Insurance

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Sector Overview

This page has been written by Pamela Andrew, the relevant Careers Adviser for this occupational area. To see how you can meet Pamela, or any of our advisers, go to our website to view how and when you can meet them. 


Is it right for me? - further information on this career area, including skills/attributes required and tactics for success (pdf)



Insurance is concerned with risk and arrangements designed to minimise its impact. Insurance is involved with almost every aspect of commercial and personal life. Beyond car insurance, holiday insurance and personal pensions are the complexities of insuring ships, aircraft, satellites and footballers’ legs. Insurance is a key part of Britain’s invisible export earnings. The prospects in insurance remain buoyant providing a graduate with a stable career path. A graduate with 7–10 years in this profession could earn up to sums of £100,000 +.

The insurance industry has traditionally lacked glamour, but contains a number of large, regular recruiters who offer well-tried graduate training schemes and the opportunity to study for various professional qualifications. Look closely and there is a range of jobs to tempt graduates with an interest in commercial work. Few major general or life insurance companies have head offices in central London, although many have a presence in the City.

Employment in insurance falls into three main areas: the London Market, insurance companies and insurance brokers. The London insurance market is where all three areas overlap. Employers in the sector include insurance companies, reinsurance companies, national insurance broking houses, and underwriting syndicates.

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Range of jobs

As a service industry insurance offers a wide range of positions, including accountancy, IT, HR, and marketing. Related careers include investment analysis and research. Positions specific to insurance, however, include underwriting, compliance, sales, broking, risk analysis, claims inspection and loss adjusting. Insurance companies also recruit Actuaries and many have very highly rated General Management schemes. The CII Discover Risk website gives detailed information on these roles.

For a more comprehensive overview of the wide range of jobs available, visit the Prospects website.

  • Underwriter - An Underwriter assesses the extent of a risk in a proposal, and decides how much of the risk should be accepted and on what terms. This can often involve a certain amount of technical knowledge, for example, if insuring a ship. Underwriters work for Lloyds of London, the International Underwriting Association of London (IUA), or for an insurance company. The environment of each is quite different so consider each carefully. An underwriter would study risk reports, look at health and safety procedures and consider reinsurance to spread the risk taken on. An enquiring mind, attention to detail, decision-making skills, initiative, sound judgement and excellent communication skills are all vital. Getting business often depends on personal contacts and reputation. Working to tight deadlines in small teams and in an increasingly international environment are characteristics of the role. A background in law, economics, business studies, science or engineering is particularly useful. Some specialist areas value biological or medical knowledge.
  • Insurance Sales - Insurance Sales staff focus on advising clients on the most appropriate product to satisfy their needs. The ability to absorb and communicate technical insurance product information to lay people must be achieved in a balanced way. Building and fostering relationships with both personal and commercial clients is key to this role. Excellent interpersonal and influencing skills are essential.
  • Insurance Brokers - Insurance Brokers act as intermediaries between those seeking insurance and those accepting the risks involved, and are independent of insurance companies. They have to liaise with individuals for personal insurance issues or with corporate clients for bigger insurance risks. Brokers can specialise in particular areas of insurance and will register to act. Lloyds’ brokers are the only brokers allowed to operate at Lloyds’ insurance market. Work involves generating business, placing risks, handling claims and providing technical back up. Some of these areas of work can be subdivided further, with some staff concentrating on client liaison and others on liaising with underwriters etc. Technical understanding of products and the ability to build close relationships with clients are important here. Your work may take you wherever your clients are, so negotiations can be anywhere in the world.
  • Risk Analysts - Risk Analysts analyse and evaluate potential areas of risk, which impact on the assets or earning capacity of an organisation. They work in a range of sectors and not just insurance. Within insurance they will conduct research, apply statistical methods and use mathematical models to analyse risk and make recommendations on controlling and reducing risk. This involves reviewing legal documentation and presenting ideas via presentations, reports and meetings. Skills for this role are strongly analytical and numerate, but interpersonal skills are still important. A good understanding of insurance, the insurance market, commerce in general and issues relating to risk is vital, but is generally developed on the job. Many study postgraduate courses in risk management before applying.
  • Claims Inspectors - Claims Inspectors must decide whether an investigation is required once an insurance claim has been submitted. These decisions have to be based on an analysis of the situation and sound judgement; in addition good communication is needed to keep the customer informed about action to be taken. Often claims inspectors will focus on the less complex claims and pass claims requiring an independent view on to a Loss Adjuster, who is employed by the insurance company concerned (see below), though this is not always the case. Many years of experience in claims are expected before it is possible to move into the position of Claims Inspector.
  • Loss Adjuster - The Loss Adjuster is a specialist claims inspector and requires similar skills. These include: information gathering, interviewing customers and people involved in the events or activity surrounding the claim, producing reports (which can be quite technical and include site layouts), health and safety restrictions, etc. A technical, thorough, detailed and analytical mind is required along with the diplomacy required to handle often distraught customers. Trust and integrity are also important qualities, as are powers of observation and a ‘detective’ approach.
  • Investment Fund Managers - Investment Fund Managers have to oversee, and make decisions relating to, the investment of premiums received from clients. The performance of those funds must hit targets that at least cover the life policy bonuses and offset any underwriting losses, so the role is an important one for insurance companies. High calibre graduates are sought for these positions and, although a sound level of numeracy is important for all insurance positions, it is particularly important here. Analytical skills, sound judgement and good interpersonal skills are also vital. For many of these roles language and IT skills are valued.
  • Re-insurance - is more an area of insurance than a job title and involves insurance companies gaining insurance to cover their own risks. Re-insurance is a broad field embracing many of the disciplines in the wider insurance industry, listed above. It is distinguished by the sheer scale of risks and the international nature of the companies involved. After general training you will enjoy opportunities to specialise in one aspect of re-insurance, such as broking or to focus on an economic region or industry sector such as marine or aviation. Re-insurance companies are typically large organisations and many offer structured graduate entry programmes that provide broad experience before you begin to specialise. You are also likely to be encouraged to pursue CII qualifications and accreditation and in many cases Lloyd's qualifications as well.

