There are a huge number of different job roles in this sector so below are a few that you could go into:
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Insurance broker – speaks with the client to identify and understand their needs and requirements regarding their risk exposure. Seeks competitive terms and conditions from insurers to cover those requirements. Insurance brokers usually specialise in one area of risk.
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Underwriter – assesses the risk and decides if they want to take it on and, if so, how much premium to charge. Clients are represented by insurance brokers who present the risk to the underwriter.
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Actuary – provides the mathematical and analytical foundations for financial decision-making. Evaluates, manages and advises on financial risks, using statistics and applying probability theory. Calculates premiums and advises on whether a company has sufficient assets to meet its liabilities. Strong communication skills are essential, along with the ability to simplify complex topics.
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Business development – also known as an account or relationship manager. Brings the strategy and products to market. Works closely with marketing professionals and underwriters to develop new and innovative ways to maximise sales and achieve targets for their clients. Brings new products to the attention of their clients, eg, independent financial advisers (IFA’s) and brokers.
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Reinsurance – provides insurance/financial protection to other insurance companies to protect them from losses. Reinsurers come from a variety of academic backgrounds, although numerical and/or commercial skills are valued. Reinsurance work is highly international, so language skills may also be an advantage.
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Retail banker – acts in a customer service role, advising and assisting individuals with personal banking and financial services, eg, setting up bank and savings accounts. As a retail banker becomes more experienced, they may also become involved in the hiring, training, and managing of banking staff.
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Commercial banker – manages checking and savings accounts for individuals and small businesses, providing the financial tools and advice that they need to function effectively. Relationship management is a key element of the role.
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Insurance claims handler – processes and investigates insurance claims relating to customers’ policies. Ensures a claim is valid and that the customer receives payment. Liaises with the policy holder, colleagues and other professionals including claims investigators and underwriters. May also be called a loss adjuster, claims investigator or loss assessor.
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Insurance risk surveyor – determines the risks involved in providing insurance cover for personal items, properties, and industrial sites. Carries out commercial and personal surveys and presents their findings to underwriters. This allows the underwriter to determine whether to provide insurance cover. Also provides advice on adjustments that may be made to reduce the risk of future insurance claims.