Telangana to focus on creating skilled manpower in actuarial sciences

Hyderabad: Hyderabad is evolving in to a banking, financial services and insurance (BFSI) hub. However, the India as a country is lacking skills in the actuarial sciences, which is one of the important aspect of the insurance sector. To bridge this gap, Telangana will focus on creating manpower that is trained in actuarial sciences sciences, […]

Hyderabad: Hyderabad is evolving in to a banking, financial services and insurance (BFSI) hub. However, the India as a country is lacking skills in the actuarial sciences, which is one of the important aspect of the insurance sector. To bridge this gap, Telangana will focus on creating manpower that is trained in actuarial sciences sciences, said IT and Industries Minister KT Rama Rao.

Speaking at the inauguration of Mass Mutual India office, a US-headquartered insurance that provides financial products life insurance, disability income insurance, long term care insurance and other products here at Nanakramguda in Financial District, he said Mass Mutual can be a knowledge partner for Telangana in actuarial sciences sciences. The effort would be study the best practices in US and other markets and evolve a module to train people on those lines, he said.

---

He also asked Mass Mutual to consider expanding operations to the Tier II and III cities to create employment locally. The State is working to spread IT to these locations and has set to target to create jobs to 50,000 in locations like Warangal, Khammam, Karimnagar and other districts, where it has created and its creating plug-and-play infrastructure.

Asserting that Hyderabad offers the biggest bang for the investors’ money, the IT Minster said that Hyderabad has been topping the livability index rankings. It is a safe city with a stable government and no law and order issues, Rama Rao said adding that Hyderabad offered the same what Bengaluru offered perhaps at a half the cost. The city was attractive to many as its pollutions levels were lower compared to Delhi, climate not humid as in Chennai, real estate costs lower compared to Mumbai and has an international airport when compared to Pune. “We are tolerant and no standup comedians’ show has been cancelled,” he said in a lighter vein referring to the show that got cancelled in Bengaluru.

Ravi Tangirala, Head, India GCC, MassMutual, said the company initiated interactions with Telangana in January and it started operations in March. “From paperwork to making payrolls, it took just a little over two months thanks to the proactive approach of the Telangana Government,” he said adding that the company initially wanted recruit about 500 people but quickly ramped it up to over 1,100 people in Hyderabad. It now has taken three lakh sqft space.

“I want to be the brand ambassador for Telangana to get US companies invest here. We will try to attract the GCCs to set up operations and will be in a position to tell about the business-friendly policies of the State. We want to set up centres of excellence in select colleges and universities to train the students to be job ready. This will be for the industry and not just Mass Mutual alone,” he said.

Joel Richard Reifman, US Consul General in Hyderabad, said Hyderabad is already home to about 140 US companies and many more are keen to set up operations here. “We are recruiting and when people hear that is for Hyderabad, they are exited. The story of Telangana and Hyderabad is growing,” he said.

---