Insurance Industry employs 11 thousand workforce

Kathmandu: In Nepali insurance companies, 10 thousand 865 people have been directly employed as full timer.  According to the Insurance Board, the number of employees in the insurance company has increased by 7.27 percent this year as compared to previous fiscal year.  The insurance company had 10,129 employees in previous FY.  An additional 736 people have found employment during this period.

19 life insurance companies have employed 5 thousand 791 people.Nepal Life has 632 employees and Asian Life has 450 employees.Met life has the lowest number of employees,it has only 158 employees.

Non-life insurance companies also employ 5,074 people.  Shikhar Insurance has 608 employees.  The second largest, Everest Insurance has 395 employees.  There are only 71 people in National Insurance.  The number of employees has also increased as insurance companies expand their branch network across the country.

Compared to banks and financial institutions, the jobs of insurance companies are not considered very attractive.  Although insurance companies provide good pay and facilities to top management employees, lower level employees do not get good pay and facilities.  Even the employees of the newly arrived insurance companies are most affected.Those who have been appointed as trainees have been in the trainees for years.

Insurance companies hire employees based on need.  Even though the employees at the upper level have lost their jobs, the employees at the lower level have been facing difficulties.  Even those who have been appointed as trainees through open competition have not been able to get permanent appointment for years.

As per the rules, a permanent appointment should be made after keeping the trainee in 6 months, but the companies do not give permanent appointment to reduce the expenses.  After spending a long time in the trainee, they are looking for another career opportunity in another company or field.  While most of the work has to be done by the same lower level employees.  Plus two, undergraduate and postgraduate youths are found working for a long time at 14/15 thousand rupees.  Within the scope of the Labor Act, they work in the minimum wage facility as the labour.However, higher level employees are getting relatively better salary and facility.

Insurance marketing, on the other hand, is a profession by nature.  If there is no good marketing, the company cannot operate.  Even though insurance companies enter the business through agents, they are most stressed by the target given to the employees.  Some new life insurance companies put pressure on employees to enter the business.  Due to this, the branch managers and employees are operating the code through their close relatives.  If some employees working in the marketing department do not meet the target, their minimum salary facility will be reduced.

Due to such things, insurance companies are not the choice of the youth.  There is a tendency to come to insurance companies only if you can’t find a job in a bank or financial institution.  This means that the chances of skilled and well-educated talent coming to the insurance sector are very low.

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