The Benefits Of Working In Insurance

The insurance industry is more or less guaranteed to affect the lives of everybody in one way or another. Whether it’s employers insuring their premises to protect the livelihoods of employees, or younger family members acting as beneficiaries of a deceased loved one’s estate, it’s a part of real life. To make that happen takes a diverse, robust industry of level-headed individuals who, nevertheless, have a good head for risk.

Working in Insurance is more than just a pastime for desk-jockeys, it puts you at the very centre of some incredibly personal, sometimes touching situations. Does that sound like you? Read on and see if working in Insurance is right for you…

Is selling Life Insurance a good career opportunity?

Through years of global financial instability and a British job market that’s had its share of ups and downs, even entry-level Insurance jobs are standing firm as part of a durable industry. According to 2015 figures from the Association of British Insurers, the Insurance Industry in the UK employs 334,000 people and manages assets amounting to a quarter of the country’s net worth.

So, in short, the industry is a very secure bet for a career path. But it’s also just as broad as it is steady. The umbrella of Insurance covers a range of possible career paths, each with its own requirements and people who might fit the job best. Careers in Insurance include:

Underwriting, the decision-making process where it’s decided whether to accept applications for cover, and the exact terms they’re accepted on. Underwriters need a cool, critical head and the people skills to build a rapport with brokers.

Claims handling, where the different services which go into assessing and processing a claim are all coordinated. This includes checking for possible fraud, making sure claims are valid and ensuring payments reach the beneficiaries. Claims handling involves juggling a lot of skills and duties.

Actuarial. Here, all the number-crunching happens to assess the level of risk involved in any given event, and the financial implications it can have. This role forms the basis for all cover issued by any Insurance company, so fair to say it’s a big deal.

Human resources. As with any industry, HR has a role to play. However, with the high stakes involved in this specific industry, HR professionals making decisions on some very lucrative employment contracts.

These are just some of the more prominent roles in any given Insurance company. Careers in marketing, finance and the broader legal side of things are all options for those interested in the industry.

Qualifications for Life Insurance careers

It goes without saying that working in the Insurance industry requires you to be highly numerate, while also being a solid one-to-one communicator and a strong team player. To round off that specification, there are qualifications which can help you get ahead.

The Institute of Financial Services offers qualifications like the Certificate in Regulated General Insurance, and the Chartered Institute of Loss Adjusters can help you achieve a Certificate in Claims. Meanwhile, the Chartered Insurance Institute offers a broader curriculum for those working in Insurance, such as Certificates in Insurance, Diplomas in Insurance and Advanced Diplomas in Insurance.

Not all career paths within the industry will have clearly-defined qualifications they require, so it’s worth exploring what appeals to you the most and laying out a strategy for getting there.

In any event; securing a career in Life Insurance unlocks a professional environment that’s both rich in opportunities for the future and immediate benefits right now. Have we piqued your interest? Whether you’re just entering the job market or looking for a change, get in touch and find out if all this is right for you.