunity, according to her, taking in view the state of India’s accident-riddled road network.
