Advantage of a company can be generated from human resources (HR) and company performance is influenced by a set of effective HRM practices. In this study, we intended to assess the HR practices in insurance companies. ‘Training and benefits’ was found highly in practice in the insurance companies. Further, ‘performance appraisal,’ ‘selection and socialization of employees,’ and ‘HR planning and recruitment’ were moderately practiced in insurance companies. HR practices’ and ‘competitive compensation’ were also practiced to some extent. The gender effect showed that only competitive compensation was perceived significantly differently by male and female employees/executives. Interactive effects were significant on workforce diversity and contemporary issues, training and benefits, and selection and socialization of employees. To overcome the competition, a company not only focuses on physical capital, but also focuses on intellectual capital. Company can achieve a competitive advantage and earn profit by owing intellectual capital. Intellectual capital rests on a potential Link between intellectual capital on one hand and corporate performance on the other hand. A company will grow up if a growing Number of physical capitals in the same line with a growing number of intellectual capitals.