vol. XVII no. 3

				Page 3 Page 1 2 3 4 5 6 "The risks in Russia are the same as those in any other country. The attention paid to certain kinds of risk may differ, such as in places where earthquakes and hurricanes are more common, but essentially risk is universal." Pleskanovsky said that risk and insurance in Russia were once problems for the state to deal with. But times have changed. "Companies must now realize that risks are real and they must deal with them," he says. Obviously for Ingosstrakh itself the big risk is financial, and according to Doubrovskaya, the overall risk management responsibility lies with the Financial Investment Committee. However, every department has accountability up to a specified amount. Regarding insurance, Pleskanovsky offered a common opinion that one of the most difficult aspects of selling insurance in Russia is the lack of public understanding and acceptance. He admits, "The attitude is changing as people begin to see the need for insurance, how it is used and why it is used." He also noted that there are still impediments to the development of the industry, such as the legal framework, which he termed "not exactly perfect and stable." He noted that changes in the minimum level of capital required for a company to operate have decreased the number of insurance companies in Russia. Overall, however, Pleskanovsky sees continued growth in his company and the industry. What is Ingosstrakh seeing when it comes to recruiting students? " They are much different today than what they were 10 years ago," said the general director. " They are highly motivated, are taught by working professionals and have practiced before they come to work." Adds Doubrovskaya, "Our task is to choose the cleverest and most ambitious." To help with that process, Ingosstrakh holds an annual professional competition for students. Through close connections with the leading higher institutions (Moscow State University and the Finance Academy, among others), Ingosstrakh judges scientific papers written by students on relevant business issues. Winners of the competition are awarded diplomas and cash prizes exceeding US$1,000 each (about $50,000 has been paid over the eight years of the competition). The very best participants are invited to join the staff of the company, and to date 15 graduates are working in some of Ingosstrakh's most important lines of business. Previous Page | Top | Next Page

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