Working in the insurance industry

Stone MANOR London

Helping people break into the insurance market

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Stone Manor - But For Product Liability You Just Have To Use Your Own Experience.

But for product liability you just have to use your own experience. There is a lot of statistical work and you have to work out some sort of probability of claims occurring and estimate what they will be in order to fix the premium. You tend to get more claims in public liability than employer's liability, but if you do get a claim from an employer it is a big one.

We've just had a claim for more than £225,000, where someone got his jacket caught in a rolling machine and had his hand pulled in. Usually we are given our work in the morning by the boss, who distributes the email: A big quote may take a few days to do, but a lot of things are not urgent and you can just note them on the file.

You have to decide on their importance. Yesterday I got a phone call at 5.30 pm from a broker, who had a fur - shop insured with us. Their alarm was out, which meant that under the terms of the policy they didn't have cover for the night.

They had £2,000,000 of furs in the shop and needed extra urgent cover for the night. If they had emailed after I had left, they would not have been insured. Head office compares underwriting and claims, and sometimes we get directives to increase premiums, or to try to discourage certain types of business. Apart from that, you've really no idea about how well you're doing. If you are fairly ambitious and are looking for rapid promotion then I don't think my job is the one for you.

It's very secure, and that is important, but it is not for a whizz - kid. Personal Insurance Underwriting: This insurance is also part of the Home Division, and will be transacted at branches throughout the UK. It includes jewellery, burglary, theft and various types of household insurance. It may also be linked with motor insurance. Much business comes direct from clients, without a broker as an intermediary. Case Study: Sue was brought up in London, and got four GCSE levels at a grammar school.

She is 24 and started work after leaving school. She has done exceptionally well for an GCSE level recruit, though she may find further progress difficult because of her lack of qualifications. She describes her career progression: When I left school I thought I'd rather die than work in an office, but I started work and I'm still here. At first I was doing simple things, like increasing the sum insured on the contents of a house or jewellery, and answering people's questions about policies, which is a matter of translating the policy into simple terms.

After Six Months I Went On A Training Course, Which Was Not

After six months I went on a training course, which was not much use but it made you feel the company had an interest in you. The underwriting really comes in when you take on

These Agents, Who Sell A Wide Range Of Contracts, Form Part Of

These agents, who sell a wide range of contracts, form part of a sales team co-ordinated by salesmen, or women, kn

He Was Recruited As An A Level Trainee To A Large Insurance

He was recruited as an A level trainee to a large insurance company. He is now 24, and works as a general inspector. He talks about his career progression: I came in