METHODOLOGY FRAMEWORK TO BUILD REQUISITE MANAGERIAL COMPETENCIES IN THE GENERAL INSURANCE SECTOR

摘要

The present invention provides a method and system framework to build requisite managerial competencies in the general insurance sector. Competencies play an important role in developing job descriptions, identifying criteria and methods for employee selection, managing and accessing performance, and planning succession and promotions. Compensation systems to an extent are also developed on the basis of the desired levels of competency of employees. Competencies also serve as the basis of developmental programs to improve the employee performance in future. In this process, competencies required are carefully identified, verified and then developed. The present invention aims at the development of each competency, taking into account knowledge, skills, attitudes and performance. Competency system framework based training program may facilitate managers in their on-going career development and enhance their professional experience. The insurance industry in India is at the threshold of a very rapid expansion. Competition is growing with the entrance of new participants, many of these entering from their foreign bases. The business of insurance has a symbiotic relationship with economic growth. The Indian economy is likely to experience major changes in its insurance market as insurers begin to operate in a comparatively more liberalized environment. With an upsurge in consumer awareness, and several private sector companies entering into collaboration with multinational insurance companies, the rules of the game in this industry are sure to change.