Insurance

A highly diverse field with a constantly changing work environment.

Careers 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. 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.

General overview

• 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.

Variety of products

The type of work involved greatly depends on the employer’s area of speciality in terms of products offered. The following are the main types of insurance products:

• General insurance

This encompasses the different types of insurance policies save one – life insurance.

• Commercial and corporate insurance

Crafted specifically for business organisations, it protects entities against unforeseen events such as theft, property damage, liability, or other disruptions to their day-to-day operations.

• Life insurance

Life insurance is purchased as a form of financial protection and aid for named beneficiaries in the case of a premature death.

• Personal insurance

Consisting of a range of insurance contracts that protect an individual financially in the event of a misfortune.

Common examples of this type of insurance include policies for personal automobiles, properties and illnesses. Insurance institutions typically require a wealth of expertise to support their core business, such as technology specialists, marketing and HR personnel.

Although insurance companies make up the majority of employers, insurance brokers, retail banks and supermarkets welcome graduates interested in this field as well. Specialist consultancies, where specific roles in life insurance or loss adjustment are carried out, are other options.

Many large employers offer training or graduate schemes to facilitate adaptation to the new working environment. These schemes tend to be rotational in order to provide diverse experiences to help graduate hires understand the company better. On the other hand, others rely on on-the-job training, as well as formal or informal mentorship programmes with senior team members. Recruiters value candidates who have skills in customer service and numeracy, the ability to react promptly and an eye for detail.

Generally, most employers state a preference for numerate, business or management-related degrees. While this is especially true for actuary positions, graduates from all degree disciplines are still welcome to try for other roles.

Employer may also urge new hires to sit for examinations conducted by professional bodies as the certifications obtained are vital for career progression.

If interested candidates find meeting new people and working in a stimulating environment greatly enjoyable, this could be an industry worth exploring.

However, be aware that certain positions can be deskbound with relatively little variety, such as that of the underwriter. On the other hand, an insurance sales representative can look forward to a lot of travelling opportunities when the world reopens post-pandemic.

• Reinsurance

Usually purchased for insurers, it acts as a risk management strategy. For example, if an insurer foresees itself encountering a financial strain due to unexpectedly large pay-outs, they may opt for reinsurance as a method to mitigate that risk.

Keep in mind, though, that the insurance industry is always expanding, and that these are only basic products. To score at job interviews with insurers, it’s important to read up on other unique offerings the company has too!