Insurance is a very wide industry and it basically provides coverage over a person’s life, belongings, property, land, business etc. It is definitely one of the most profitable industries in the UK and generates as much as half of the country’s earnings from services. When you purchase insurance, you’re doing so to protect yourself from risk to yourself or your property. For example, medical insurance protects you from the financial expense of unexpected illness or injury due to an accident. There are five main sectors in the insurance industry and these include personal insurance, life insurance, general insurance, commercial insurance and reinsurance. There are also 7 main areas and these are property, marine, fire, liability, aviation, motor & fleet insurance brokering and pensions. As you can see, if you choose to work in the insurance industry after graduating, there are many different pathways you can take and it is quite an exciting and dynamic career.
Some of the typical roles that are available in the insurance industry include selling policies, analyzing risk, processing claims and more. If you have just graduated, then you will be more likely to become employed in an actuary role, loss adjustment, underwriting or insurance broking. You will likely need to have a business, math or engineering degree to get a job in an insurance company. Also, you will need to have several skills such as good customer service, attention to detail etc. Now, it is possible to get a job in this industry without a degree as many insurance companies have apprenticeships or even junior positions available. To qualify, you will need to have GCSE subjects such as Maths and English or a few A-level subjects.
One interesting thing to note about insurance companies is that they place a great deal of emphasis on employee and professional development. This means that they typically offer a great deal of on the job training and even mentoring from senior staff. As a result, if you’re focused, you can easily fast track your career and quickly go up the corporate ladder into a managerial role. You will need to do some additional studies and gain qualifications such as a Certificate in Insurance, Diploma and Advanced Diploma in Insurance etc. If you’re curious about salary, non-graduates usually start at around £16,000 per year whereas graduates usually start at £18,00 – £26,000 depending on the particular job title and role.
In summary, we have just taken a quick look at working in the insurance industry after graduating. So, if you’re interested in this type of career, be sure to continue learning more so you can decide which specific area of insurance you’d like to get into.