FINANCIAL SERVICES: AREAS OF WORK
INSURANCE A highly diverse field with a constantly changing work environment.
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areers in the insurance industry may be immensely wide-ranging, but they ultimately revolve around the safeguarding of an individual or entity’s financial assets in the event of an unexpected occurrence.
General overview There are a number of positions that graduates can look forward to in this sector. Here are some of the more popular ones: • Graduate underwriter Underwriters are responsible for determining a client’s eligibility for a policy, additional terms and conditions that are part of the plan and the premium the client has to pay. • Claims management trainee As part of the insurance claims department, trainees are involved in assessing the validity of submitted claims, as well as liaising with policyholders to ensure that the repayment process is completed as safely and efficiently as possible. • Trainee loss adjuster The job scope of a loss adjuster is relatively similar to that of an insurance claims handler – both check the validity of a claim and establish the causes of a loss, among others – except they typically work as an independent third party, and are attached to specialist practices instead of insurance companies. Insurers generally seek the services of loss adjusters, instead of claims managers, for more complex claims.
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• Business development, business finance and sales graduate roles While responsibilities for this position vary according to the employer’s area of specialisation and expertise, working in the business division usually involves a mix of duties such as promoting services to potential clients, and identifying and following up on new opportunities. • Graduate insurance broker Insurance brokers help clients match their needs with the most suitable insurance products for the best premiums. • Trainee actuary Actuaries advise their clients and help them forecast and manage financial risks through the application of financial and statistical theories. • Graduate product manager Product managers at insurance companies are responsible for creating, testing and launching new insurance products for potential customers. Their responsibilities may include market research, sales forecasting and regulatory compliance. • Operations management This role is primarily responsible for managing and encouraging the customer service department.
