Financial Daily from THE HINDU group of publications
Tuesday, Jun 13, 2006
Financial Daily from THE HINDU group of publications Tuesday, Jun 13, 2006 |
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Money & Banking
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Human Resources High attrition at HDFC Chubb Radhika Menon
In the past two months, the company has lost its Chief Financial Officer, chief underwriter, senior underwriter and the heads of its human resource and information technology departments
Mumbai , June 12 The partners of HDFC Chubb General Insurance Company may be able to save their marriage, but the company is currently facing an exodus of employees. In the past two months, the company has lost its Chief Financial Officer, chief underwriter, senior underwriter and the heads of its human resource and information technology departments. Sales executives and middle management employees have however been moving out of the company over the past year. There have been reports that all is not well with the partnership between HDFC and Chubb. Though some employees, who have just quit the company, said that the rumours of the split had prompted them to put in their papers, the management maintains that new players in the sector have been poaching. Mr Shrirang V. Samant, MD and CEO, HDFC Chubb General Insurance, admitted that the company has been seeing an attrition rate of around 40 per cent. "The high turnover can be attributed to new players entering the segment. Besides, the economy is also booming and qualified professionals are always in demand," he said. "A number of the senior employees have taken up non-insurance related jobs which shows that economy is currently hot," he adds.
Strained ties
According to reports, there was a difference of views between the partners on the business strategy. The differing risk-appetite of the joint venture partners is said to be one of the reasons for the strained relationship. Besides, the company has not been doing well in terms of market share as compared to its competitors. In the recently concluded financial year, the company's gross written premium stood at Rs 206 crore, compared to Rs 184 crore in the previous year. The lack of strategic vision on the part of the top management has been cited as yet another reason for the rift between the joint venture partners. Mr Samant is, however, optimistic and said that the company would fill in the vacancies shortly. "We are committed to this market and once speculation is laid to rest, we are looking forward to the challenges ahead. We have written to our intermediaries and call centres to tell our clients that HDFC Chubb will continue to serve its clients," he said.
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