Have you considered working in Insurance?
The Insurance industry is global, dynamic and interesting. If you are studying accounting, finance, business, management, economics, maths, law or physics, you are well suited to this area. There are essentially 3 possible career paths: insurance broker, insurance underwriter or actuary.
Insurance underwriters analyse risk in insurance proposals, determine policy terms and calculate premiums on the basis of careful analysis of previous records, objective statistics, and potential risks the client may face. They decide if applications for insurance cover (risks) should be accepted and if so, what the terms of that acceptance are. They assess a risk according to the likelihood of a claim being made by weighing up a number of factors and asking for detailed information from prospective clients. The aim is to minimise losses for their company and help to make a profit.
Most underwriters specialise in one type of insurance. The main types of insurance include:
- General insurance: covers household, pet, motor, travel
- Life insurance/assurance: covers illness, injury, death
- Commercial insurance: covers companies
- Re-insurance: part of the risk is placed with another insurer
Insurance brokers act as an intermediary between clients and insurance companies. Clients may be either individuals or commercial businesses and organisations. They research and analyse the products from many different insurance companies in their mission to find the best cover and price for their client.
Retail insurance brokers usually arrange insurance policies for individuals or companies and deal directly with them. Policies range from motor, house, travel or pet cover for individuals or property to employer's liability and public and product liability insurance. Commercial insurance brokers deal with high value and more complex insurance cover in areas such as marine, aviation, oil and gas and financial risks.
Actuaries work out the degree of risk on life assurance policies, pensions and employee benefits and investments. Every area of business is subject to risks so an actuarial career offers many options. A typical business problem might involve analysing future financial events, especially when the amount or timing of a payment is uncertain. But it could also involve understanding something like the weather: assessing when and where devastating storms may hit can help predict risks, and their associated costs, for investments or insurance.