Spotlight On… Careers in Insurance
Want a fulfilling and financially rewarding career in an ever-changing industry? You might want to explore the world of insurance…
When you think about your future ambitions, insurance might not be the first thing that pops into your head. Although at a glance it might appear stuffy and bureaucratic, there are plenty of reasons why you should consider it. Not least, the potential to earn a lucrative salary — starting at around the 30k mark, with the opportunity to earn a six-figure — or possibly seven — salary at senior level. You also have the chance to travel the world and achieve globally recognised professional qualifications, as well as having a direct impact on how society and businesses are run. Insurance is also extremely diverse, with many avenues on offer to pursue, there’s no “one-size-fits-all” with this type of career.
A career in insurance can see you working for some of the biggest companies in the world such as insurance market place Lloyds of London — whose 15-month apprenticeship programme is geared towards school-leavers who might not want to go down the university route, and includes a globally recognised qualification with the Chartered Insurance Institute. Many insurance companies have multi-global offices, giving you the chance to travel and possibly relocate to another country if that appeals to you. If a corporate profit-driven career isn’t what you had in mind, there are certain non-for-profit organisations such as Flood Re, offering people in flood-prone areas access to insurance who otherwise wouldn’t have it.
If you’re wondering whether you have the right skillset and personality for this type of career, there are many different avenues on offer, meaning you can have several careers within the same industry. If you’re outgoing with good interpersonal and sales skills, you might want to pursue a client-facing role. This can include brokers (who liaise between the company and client to negotiate a deal), underwriters (who decide whether applications for insurance should be accepted) and loss adjusters (who determine the amount of compensation to be paid when a claim is put in). While back-office roles such as risk modelling (creating financial models to assess a client’s potential for making a claim) are good for those who prefer number crunching and scrutinising data.
Although insurance is a lucrative profession, you don’t need to possess a specific type of degree — although some degrees may be relevant depending on the type of insurance sector you choose to enter into. Companies are more interested in your skillset as opposed to how much knowledge you have of the insurance field. Many graduate schemes include a CII Advanced Diploma in Insurance, which takes around three years. If you’ve already decided university isn’t for you, many companies offer apprenticeships, (like the one mentioned earlier with Lloyds of London), which don’t require university qualifications.
The industry is incredibly dynamic, with technology and innovation at the forefront — offering plenty of scope for young aspiring professionals to offer fresh ideas and new approaches. There are also so many areas to choose from. For example, you could be involved in issues such as cyber crime, climate change, and Crossrail, to insuring film stars and sportspeople. The opportunities for a rich and diverse career are endless. The bottom line is that insurance will always be needed; it’s a key component how society is run. If you want to drive a car, travel abroad or study at university, none of those things could happen without insurance. Basically you’ll never be short of work in this type of career — the opportunities are endless!
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