What do you think of when someone mentions insurance?

Dull? Boring? People dressed in pressed shirts and shiny shoes, working in grey office blocks?

Well, you’ll be pleased to know that’s not how it is. Insurance is a global industry committed to making life better and safer for its customers. It is a diverse and inclusive industry that recognises its responsibility to the communities it serves and operates in an ethical and sustainable way.

What is insurance and why is it important?

Insurance is a way to manage your financial risks. When you buy insurance, you purchase protection against unexpected financial losses. The insurance company pays you or someone you choose if something bad occurs.

Insurance helps protect you, your family, and your assets. An insurer will help you cover the costs of unexpected and routine medical bills or hospitalisation, accidental damage to your car or injury of others, and home damage or theft of your belongings. An insurance policy can even provide your survivors with a lump-sum cash payment if you die. In short, insurance can offer peace of mind regarding unforeseen financial risks.

Therefore, as you can imagine, insurance is also quite complicated and needs lots of people doing a myriad of different roles to ensure that customers and their families have adequate protection for their needs.

Can I make a career in the insurance industry?

Definitely! Insurance companies are made up of many different areas, so there are lots of roles to choose from to build your career. Whether you are talking directly to a customer, making sure the business has enough money to keep its promises, keeping the business and brand safe from financial crime or designing products and services to meet a customer’s needs, you will be part of a huge team. While some roles will require you to have specific qualifications, they may not be as important for other roles, so don’t worry if you don’t have a degree. Let’s look at some of the things you can do in more detail:

• Insurance broker – Brokers work independently to arrange deals between clients and insurers. They advise clients on the most appropriate policies for them.
• Underwriter – Underwriters issue insurance policies – they decide which policies an insurance company should offer to potential clients and calculate the premiums (the amount charged for insurance coverage).
• Claims manager – A claims manager receives, assesses and manages the claims made by policy holders on their insurance policy.
• Loss adjuster – Loss adjusters operate independently of insurance companies. Their aim is to mitigate loss and get businesses back up and running with the minimum amount of disruption.
• Risk Manager – Risk managers help to assess potential risks and advise on how to avoid or reduce those risks.
• Catastrophe modeller – Catastrophe modellers use complex IT models to estimate losses from natural hazards and terrorism in particular.

You can find out more about the different areas within the Insurance Profession by reading the ‘Areas of Work’ article here.

How can I get a job in insurance?

Whether you are a school leaver, still at university, have graduated or just looking for a career change there are several ways you can secure a role in this exciting and varied industry. Let’s look at a few:

• Careers pages – all insurance companies will have an online careers page where you will be able to find the latest vacancies and useful information about the company, its values and culture.
• Graduate schemes – these are bespoke programmes, typically of a fixed duration, that offer comprehensive financial sponsorship and time off to study. These schemes generally involve balancing a full-time role alongside studying towards a professional qualification, and as the name suggests you will need a degree (possibly in a specific discipline) to be eligible to apply.
• Apprenticeships – many insurance companies now utilise Government backed apprenticeships to upskill their employees and recruit school leavers. Apprenticeships are accessible to everyone, regardless of background, and are a great way for organisations to offer young people a start to their career.
• Summer Internships – exactly what it says on the tin, these short-term paid placements are a great way for individuals to spend their summer months gaining invaluable experience and showcasing their skills to prospective employers.
• Year in Industry Placements – as the name suggests these paid placements provide opportunities for undergraduate students to gain valuable experience in their chosen field by taking a year out from their degree studies. Most universities will have year in industry placements embedded in their courses where the subject allows.

As you can see there is a lot more to insurance than numbers and policies. It is a fast-paced, progressive industry that thrives on diversity of thought, teamwork and collaboration. If you think insurance could be for you and you want to know more, why not take a deeper dive into the Insurance Careers website . You can also find out more about the specific skills required to thrive in this profession by reading the ‘Essential Skills to be successful in the Insurance Profession’ article here.