EVERYTHING YOU NEED TO KNOW ABOUT A CAREER IN INSURANCE (ANSWERING FAQ’S)

A hub of FAQ’s about a career in Insurance.

WHAT IS INSURANCE AND WHY IS IT IMPORTANT?

Insurance is a vital tool that provides protection and peace of mind against various risks and uncertainties.

What many people might not realise is the extensive and interesting work that happens behind the scenes in the insurance industry. Insurers have the important job of developing policies and processes claims to support people and businesses to ensure the upmost protection.

Without insurance and all the skilled professionals, sudden financial burdens, like damage or critical illness could be devastating.

WHAT DOES A CAREER IN INSURANCE INVOLVE?

We’re all familiar with insurance. Whether that’s house, life, car or holiday insurance, we know it protects us massively. But what would it be like to actually work in insurance? 

Insurance professionals play a crucial role in assessing and managing risks, protecting both individuals and businesses from unforeseen events. There are endless areas and professions to specialise in with the opportunity to work in a range of companies, from small to conglomerate.

INSURANCE responsibilities

There are plenty of routes to go down in insurance but here are the basic responsibilities of an insurer.

  • Develop and offer various insurance policies and coverage options

  • Assess and underwrite insurance applications

  • Explain policy terms and conditions to customers

  • Collaborate with clients to identify their specific insurance needs

  • Analyse and evaluate risks associated with insuring certain clients

  • Investigate and process insurance claims

  • Maintain detailed records of policies, premiums, and claims

  • Stay up-to-date with legal and regulatory requirements

  • Evaluate data, such as medical reports or financial statements, for policy decisions

  • Assist clients in navigating the claims process and ensure timely settlements

WHAT ARE THE PERKS OF A CAREER IN INSURANCE?

First and foremost, an insurance career is a fulfilling one. Whether you or someone you know has had an experience where insurance has been a relief, the insurer on the other side has worked to ensure you have the best possible outcome.  

But working in insurance is known to have its benefits too. Most insurance firms provide their employees with a whole host of great benefits like private health and dental care, well-being plans like free gym memberships, and you guessed it - insurance. 

Insurance is something people will need, always. Insurers can feel secure in their positions, whilst knowing there are plenty of others out there. But the great thing about insurance firms is that there usually is a world of opportunities, without having to look elsewhere. Within insurance, many other subsectors give professionals plenty of opportunities to choose from, as well as lots of progression.

You can expect to earn a comfortable salary in insurance where the sky is the limit, something that not just attracts people to join the industry, but encourages people to stay sometimes for their entire careers. 

WHAT ARE THE TYPICAL INSURANCE JOB TITLES? 

There are lots of different subsections of insurance, firstly with the type of insurance, but also what role you would take on.

GENERAL INSURANCE JOB TITLES

  • Insurance Broker

  • Insurance Analyst

  • Insurance Business Analyst

  • Insurance Consultant

  • Insurance Director

  • Insurance Technician

LOSS ADJUSTING JOB TITLES

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.

They look into the circumstances surrounding a claim – for example, establishing the cause of a fire – before negotiating a fair sum to replace the loss or repair the damage.

  • Loss Adjuster

  • Domestic Property Loss Adjuster

  • Commercial Property Loss Adjuster 

  • Liability Loss adjuster 

  • Major & Complex Loss Adjuster 

  • CAT Loss Adjuster

  • Construction Loss Adjuster

  • Environmental Loss Adjuster

  • Marine Loss Adjuster

SURVEYING JOB TITLES

As an Insurance Surveyor, you’d carry out surveys of things (land, property etc.) that people or businesses want to insure and then evaluate the potential financial risk in insuring it.

  • Surveyor

  • Subsidence Surveyor 

  • Quantity Surveyor

  • Land Surveyor

  • Risk Surveyor

  • Property Management Surveyor

  • Restoration Surveyor 

  • Desktop surveyor 

  • Liability Surveyor

CLAIMS JOB TITLES

An insurance claim is essentially when someone requests for an insurance company to compensate for something their insurance covers (for instance, you have car insurance and you claim for repairs after an accident).

Claims professionals can do a range of things from handling claims to investigating to analysing.

