Ved Mani Tiwari, CEO, National Skill Development Development Council
National Skill Development Corporation (NSDC), set up by Ministry of Finance as Public Private Partnership (PPP) model, acts as a catalyst in skill development by providing funding to enterprises, companies and organizations that provide skill training. Ved Mani Tiwari, CEO, National Skill Development Development Council (NSDC) and MD, NSDC International, in an interview with Asia Insurance Post, elaborates how the organisation is now planning to cater to the needs of the Indian insurance sector
What are the NSDC’s plans for the Indian insurance sector?
With NSDC’s mission to skill over 2.5 crore individuals by 2025 and to provide access to lifelong skilling and employment opportunities to the youth of the country, meaningful collaboration with Indian Insurance sector is imperative. This is in line with, the vast opportunities the sector offers to the youth.
NSDC is keen to partner with all the responsible Insurance businesses in India and invite them to be part of the government’s vision to create a financially literate country.
NSDC is actively empanelling various institutes as it’s training partners in the BFSI sector for promoting employment generation in segments like mutual fund distribution, insurance agency, and others through short-term certifications, bridging the gap between campus and corporate.
Do you have any numbers about the need of skilled manpower for the Indian insurance sector and in how many segments? How much you have already achieved and what are your further plans?
Considering the high attrition rate in the Insurance sector, human resource requirement for the industry is much needed. NSDC, with its BFSI Sector Skill Council (SSC) have been training numerous candidates provided that they received market linkages with its consistent and dedicated efforts. It further plans to launch digital awareness campaign on insurance and support the government vision to insure all people by 2047.
With the country’s insurance penetration pegging at about 4.2% in the Financial Year 2021, NSDC has been aiming to spread awareness and provide training to interested youth in the BFSI sector, thereby utilising its vast training partner ecosystem as the key force for employment generation.
How many things and for what segments you have already done some work in the Indian insurance sector?
NSDC is looking to expand its involvement in the Indian Insurance sector. It is currently engaged in bringing together all the stakeholders in the Insurance eco-system and arrive at a strategy to cater to the needs of all.
Do you have plans to collaborate with educational institutes for developing skills for the insurance sector?
NSDC believes in providing employment opportunities to the youth of India, we can introduce the in-demand skills to the future workforce, primarily at schools and higher education institutions.
With a vision to educate the youth of India on the importance of financial literacy, NSDC foresees a huge synergy between them, the educational institutions and financial regulator bodies.
NSDC is in talks with various higher education institutions to run Apprenticeship Embedded Degree Program (AEDP) or on-the-job training (OJT) based program to enhance the employability of youth by training them in the courses that are in demand in the BFSI sector.
You recently tied up with HDFC Life and how many tie-ups you have with insurers? Is it the first such tie-up?
It is the first tie-up and a unique kind of collaboration for both HDFC Life and NSDC. We are looking to collaborate with both the established and the new Insurance players in the market, to facilitate required skilling and human resource acquisition.
Do you have any plans for pension sector?
In each of the partnerships of NSDC, it ensures to stand by one of its core principles which is Inclusion. We aim at Inclusion of all in the work force. NSDC has facilitated various platforms for women, and other vulnerable sections of society, which has ensured their representation by reskilling them. This has also promoted their self-sufficiency in the world of work. In efforts to the achieve the same, NSDC is planning to contribute significantly to the well-being of the elderly by collaborating with the pension sector as well.
Are you also holding consultation with IRDAI and PFRDA (pension regulator) to develop skills for the sector?
NSDC with its unique collaboration with HDFC Life, when worked on ground-conducting mobilisation drives, especially in the rural areas, understood the need for curating special awareness campaigns to help augment India’s vision to become a financially literate and self-sufficient. Since the IRDAI and PFRDA are currently doing the same, NSDC sees the synergy among the three, and would like to take it a notch higher.