Kathmandu. The insurance industry has an important role to play in economic development, investment protection, and expansion of industry and trade. However, for the sustainable development of the industry, skilled manpower, professional skills and effective management are necessary as well as a transparent and fair remuneration structure for the officers and employees. <\/p>\n
In non-life insurance, the role of marketing executives is crucial for acquiring new business, creating institutional clients, maintaining customer relationships, and increasing insurance revenue. However, in some organizations, they do not have a fixed monthly base salary or the income is entirely dependent on the purchase of the business. <\/p>\n
While commissions and performance-based incentives may help to grow the business, they should not be a substitute for a fixed basic salary. Such unexpected income can hamper the financial security and long-term planning of the employees. <\/p>\n
The insurance industry must attract skilled and talented manpower by competing with banks, multinationals, and other institutional sectors. If salaries, promotions, training, and career development opportunities are not clear, new graduates’ interest in the profession may diminish. At the same time, it may be difficult to retain experienced employees and create future leadership. <\/p>\n
}<\/p>\n
To determine the actual minimum wage according to different posts and responsibilities: In case of salary difference in the same post, proper standards should be followed on the basis of qualification, experience, competence and responsibility. However, the basic salary should be kept the same. In recent times, there have been complaints among insurance companies that the tendency to fix unequal basic salary and other facilities even for the same post has increased. <\/p>\n
Increased responsibilities and proper reflection of positions: In addition to the basic salary, transparent commissions and continuation of performance-based incentives <\/p>\n
Regular salary review: Review salary structures taking into account inflation, cost of living, labor market, and the company’s financial capacity and increase opportunities for vocational training in risk assessment, claim settlement, reinsurance, risk management, technology, and customer service. <\/p>\n
Role of Regulatory Bodies and Industry Bodies: <\/p>\n
The Nepal Insurance Authority (NIA) should review the salary policies of insurance companies under applicable laws and regulations and consider the possibility of formulating acceptable minimum standards. <\/p>\n
The insurers’ association, the board of directors of the company, the management authority and the human resources department can play a role in this initiative. While formulating the salary policy, it is important to take into account the financial capacity of the company, insurance revenue, operating expenses and the number of employees. If necessary, it can be implemented step by step. <\/p>\n
Employment and Revenue Growth Potential: <\/p>\n
If the scope of insurance increases, the scope of risk management can be increased in various sectors including industrialization, infrastructure, import export, transport, energy, information technology. This is likely to increase the demand for skilled manpower in risk assessment, claims management, reinsurance, risk assessment, compliance, information technology and marketing. <\/p>\n
The legitimate and sustainable expansion of the insurance business can help increase insurance revenue and related economic activities. It can also have a positive impact on the government’s taxes and other applicable revenues. <\/p>\n
Establishing a fair and transparent pay structure in the insurance industry is not only about protecting the interests of officers and employees, but it is also an important way to attract skilled manpower, retain experienced workers, and improve business standards. <\/p>\n
Therefore, it is necessary to take effective steps to formulate and implement a realistic salary policy under the joint initiative of the authority, the insurers association and the insurers. This can further strengthen the long-term development of the insurance industry, employment of the educated population and its potential to contribute to the national economy.<\/p>\n","protected":false},"excerpt":{"rendered":"
Kathmandu. The insurance industry has an important role to play in economic development, investment protection, and expansion of industry and trade. However, for the sustainable development of the industry, skilled manpower, professional skills and effective management are necessary as well as a transparent and fair remuneration structure for the officers and employees. In non-life insurance, […]<\/p>\n","protected":false},"author":5,"featured_media":236566,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45031,45159],"tags":[],"class_list":["post-321044","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banner-news-en","category-news-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/321044","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=321044"}],"version-history":[{"count":1,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/321044\/revisions"}],"predecessor-version":[{"id":321045,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/321044\/revisions\/321045"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/236566"}],"wp:attachment":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=321044"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=321044"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=321044"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}