  • Claims Handler

  • Property Claims Handler

  • Personal Injury claims Handler

  • Motor Claims Handler

  • Claims Investigator

  • Claims Manager

  • Medical Claims Handler

  • Total Loss Claims Handler

  • Claims Adjuster

  • Claims Analyst

  • Claims Assessor

UNDERWRITING JOB TITLES

“Underwriters issue insurance policies – they decide which policies an insurance company should offer to potential clients.”

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). In order to do this, underwriters obtain detailed information from prospective policy holders and assess the risks, likelihood and potential cost of a claim.

  • Underwriter

  • Trainee Underwriter

  • Senior Underwriter

  • Head of Underwriting

  • Underwriting Manager

  • Technical Underwriter

ACTUARIAL JOB TITLES

Actuaries evaluate and manage financial risks. Their job is to analyse data to inform businesses decisions on policy prices etc.

  • Actuarial Analyst

  • Graduate Actuarial Analyst

  • Trainee Actuary

  • Actuarial Consultant

BROKING JOB TITLES

“Brokers work independently to arrange deals between clients and insurers.”

Personal insurance brokers generally deal directly with individual clients or companies and arrange policies for home, motor, travel or pet insurance, while commercial insurance brokers deal with more high-value insurance for areas such as marine, aviation, energy and finance sectors.

  • Insurance Broker

  • Commercial Insurance Broker

  • Property Insurance Broker

  • Insurance Broker Manager

INSURANCE Salary benchmarks

The following salary benchmarks are based on internal data and will vary based on factors such as location, industry and personal experience.

LOSS ADJUSTING/ SURVEYING SALARY BENCHMARKS

Entry Level: average salary of £35,000

Mid Level: average salary of £45,000

Senior Level: average salary of £55,000

Director Level: average salary of £80,000+

CLAIMS SALARY BENCHMARKS

Entry Level: average salary of £25,000

Mid Level: average salary of £35,000

Senior Level: average salary of £50,000

Director Level: average salary of £85,000

UNDERWRITING SALARY BENCHMARKS

Entry Level: average salary of £23,000

Mid Level: average salary of £38,000

Senior Level: average salary of £55,000

Director Level: average salary of £85,000

ACTUARIAL SALARY BENCHMARKS

Entry Level: average salary of £36,000

Mid Level: average salary of £85,000

Senior Level: average salary of £110,000

Director Level: average salary of £150,000

BROKING SALARY BENCHMARKS

Entry Level: average salary of £33,000

Mid Level: average salary of £48,000

Senior Level: average salary of £65,000

Director Level: average salary of £92,500

HOW DO I GET INTO AN INSURANCE CAREER?

Insurance is an increasingly inclusive profession, and employers are actively seeking people from a diverse range of backgrounds and skills

While numerical skills are usually useful many people join the insurance profession straight from school or via an apprenticeship.

An Insurance School Leaver Scheme is a programme that you can join straight out of school, once you have completed your A-Levels. They offer full training and, allow you to gain professional qualifications. Essentially, it’s a way to ‘learn while you earn’.

Only highly specialist roles such as catastrophe modellers or actuaries would normally expect a degree in statistics or advanced mathematics.

WHAT EDUCATION SHOULD I FOCUS ON?

The CII (Chartered Insurance Institute) is the world’s largest professional body for insurance and financial planning

To practise in the insurance profession, the pursued qualification is the Advanced Diploma in Insurance (ACII) which assures employers and the public that insurers are working to professional standards.

Most graduate schemes in insurance offer study support for ACII, which it will take you around three years to complete. And if you’re looking to tailor your university studies ahead of this, the CII works with universities across the country to promote their ‘standard award’ which is a set of credits that you can claim if you are graduating in:

  • Accounting

  • Actuarial Science

  • Business

  • Economics

  • Finance

  • Law

  • Management

  • Marketing 

  • Mathematics 

  • Statistics

Additionally, Continuing Professional Development (CPD) can be achieved 5 years after sector experience begins and for those who hold an ACII level qualification.

Is a career in INSURANCE for me?

If you’re someone who has:

  • Communication & negotiation skills

  • Problem solving & analytical abilities

  • Great customer service & interpersonal skills

  • Teamworking ability

  • Numerical ability

Then insurance would be a great career to go down, and with so many avenues, there are a multitude of opportunities to discover,