Insurance Career Guide

 

Potential Roles in Insurance

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The insurance process has multiple stages, including calculating risk, providing quotes, assessing claims and supporting claimants.

Insurance brokers research and find insurance deals for customers. Some insurance broker jobs involve working with individuals looking for personal cover, for example, life insurance, travel insurance, illness or injury protection and redundancy cover. Other brokers work with commercial or public sector clients or specialise in areas such as small business, motor or household insurance.

Insurance underwriters evaluate an insurance application and decide whether their company is willing to provide insurance. Insurance underwriter jobs involve a lot of independent work, with a heavy focus on writing, handling and assessing documents and policies.

Claims handlers support the individuals, companies or organisations claiming against their insurance policies. Claim handler jobs involve communicating with all stakeholders and following claims from submission to completion.

 

Salary and Career Progression

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Career progression and earning potential in the insurance sector depend upon the type of job role and the size of the employer. Large city firms typically pay more than regional or smaller firms.

Insurance brokers can advance into more senior roles where they will work with larger clients or manage a team of insurance brokers. You have a better chance of career progression with a Bachelor’s degree, but it is possible to become a broker without one. Entry-level insurance broker jobs pay around £18,000, although graduate schemes pay between £22,000 and 30,000 per year. Once qualified, insurance brokers can earn up to £60,000 annually, rising to £100,000 for senior brokers.

Insurance underwriters can advance to more senior underwriting roles, managing a team or handling more complex cases. They can also move into other insurance job roles or a specialism, like aviation underwriting. Salaries for insurance underwriters start at around £24,000 on a graduate scheme, rising to £24,000 to £45,000 when qualified. Underwriters who move into a managerial role can earn upwards of £100,000.

Claims handlers can move upwards into the position of claims manager or negotiator but would probably have to make a side-step into another area of insurance, like broking or compliance, to continue up the career ladder. Claims handlers can start at an entry-level salary of around £16,800 or £18,000 if on a graduate scheme. Once qualified, brokers can earn up to £30,000 or upwards of £50,000 for senior roles.

 

Qualifications, Education and Experience

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Insurance brokers don’t need a degree to find work but are more likely to progress to senior positions with one. The following may be beneficial for a career in insurance broking:

• 4-5 GCSEs at grades 9-4 (A** to C) and 2-3 A’ Levels
• A Bachelor’s degree in maths, engineering or a business-related subject, although other subjects may be considered
• An Insurance Practitioner or Insurance Professional apprenticeship for a junior broking position
• Completion of a graduate scheme
• Industry qualifications through a recognised provider
• Experience working as a trainee broker, junior account handler or insurance technician

Insurance underwriters also benefit from a degree-level education, although it is not compulsory. The following can help you enter a career in underwriting:

• 4-5 GCSEs at grades 9-4 (A** to C) and 2-3 A’ Levels
• A Bachelor of Science degree in maths, law, engineering or a business-related subject, although other subjects may also be considered
• An apprenticeship specialising in underwriting
• Experience working as an underwriter assistant or insurance technician
• Industry qualifications through a recognised provider
• Completion of an underwriting graduate scheme

Claims handlers can enter the profession without a degree and work their way up to senior positions with experience. Possible routes into claims handling are:

• A Higher National Degree or Bachelor’s degree in maths, law or a business-related subject, although other subjects will be considered
• Completion of a graduate scheme
• Experience working in junior roles, such as administrative assistant or technician
• An apprenticeship

 

Skills

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Insurance brokers benefit from the following skills:

• Good written and verbal communication
• An awareness of business practices
• The ability to work well under pressure
• Attention to detail
• Diligence
• Knowledge of IT and software systems
• Problem-solving skills
• Sound knowledge of maths principles
• Confidence in dealing with claimants and underwriters

Insurance underwriters must have the following skills:

• Proficient in maths concepts, including statistics
• Diligence
• Attention to detail
• Self-motivated and able to work alone
• Customer service skills
• Knowledge of IT and software systems
• Analytical thinking
• Problem-solving skills
• The ability to remain calm under pressure
• Sound judgement of situations

Claims handlers work with customers claiming their insurance, possibly due to a distressing situation, so soft skills are vital. Other essential skills include:

• Excellent communication skills and a reassuring manner
• Customer service skills
• Patience
• The ability to work under pressure
• Good reasoning skills
• Logical and strategic thinker
• Attention to detail
• Knowledge of using IT and software systems

 

Working Hours

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A career as an insurance broker or underwriter almost certainly guarantees standard office working hours of 40 hours per week, 9am to 5pm, Monday to Friday. You can usually expect to have weekends and bank holidays off work.

A minority of insurance firms may choose to open on Saturdays to suit their customer base.

Claims handlers, however, may be required to work shifts in a contact centre to provide out-of-hours support for claimants.

 

Notable Locations

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Insurance firms and employers are based all over the UK, although larger firms tend to be located in cities, including:

• London
• Edinburgh
• Glasgow
• Cardiff
• Liverpool
• Leeds
• Bristol
• Belfast

 

Notable Companies

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• Aviva: the biggest insurance company in the UK, also operating in 16 other countries.
• AXA UK: another insurance giant, AXA works across Europe and specialises in health insurance.
• Direct Line Group: the parent company of well-known insurance brands, including Churchill, Direct Line and Privilege. It focuses on motor and home insurance.
• Zurich: founded in Switzerland and operating across Europe, North America and Asia, Zurich specialises in life, property and casualty insurance.
• Allianz: recently bought out Legal & General Insurance and part of LV General Insurance Group to become the second largest insurer in the UK.
• Bupa: a well-known private medical insurance company operating in several countries worldwide.

 

Next Steps

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