- 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
Salaries For Underwriting Staff May Include A Profit Commission, Which Will Increase
Salaries for underwriting staff may include a profit commission, which will increase with seniority. A senior underwriting clerk, aged 29, could earn £50,000 salary, plus £20,500 profit commission and company car. (Note that all salaries are for the end of 2011. Company of Lloyd's: Salary levels are dependent on staff grades, which differ in each department. A level entrants join at £33,200 in London, and at £27,500 in Chatham.
By age 30, able staff could be in a salary range with a maximum of £90,000. In addition, there are benefits such as a non - contributory pension scheme; heavily subsidised catering; annual bonus; and season ticket loan scheme. Although starting salaries are low for the City, it is possible to progress quickly. Young people can attain great responsibility and this progression is reflected in salary levels. The long - term financial prospects are very good. Successful brokers may later set up their own firms.
Underwriting clerks may be sponsored by their firm to become underwriting members of Lloyd's. Some of the benefits of working at Lloyd's are less tangible. Lloyd's is one of the leading City institutions and has an annual premium income of over £122,000 million. The work is concerned with all kinds of business and people, and is of considerable significance. People working at Lloyd's are based in the hub of the business world.
Lloyd's still has an impressive aura of mystique and tradition, partially represented by the liveried staff. (http://career-advice.monster.co.uk/searching-for-jobs/local-job-advice/employment-city-of-london/article.aspx) People in the market remember its origins, and throughout Lloyd's - underwriters, brokers and Company staff many stressed the community feeling prevalent. Lloyd's is an impressive and unique institution which has the flavour of a village in which all the inhabitants know each other. The contradictions and complex history of Lloyd's make it a fascinating place in which to work.
How to Get a Job - Making the Choice: The insurance industry is frequently called the 'people business' and can accommodate many different types of people. It is important to determine which particular kind of job you will be suited to in insurance. This means thinking about the nature of the work and the demands it will make on you. It is not just a matter of being qualified to do the job, but of being happy in it. For example, do you want to help people? Are you more interested in making a lot of money? Would you prefer to be supervised, or to work on your own with greater responsibility? You should try to assess these questions, which may be very useful to you.
Obviously you must have the right qualifications to get the job, but you must also be the right kind of person. If the interviewer thinks you would not fit in, probably wouldn't stay, or that you would be unhappy, you will not be offered the job even if you are qualified. So before applying it is worth thinking about the kind of person you are. Ask yourself questions such as: ? What sort of academic record do I have? Are my `good' subjects really those I am best at, or the ones I most enjoy? Could I be better at my weak subjects if it really mattered? ? Am I independent or conformist? ? Am I a quick thinker, or do I prefer to get on with things at my own pace? ? Am I a natural organiser, or would I prefer someone else to give the orders? ? Am I practical and shrewd with money? ? Am I a good mixer? What kind of people do I get on with? ? Do I like a stable planned life so that I know where I stand, or do 1 prefer unexpected change and excitement? ? Do I panic under pressure or when things go wrong, or do I work even better, keeping cool and calm? Think about your possible career progression; remember, some jobs require part time study over a number of years so that you can gain professional qualifications.