Insurance industry struggles to attract recruits

Xing Yuying, general manager of Sino Prosperity International Insurance Brokers Co, told China Daily that only 30 percent of insurance salespeople have a college degree or above and many do not major in insurance.

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"Many fresh graduates majoring in insurance might prefer to go to banks or other financial institutions rather than insurance companies, which causes a shortage of talent in this industry."

More than 100 universities or colleges offer insurance majors in China, with the number increasing since 2008.

Major cities and provinces such as Shanghai, Beijing, Guangdong, Hubei, Jiangsu and Shandong each have six universities or more offering the major.

However, the subject remains unpopular compared with other fields.

About 3,000 to 4,000 students majoring in insurance graduate from universities each year, according to 2011 figures, but the insurance industry needs about 30,000 graduates annually.

Xing also said most of those graduates will choose internal or office work in an insurance company, such as in insurance actuary, product design or claims settlement departments. Frontline salespeople often do not major in insurance and might have lower education levels, such as only middle school qualifications.

"The salary is directly related to their performance, which might be lower than the salary level at banks. They also need to work overtime. However, if they can persist, are hardworking and finally get promoted to managerial level, their annual income can reach 500,000 to 600,000 yuan ($80,250 to $96,300)," Xing said.