Insurance Mini-Guide

25/04/2017

A graduate role in the Insurance Industry can vary tremendously – the industry is huge and is involved in looking after individuals and companies; protecting their assets – from financial risk, against theft, fire, flood, cyber threats etc, as well as protecting individual’s future with life insurance. It’s all about preparing businesses and individuals for that rainy day.

What is it?

A graduate role in the Insurance Industry can vary tremendously – the industry is huge and is involved in looking after individuals and companies; protecting their assets – from financial risk, against theft, fire, flood, cyber threats etc, as well as protecting individual’s future with life insurance. It’s all about preparing businesses and individuals for that rainy day.

What skills and qualifications will I need?

You will need to be: numerate and have the ability to communicate well with people, flexibility and have an interest in keeping up to date with industry news and developments. There are a number of industry specific exams that you can take in order to keep your knowledge up to date.

What else do I need to know?

The term insurance covers everything from General and Personal insurance such as house or car insurance, Commercial & Corporate insurance for businesses, Life assurance – to provide financial support for beneficiaries and Reinsurance, which is for insurers to help manage their risk.

The roles will vary across the different insurance companies but will include jobs like Underwriter, Loss adjuster, Claims management, Insurance broker, Actuary…

You could work for a dedicated insurance company, retail bank, supermarket, insurance broker, London markets or a specialist consultancy – there are specific loss adjusters, life assurance and pension companies as well as actuarial consultancies. There are also a number of charities and not for profit organisations that you could work for.

Starting salaries and earning potential are good within this industry.

Top Tip

* Look out for the graduate schemes from the big companies – applications are open early in the year and are competitive. A numerate degree is often preferred but will depend on the specific role you are looking for.

* The role that you start off in is only the start – it’s a vast industry and it’s relatively easy to move across different areas whilst still making use of all the knowledge you gain on the way.

Where can I get more information?

The Association of British Insurers https://www/abi.org.uk

The Chartered Insurance Institute has information about the industry and the relevant exams you can study to ensure your continued personal development (CPD) http://www.cii.co.uk