Working in the insurance industry

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Helping people break into the insurance market

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  • 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

You Could Work For A Very Big Insurance Company Which Might Employ

You could work for a very big insurance company which might employ 18,000 people in the UK and several thousand more overseas, and be employed in a large office of, say, 200 people, or work in a tiny branch with only two or three staff. You might be assigned to claims, underwriting or sales. Specialist areas of insurance: Alternatively, there are opportunities in specialist areas, such as loss adjusting, investment, or actuarial work.

In addition, there is always a need for the whole gamut of back - up support staff - secretarial, personnel, computer, accounts, legal etc There are also many different kinds of employers, in addition to insurance companies, such as small insurance brokers, large Lloyd's brokers, underwriting syndicates and the Company of Lloyd's The necessary personal qualities and skills differ according to the work undertaken. Personnel managers in insurance stress that, as their range is so vast, they can accommodate people with a wide range of abilities within an insurance company, and that it is still an area where people who start at the bottom of the ladder can climb to the highest rungs.

Not everyone makes it to the top, but qualities that help are adaptability, tact, an ability to interpret facts and figures, draw conclusions, and readily express them in good English. The many case studies help to outline the work involved in various areas. At the end of the website is a glossary of terms which explains some of the technical words used in insurance.

Principles of Insurance and Career Possibilities Insurance is a service industry which provides financial security in business and private affairs. Insurance was defined in an Act of Parliament in 1601: By means of which policies of assurance it cometh to pass, upon the loss or perishing of any ship, there followeth not the undoing of any man, but the loss lighteth rather easily upon many than heavily upon few, and rather upon them that adventure not than those that do adventure, whereby all merchants, especially the younger sort, are allured to adventure more willingly and more freely. The purpose of insurance is the same today as it was then: to ensure that the burden of loss by chance is shared by many people, rather than carried by one unfortunate person What happens is that a person who wants insurance pays a sum of money known as a premium to another person, the insurer, who, on payment of the premium, accepts the risk of a loss. Insurance evolved so that merchants might be 'allured to adventure more willingly'. Investors have always, and will always, be reluctant to take chances in business or speculating with their capital without any means of security if their plans should go awry Insurance companies can take this risk of loss because they operate on a large scale. They hope that only some of the losses they insure against will occur within a certain time.

As Winston Churchill said, 'Insurance brings the magic of averages to the rescue of millions'. A Brief History of Insurance The practice of marine and transit insurance became well - established in the fourteenth century and was based in Italy. However, as England expanded in the sixteenth and seventeenth centuries the increasing volume of trade demanded a home insurance market, in which insurance could be readily bought and sold This gradually became the main international insurance centre.

In 1601 Parliament passed an Act setting up a court to deal with insurance disputes, and the basic marine policy founded at that time is still largely unchanged today. In 1720 charters were granted to two companies: the Royal Exchange, and London Assurance Both charters laid down that marine insurance could not be provided by any other company.

In Practice, This Opened The Door To Individual Underwriters (people Who Have

In practice, this opened the door to individual underwriters (people who have the authority to insure someone), who became the acknowl

Insurers Must See That They Have Sufficient Resources To Be Able To

Insurers must see that they have sufficient resources to be able to meet their liabilities: They must make sure they have enough capital and that

Such An Insurance Would Be No More Than A Form Of Betting

Such an insurance would be no more than a form of betting or speculation Another principle safeguarding the insurer is indemnity. This means that the insured is unable to receive more t