{"id":2827,"date":"2022-11-17T08:00:45","date_gmt":"2022-11-17T07:00:45","guid":{"rendered":"https:\/\/joblookup.com\/explore\/?p=2827"},"modified":"2024-07-22T11:02:50","modified_gmt":"2024-07-22T10:02:50","slug":"insurance-career-guide","status":"publish","type":"post","link":"https:\/\/joblookup.com\/explore\/insurance-career-guide\/","title":{"rendered":"Insurance Career Guide"},"content":{"rendered":"
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A career in insurance offers high earning potential and exciting career progression in a booming worldwide industry. Insurance is a multi-billion pound market that sees year-on-year growth. Professionals working in insurance can choose from several career paths in different industry sectors, including automotive, medical, commercial and property.This career guide focuses on three roles in insurance: insurance broker, insurance underwriter and claims handler.<\/p>\n<\/div>\n

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Potential Roles in Insurance<\/h2>\n
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The insurance process has multiple stages, including calculating risk, providing quotes, assessing claims and supporting claimants.<\/p>\n

Insurance brokers<\/strong> research and find insurance deals for customers. Some insurance broker jobs<\/a> 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.<\/p>\n

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

Claims handlers<\/strong> support the individuals, companies or organisations claiming against their insurance policies. Claim handler jobs<\/a> involve communicating with all stakeholders and following claims from submission to completion.<\/p>\n

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Salary and Career Progression<\/h2>\n
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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.<\/p>\n

Insurance brokers<\/strong> 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\u2019s degree, but it is possible to become a broker without one. Entry-level insurance broker jobs pay around \u00a318,000, although graduate schemes pay between \u00a322,000 and 30,000 per year. Once qualified, insurance brokers can earn up to \u00a360,000 annually, rising to \u00a3100,000 for senior brokers.<\/p>\n

Insurance underwriters<\/strong> 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 \u00a324,000 on a graduate scheme, rising to \u00a324,000 to \u00a345,000 when qualified. Underwriters who move into a managerial role can earn upwards of \u00a3100,000.<\/p>\n

Claims handlers<\/strong> 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 \u00a316,800 or \u00a318,000 if on a graduate scheme. Once qualified, brokers can earn up to \u00a330,000 or upwards of \u00a350,000 for senior roles.<\/p>\n

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Qualifications, Education and Experience<\/h2>\n
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Insurance brokers<\/strong> don\u2019t 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:<\/p>\n