I Want to Work In ... Insurance

 

The insurance industry offers a wide range of jobs including actuarial work, sales, surveying, claims handling and investigation, underwriting, risk management, investment management, and pensions management.

Insurance companies also recruit for general management functions such as accountancy, marketing, management services and personnel.

PROFILE: Insurance Broker

Arranges insurance for clients. Works out the requirements of clients, calculates the risks they face and suggests appropriate insurance. Negotiates with insurance companies to get the best policies for clients. Attends meetings, collects insurance payments. Clients may be individuals or organisations.
EMPLOYERS: Insurance brokers, especially Lloyd's, insurance companies.
SATISFACTIONS: Having specialist knowledge, well paid, mainly 9 to 5.
NEGATIVES: Have to work to deadlines - quite a lot of pressure.
SKILLS: negotiating, analytical, numeracy, attention to detail.
DEGREE: any subject - business or maths-related useful.

 

PROFILE: Insurance Underwriter

INVOLVES: Deciding if an insurance proposal is an acceptable risk & what premium should be paid. Preparing policies. Dealing with insurance brokers & clients.
EMPLOYERS: Insurance companies, Lloyds & insurance brokers.
RELATED JOBS: Other jobs in insurance include: insurance claims, actuary, accountant, loss adjuster, surveying, investment management, pensions management. Insurance companies also recruit for general management functions such as accountancy, marketing, management services, & personnel.
SATISFACTIONS: Flexible working hours. Subsidised mortgage & other benefits
NEGATIVES: Lots of paperwork.
SKILLS: analysing, written communication, decision-making, numeracy. Personal qualities required: communication skills, attention to detail, flexibility.
ADVANCEMENT: Can become a senior underwriter or move into other management in insurance companies
DEGREE: Any degree subject. Numeracy required.
VACANCY SOURCES: Most of the large insurance companies have entries in the graduate directories. Chartered Insurance Institute can give help.
TIPS: Talk to people working in insurance. Apply to major insurance companies early in your final year.

 

PROFILE: Financial Adviser

INVOLVES: Conducting thorough financial investigation into client's affairs & then advising on applicable options such as pensions, life assurance, investments, mortgages & loans.
EMPLOYERS: Insurance companies etc., or independent financial advisers & brokers.
RELATED JOBS: Any selling position, but more qualifications & experience needed than most.
SATISFACTIONS: Primarily client satisfaction & good client relationship. The financial rewards can be high but uncertain as most positions are still self-employed & commission based.
NEGATIVES: Uncertainty of remuneration & normal downside of any selling operation – rejection.
SKILLS: spoken communication, negotiating, persuading, listening, numeracy.
ADVANCEMENT: You create your own business. What you achieve is largely up to you. May move into other occupations within financial services.
DEGREE: For head office staff scientific based degree is desirable; for sales staff no degree at present but mathematical experience advantageous.
POSTGRADUATE STUDY: None, but there will be internal training.
VACANCY SOURCES: Graduate directories, & broadsheet newspapers.
TIPS: While there are many reputable organisations recruiting graduates into financial services, some are more dubious. Find out as much as possible about the company & what they will offer you before interview, e.g. what training is provided? Will you receive any salary or is remuneration entirely commission-based? How will leads be generated? (a few companies expect you to sell policies to your friends & family).

 

Prospects Sector Briefing on Banking, Investment and Insurance www.prospects.ac.uk/links/bankingsb

Occupational Profiles for the following career areas can be found on the Prospects website at www.prospects.ac.uk/links/InsurePen

Professional bodies and Information Sources

Employers

Insurance recruitment agencies

 

Last fully updated February 2010