Setting Up An Insurance Agency - The Difficulties Involved

Setting Up An Insurance Agency

Talent Shortages

Both local and foreign companies often have difficulty finding sufficient talent to fuel their growth ambitions in China and India. This challenge of finding suitable recruits is even more acute in the life insurance industry, which is relatively new and lacks an established talent base. This has given rise to considerable poaching of talent and turnover rates are significantly higher than in other parts of the world. The problem is not likely to disappear in the near future.

Although China and India are obviously populous nations with large pools of talent in absolute terms, the demand for these candidates far exceeds the supply. This is even more acute for foreign players, who generally require higher standards for employment. According to a McKinsey survey, less than 10 percent of Chinese job candidates, on average, would qualify for employment with a foreign company.