Insurance Job Overview
Insurance professionals are responsible for handling insurance claims, verifying their validity, carrying out research, and ensuring that premiums and payouts are made on time. In more advanced roles, typical job responsibilities may include negotiating with clients and solicitors, carrying out risk assessments, writing reports, and establishing liability. Insurance employees must have good communication skills, as their job involves maintaining regular contact with clients and liaising with claim managers and other professionals as and when required. Insurance professionals must also have the ability to handle large amounts of data with accuracy. Likewise, insurance jobs require the ability to cope under pressure and to deal with confidential information professionally. IT skills are needed too. Insurance jobs can be full or part time and are generally office based. Shift work may be required for contact centre jobs. Travel to accident or loss locations may also be necessary.
Insurance Job Education Requirements
Entry-level jobs in insurance are available to individuals with good GCSEs in Maths and English, although employers show preference for candidates with a degree in law, finance, economics, or business, as they can enter directly into the company's graduate training scheme. Having specialist qualifications like Cert CILA, CII Diploma in Insurance, or the Foundation Insurance Test is beneficial. Both the Chartered Institute of Loss Adjusters and the Chartered Insurance Institute offer advanced qualifications that can lead to chartered status.
Insurance Job Market
According to recent statistics, the UK insurance industry is Europe's largest, as more than 300,000 people are employed in this sector. The number of insurance jobs available is expected to remain stable over the next few years. Other related professions that show good future prospects include insurance broker
, risk assessor
, and underwriter
Insurance Job Salaries
Recent studies have shown that general insurance jobs pay an average of £27,000 to £31,000 per year. Insurance professionals working as inspectors can earn £36,000/year, whereas median underwriting salaries are £40,000/year. Account managers or qualified compliance professionals can earn anything between £40,000 and £60,000 per year.