Insurance – A Job or a Career?

The insurance industry is going through exciting times in terms of the development of new products and enhancement of existing ones. Such progression will bring about new consumer demands and likewise increase the potential of business expansion with the end result of propagating employment.

In this respect, demand for insurance recruits will be retained, if not increased, in the near future. Several students invest in their academic studies and equip themselves with qualifications to enable them to select the career of their choice. In insurance the scenario is similar. In fact, those wishing to enter the insurance industry are keen to pursue insurance related studies acquiring not only qualifications but also technical knowledge so vital within a volatile insurance environment.

The operations of insurance require the involvement of a variety of market players from different sectors and consequently the input of a variety of professionals who are able to service the dynamic market of insurance.

To illustrate this fact we can refer to a variety of jobs that are directly linked to the insurance industry.

The nature of insurance is in fact based on a legal agreement which is subject to the involvement of legal personnel engaged in the drafting stages or in the interpretation and application of the contract at claims stage. In this respect it is not uncommon to have legal people namely lawyers who opt to specialise in this area of insurance and are engaged either as in-house specialists or independent practitioners.

From the risk point of view support could be provided by those wishing to serve as pre risk surveyors on behalf of the risk bearers, that is, the insurance companies. Surveyors could be engaged to look at a variety of risks ranging from personal risks of cars, boats and houses to more complex ones existent in the commercial world. On a professional level, experts like doctors and architects can also be appointed to inspect a risk prior to it being insured.

Loss adjusting is another profession which requires specialisation and which provides an invaluable service in particular loss circumstances which need to be closely investigated and reported. Insurance business therefore demands the skills of people with expertise and interest in cars, marine craft and engineering.

Those who are inclined to numbers and mathematical concepts could interact within the insurance industry by way of applying their actuarial knowledge to the numerical part of the insurance operations. The same could be said to those who are proficient in other areas such as accounts, information technology, marketing, human resources and management to name a few. These are all areas of expertise input that are needed by the insurance industry on a continuous basis.

As part of an insurance career, the undertaking of insurance and related courses and consequently their respective examinations will give the participant a thorough understanding of the various principles, operations and classes of insurance together with a broad understanding of the business and legal framework within which the industry operates.