Universal Sompo trains 110 unemployed youth in selling non-life insurance policies

Dr Mahendra Nath Pandey handed over the cheques of first handholding amount to the candidates selected this year and undergoing the process of Skill Development program.

Praising Universal Sompo, the minister said, "The Skill Development program of Universal Sompo shall help the youth to establish themselves and shall be able to give employment to others in the coming time."

Executive Chairman of Universal Sompo General Insurance O.N.Singh, said“We are pleased with the result which we have achieved by fulfilling our objective of providing employment to deserving candidates. Successfully empowering unemployed youth with a self-sustaining source of income for livelihood has been addressed with this program. We will continue to add value to their profession as well as reach out to maximum citizens to provide non-life insurance solutions to mitigate risk which can minimize the financial impact in times of uncertainty.”  

Universal Sompo General Insurance Company Ltd. is a joint venture of Allahabad Bank, Indian Overseas Bank, Karnataka Bank Ltd, Dabur Investment Corporation and Sompo Japan Nipponka. 

In the past, the company has trained 105 more candidates of Varanasi. The company has so far inducted 709 candidates from entire India for the skill development program. 

Under the “Skill Development Program” of Universal Sompo General Insurance, the company provides financial support and required training for the development of skills to unemployed from the rural and urban areas to act as Career Agents and earn a living through commission received by selling non-life insurance policies of the company.

The necessary product training and knowledge is imparted by the company to prepare the candidates to undertake the examination of IRDAI. Along with product training, the company also provides soft-skill training to enhance their interactions with prospective customers.

Upon completion, the candidates are designated to source business for the company from their particular region. Since most of the candidates reside in the semi-urban, rural and hinterlands, they are able to extend risk solutions to those section of the society, who are generally left-out due to accessibility issues.

On procuring new business, every candidate becomes entitled to a commission as per the regulatory framework.

In addition to the commission, the company will provide every candidate with a monthly out-of-pocket expense of Rs 7,500/- p.m.

The training and examinations are held at Universal Sompo’s Training Centres that have been accredited by IRDAI and spread across Urban, Semi-urban and Rural locations.