HDFC Life Insurance has partnered with online education company upGrad to launch an 11-month post-graduate programme in life insurance. While the course fee is Rs 99,000, students can earn Rs 1.1 lakh through on-the-job training and internships. On completion of the course, the students will become a part of the HDFC Life sales team.
Vibhash Naik, EVP – HR and L&D at HDFC Life told Moneycontrol that while the company hires from the lateral market, the problem is not all graduates are employable.
“Through this programme, we get access to a talent pool that is trained for the job and they also get a fair view of the sector,” he added.
The programme includes a two-month online course, two-month on-the-job training and a seven-month internship with HDFC Life. Naik said this follows the blended learning model with a mix of online courses and offline training.
Assignments and quizzes are in-built into the course. Naik said they will be able to take in 4,000-5,000 people into frontline sales through this programme.
“If this programme works well, we can hire all frontline sales employees through this route,” he added.
Mayank Kumar, Co-Founder and MD, upGrad said sales is not considered a top-notch role in the insurance space and attrition is also high.
“Despite hiring people from the market, the insurance companies end up spending a lot of money in training and development. This programme gives them a full-fledged exposure and helps them build a foundation,” he added.
upGrad and HDFC Life are also exploring other models to retain these sales staff once they join the insurer. For instance, if they complete around two years in the company, they could be given access to MBA programmes by upGrad at a subsidised rate.
If this blended programme works well, we can hire all frontline sales employees through this route, Naik said.