Case Studies

The following videos give you a taste of what jobs in insurance would involve:


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Network with alumni

Connecting with St Andrews alumni already working in this sector is a great way to make contacts, gain an insight into what is happening in the industry and in some cases alumni can become valuable mentors. LinkedIn – This professional networking site allows you to make contact with St Andrews alumni working in this sector. By joining the St Andrews alumni groups, University of St Andrews Alumni and University of St Andrews - Mentorship Programme, you are able to make contact directly with alumni shown above with a LinkedIn profile. Further details can be found on our website.

Director of Insurance Group (Commerzbank), Underwriter (Lodestar Marine), Chief Underwriter P&C and Reinsurance (Proctor Forsikring, Norway), Relationship Manager (RSA Insurance Group), Trainee ACtuary (Acromas), Sales Consultant (NFU Mutual), executive Vice President (Lawyers Mutual Insurance) , European Insurance and Actuaril Senior Consultant (Oliver James Associates, Germany), (P&C Actuarial Anlayst (Towers Watson, Bermuda),Underwriting Assistant (XL Group plc), Senior Regional Undrwriter (Liberty Mutual Insurance),Risk Analyst (Risk Management Solutions), Owner ( CM Insurance Services, California'' - these alumni are all members of the University of St Andrews alumni group.

How to get experience

It is essential that you obtain relevant work experience, which may well have to be on an unpaid, voluntary basis. Work experience can take many forms - an internship, work shadowing, a gap year, voluntary work, one week unpaid work experience. Short term experiences and work shadowing can provide a useful source of contacts which may lead to future opportunities, so it pays to be flexible in what you are willing to consider. Be prepared to network and be proactive in your search by making speculative applications as many opportunities will not be advertised.

Attend events run by employers at the University as this is a great way to make contacts and ask them directly about the possibility of arranging some type of work experience. Make the best use of networking with employers at the Graduate Management and Finance Fair, which is held annually, you are also able to download the programme which contains information on which employers offer internships. Also use the Careers Alumni Network, a database of St Andrews graduates who have agreed to offer career support to current students, for additional information.

The following websites include listings of internship opportunities:


Employers who have offered internships in the past:

Organisation Comments
Allianz
 Offer summer internships which are open to all years. Applications are open in September.
Aon Offer summer internships to penultimate year students. Apply through website.
AXA
 Placements typically take place over the summer months and can last from 4 - 12 weeks. Apply through website,
Hiscox Insurance
 Internships last 10 weeks.
Lloyds
 Offer internships to a limited number of university students, providing a ten-week insight into the heart of the business.
Standard Life Offer ten week summer internships.


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How to find a job

Most individuals will enter the insurance industry through their first job, typically a graduate scheme. Although some individuals may begin by embarking on postgraduate study, most will train on the job in a graduate position. To start your job search:

  • If you are not sure which specialist role would suit you best or if you want to have more of a General management career, look out for schemes offered by larger insurance firms, often named "corporate management scheme" or "business graduate programme".
  • Savills has produced a resource entitled 'Careers in Property' for students looking to apply for graduate schemes or work experience. It includes real life case studies. Visit the Savills website and click on 'Why a career in property?'
  • Only a few vacancies are made known to us from underwriters, reinsurance companies and other specialist firms, so some careful research, Networking and making speculative applications may be necessary. Try the larger Insurance Associations for jobs with underwriting syndicates.
  • Sign-up for CII Discover membership. For £35 per year, you can gain access to comprehensive market data through the CII's Knowledge Services website; access local and regional networking events; access an exclusive Discover Risk Linkedin group, and much more.

Jobs online

The following websites advertise vacancies in insurance and finance-related areas:


Recruitment Agencies

There are a number of insurance recruitment agencies, including:

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Postgraduate Study

Many graduate employers are keen to employ students who have postgraduate qualifications, whether at Masters or PhD level, and see them as often offering enhanced maturity and a broad set of transferable skills. Where employers have ‘graduate schemes’, do be aware that while they will often recruit postgraduates as well as undergraduates via these, often at the same salary. Further study is particularly useful for a graduate whose first degree is unrelated to the insurance sector although experience can be equally or in some cases more important. Some graduates, however, may opt to take a Master’s qualification in Risk Management or Actuarial Science. They will join with the option of studying for a further qualification such as:


For further information on researching and planning for a postgraduate qualification, please visit the postgraduate study page.


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Key Links and Resources

Careers Centre resources

Books/Journals:

  • Careers in Financial Markets Europe

'Take-away:'

  • Target: City and Finance
  • Inside Careers: Banking, Securities & Investments
  • Inside Careers: Pensions

Online:

  • Careers Alumni Network- a database of St Andrews graduates who have volunteered to offer careers information to existing students.
  • The Careers Centre subscribes to 'Going Global', a specialist website with information and job vacancies worldwide. To access Going Global login to the Careers Centre website and click on Going Global Database.

General insurance careers information

Professional Bodies, Trade Organisations & Journals/Magazines

USA


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