Jobs and Careers Summer 2023 - 394

Insure your
future
T
he UK is the insurance
capital of Europe, and the
fourth largest insurance
industry in the world,
managing investments of
£1.8 trillion. It employs over 300,000
people - a third of all UK financial
service sector roles - and that's expected
to continue growing. So while a career in
insurance may not initially sound thrilling,
it's a resilient industry with a wide range
of challenging and rewarding roles.
As well as more obvious jobs such
as broker, underwriter or loss adjuster,
there are more behind-the-scenes roles,
such as risk modelling or actuarial
analysis, which ensure client-facing
colleagues make the right decisions.
Insurance companies tend to look for
people with a certain set of skills rather
than specific knowledge, so any degree
could be your ticket into the profession.
You can then study for the Chartered
Insurance Institute's Advanced Diploma
in Insurance. This takes three years to
complete - fewer if you have a degree in
business, finance or law-related subjects -
and it is recognised around the world.
Jobs are all across the UK, with almost
70% outside London. Many companies
have offices across the world, offering
opportunities to travel or live overseas.
Once you've demonstrated your worth
and completed your training, salaries can
be very generous, and those at the top of
the sector can earn a six-figure or even
seven-figure salary. Here are some of the
roles that might suit you.
Insurance Broker
Brokers use their knowledge of the
insurance market to find the best level of
cover at the best price. You'll help clients
identify their individual or business risks
and decide what they need to insure. You
may start as an insurance technician,
junior account handler or trainee broker
and work your way up. With experience,
you could move into loss adjusting,
underwriting or compliance.
What is... reinsurance?
Reinsurance is, essentially, insurance for insurance companies.
It's a way of reducing financial responsibility from the primary
insurance company by transferring (or " ceding " ) some of the risk
to another company. The company that takes on that liability is
known as the reinsurer.
By law, an insurer must have sufficient capital to pay all potential
future claims. This limits how much business an insurer can take
on. By reducing its liability by ceding part of it to another insurer,
it can lower how much capital it must maintain. It also protects the
company from a major claims event, such as a natural disaster.
The reinsurer may then sell risks to institutional investors in the
form of catastrophe bonds and other risk-spreading mechanisms,
leading to a gradual blending of insurance and investment banking.
A career in insurance can offer
intellectual challenges, variety,
opportunities to progress and
great financial rewards
What skills and qualifications do I need?
You'll usually need GCSEs at grades 9-4
(A*-C), including English and maths,
and A-Levels. Further qualifications and
training can be obtained through graduate
training schemes or apprenticeships.
How much can I earn? Junior brokers
earn around £20,000 to £24,000, but as
experience grows, so does the salary - up
to as much as £80,000. Earnings could
include commissions and bonuses.
Underwriter
Insurance underwriters decide whether
to insure a person or company, and set
out the details of policies. They work
with actuaries, risk and claims managers
and brokers, to balance attracting and
retaining customers through competitive
premiums and being able to cover potential
losses. Day-to-day tasks include gathering
information, analysing statistics, assessing
risk and calculating premiums.
What skills and qualifications do I need?
There are no set qualifications, but a
degree in business, maths or economics
will help you win a place on a graduate
training scheme. Apprenticeships are
also available. You'll need the ability to
analyse complex information and to be
excellent at negotiating.
How much can I earn? Graduate scheme
trainees start on between £25,000 and
£30,000. Once you're trained, that can
reach £100,000. Bonuses for personal or
company performance are often included.
Loss Adjuster
A loss adjuster gathers information about
an incident, through inspections and
394 /// JOBS & CAREERS /// jobsandcareersmag.com
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Jobs and Careers Summer 2023

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