Global reinsurance company Swiss Re plans to collaborate with the Birla Institute of Management Technology (BIMTECH) in its Post-graduate Diploma in Insurance and Risk Management (PGDM-IBM) as a technical partner.
Through this partnership, Swiss Re aims to bring in global industry expertise, resource support on building the curriculum and access to specialised workshops as well as guest lectures on reinsurance and risk management. This will be across disciplines including health, motor, life, property, casualty or in any other form of insurance needs. Alok Kumar, managing director, Swiss Re Shared Services India, said: "India is one of the key high growth markets for Swiss Re. Swiss Re intends to apply for a branch licence for life and non-life reinsurance once the regulations and requirements are available." Under the agreement with BIMTECH, Swiss Re aims to act as a strategic partner; provide opportunities to students from PGDM-IBM batches in the form of final / summer placements and short-term industry projects, among others. In addition, Swiss Re will engage with BIMTECH to provide training, webinars, live projects, learning modules on market topics and industry issues, as well as workshops on reinsurance. According to Kumar, the partnership will enhance the level of knowledge and skill sets in the insurance sector, and enable students to build careers not only in sales and marketing, but in several other functions in the insurance sector, which this course is designed for. "This platform will give Swiss Re and BIMTECH an opportunity to exchange insights and expertise, and help create a ready talent pool which can fill the huge demand for jobs that will be created in the insurance industry in India over the next few years," he said.
Kumar said Swiss Re's global ambition is to become the leading player in the reinsurance sector. "We'll focus on a number of high growth markets in all regions and India is one of them. We expect the Indian insurance market to continue to grow rapidly. The benefits will naturally flow into the reinsurance space."
At present, the firm has close to 600 employees working in global centre in Bengaluru.
The PGDM-IBM course provides specialised management skills in marketing, finance, information technology, human resources management, and business analysis. The programme aims to equip insurance students with an in-depth knowledge in insurance and risk management as well as soft skills. The Insurance Laws (Amendment) Bill passed by Parliament has allowed foreign reinsurers to establish a local branch. Kumar said the demand for reinsurance professionals is of course expected to rise significantly due to this. "Therefore, it is critical to build well-rounded talent base, which specialises not just on insurance, but also has strong understanding of reinsurance concepts and practices," he added.
