A Career in Insurance?
A career in Insurance
Barker Munro Recruitment is passionate about the Insurance Industry and considers it to be a great industry to build your career in.
The UK insurance industry is the third largest in the world, which employs about 290,000 people and is an essential part of the UK’s economic strength.
Insurance is one of the ways that businesses and individuals reduce the financial impact of a risk occurring. Without it there would be no risk taking and without this there would be no businesses or innovation.
The Insurance industry could be for you if you like working with people and want to be part of a fast moving industry.
General insurance is taken out by both individuals and companies. It can provide protection for damage to our belongings – for example cars, houses, jewellery, or for any harm that may come to whilst on holidays or participating in sports activities. Companies need insurance against any unforeseen events that could impact upon their business, like a fire in a warehouse or a plane crash, or even a hurricane in America. Insurance is very diverse and can be taken out to cover a whole host of events. Examples of more niche insurances include kidnap and ransom cover for those working in troubled areas in the world, terrorism cover and music promoters insuring against the non appearance of the leading act.
General insurance is dealt with across both the retail and wholesale markets.
Roles in Insurance
There are a variety of roles in Insurance including broking, underwriting, claims, loss adjusting and risk management.
Insurance underwriters decide if insurance cover applications should be accepted and if so, what the terms of that will be. They assess a risk taking into consideration the likelihood of a claim being made and asking for detailed information from prospective clients.
Insurance brokers act as an intermediary between clients and insurance companies. They use their in-depth knowledge of risks and the insurance market to find and arrange suitable insurance policies and arrange cover for businesses or individuals.
Risk managers help organisations assess all the risks facing their business.
Claims handlers have to deal with the situation if the event for which the Insurance has been taken out to cover occurs. They have to use their knowledge and expertise not only to assess the validity of the insurance policy, the claims terms and reach a settlement figure to pay the policy holder.
Loss adjusters assess the Claim on-site and often need to liaise with the fire brigade, police, lawyers and doctors to gather evidence for the reason for the claims and to assist in the Claims settlement.