Kathmandu. After making professional practice mandatory, undergraduate students are starting to be attracted to internships not only in banking institutions but also in insurance companies.
Recently, along with the increasing size of insurance funds of insurance companies, increasing investment in various sectors, IPO issuance, and employment opportunities, the attraction of students for internships in insurance companies has also increased. Due to the increasing financial crime in the banking sector, the need to face unnecessary legal hassles when involved in loan investment decisions, the constant stress to achieve professional goals, and the uncertainty of working hours, students have recently started looking for other fields.
Insurance companies, students are getting opportunities to learn work in various specialized areas including accounting, information technology, actuarial valuation, investment, risk assessment, claim processing, agent training, micro insurance, insured services, human resource management, customer service centers, etc.
Both the insurer and the educational institution should ensure an environment where students are provided with lunch expenses as prescribed by the Labor Act during the internship provided by the insurance company. Only in this way will students feel comfortable learning the job and it will be possible to end the bitter experience of being a victim of labor exploitation during their first internship.
The insurance sector has been used in Nepal since its inception, but due to the lack of study and teaching at the local level, only foreigners (especially Indians) were able to get work opportunities related to actuarial science. After the School of Mathematics and Science of Tribhuvan University started teaching actuarial science, students who want to develop a career in this profession have also started to be attracted to insurance companies. The Nepal Insurance Authority has issued a special guideline on the appointment of actuarial science and made the appointment of a full-time actuarial analyst in addition to actuarial science mandatory in every insurance company, and the scope of jobs has expanded.
The main function of an insurance company is risk management. To gain expertise in this area, college students are also looking for internships that provide practical industry experience and mentorship.
Internship and mentorship programs are essential to attracting and retaining talent in the insurance industry.
At a time when the insurance sector is grappling with talent challenges, internship and mentorship programs are important to expose students to the diverse opportunities within insurance, risk management, and actuarial science. This helps prepare the pipeline of skilled manpower needed for the insurance sector in the future.
