Working in the insurance industry

Stone MANOR London

Helping people break into the insurance market

What banners do I need to make my conference professional?





Resources

  • Hands-on experience in the industry can be crucial in securing a job … as is flexibility. Get experience in different areas and be willing to travel....get into insurance
  • Risk and Insurance Getting into International Development
  •  

Stone Manor - I Was Mainly Reading Through Reports And Learning The Administration Side Of

I was mainly reading through reports and learning the administration side of the job. I was sent on three Cii (www.cii.co.uk) courses - one a general introduction, the second on burglary surveying and the last one on fire surveying.

I also started studying for the ACii (www.acii.co.uk) examinations. After six months, I was attached to a surveying bureau and I went out with another survey doing plan - drawing and things like that. We do a little bit of liability insurance, consequential loss and subsidence, but mainly we deal with fire and special perils.

In a typical week I'll be out in the field for three days. First we get a request from the underwriter, giving details of the clients and what they want done, and then we contact the client to arrange a visit. Mostly we see advertisement premises shops and small factories - and a visit can take anything from 20 minutes to two hours. I find it interesting, as I'm out and about, not stuck behind a desk all day.

There is always something new to the job, although a lot of it is run - of - the - mill stuff. Prospects and Salary: Most surveying jobs are on Grade 3 or 4 level; surveyors may stay in the field to be promoted to senior surveyors, or may re - enter the insurance field to exploit their technical knowledge.

Surveyors may also become risk management specialists. Salaries: Salaries in insurance companies are determined by job grades, which apply across the board to claims, underwriting, sales, surveying and all other kinds of work. These are some sample figures as at November 2011 (salaries are exclusive of London allowance of about £45,000). (a) Sixteen - year - old new entrant with four GCSEs: £12,000 (b) Eighteen - year - old new entrant with two A levels: £19,800 (c) Twenty - one - year - old new entrant with a second class degree: £25,200 (d) Junior grade with four GCSEs fully conversant with the job: £14,550 (at about age 20) (e) Grade 3 (about age 25): £25,400 - £28,700 (f) Grade 4 (about age 28 - 35): £28,500 - £33,500 (g) Grade 5 (from 35 years on): £27,500 - £46,500 (h) Departmental manager, with a staff of 15 - 30 people: £116,000 Insurance worker Benefits: Most companies offer their employees some of these benefits: (a) House purchase scheme with low interest mortgage. (b) Flexitime (c) Subsidised meals (d) Sports and social facilities (e) Pension scheme (f) Personal insurances at concessionary rates (g) Private medical treatment scheme (h) Season ticket loan scheme.

Underwriting, sales, claims, and surveying: Underwriting, sales, claims, and surveying are the main career areas in insurance companies. Applicants can be recruited for specific posts, or may be taken on to a general trainee scheme which will provide the basis for later specialisation. It is important to note that when people reach a certain level of seniority their original starting point becomes less important and they may be promoted across the board. For example, a sales superintendent with no experience of household underwriting work may be put in charge of a division of household underwriting, because that position will be mainly a management function, not requiring any particular expertise.

Specialist Career Fields: Loss Adjusting Loss Adjusters Or Assessors Act On Behalf

Specialist Career Fields: Loss Adjusting Loss adjusters or assessors act on behalf of insurers in the settlement of fire and accident losses. Average adjusters deal with the settlem

They Are Employed By Brokers Or By Independent Firms Of Adjusters Who

They are employed by brokers or by independent firms of adjusters who have branches throughout the country. There are also

They May Advise Small Or Recently Established Life Companies, And, Generally, Their

They may advise small or recently established life companies, and, generally, their services are available wherever independent actuarial advice is required.