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Insurance and Pensions

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Insurance: graduate area of work. In the words of Dishni Payagalage-Don, an exposure management analyst at Lloyd’s of London: graduates employed in the insurance industry find that it has ‘a better work/life balance than other City roles’, and that the work ranges from assessing aeroplane crash sites to working out what a rock star drummer’s hands are worth.

Insurance: graduate area of work

Insurance work essentially involves safeguarding a person or organisation’s financial assets in the wake of an unexpected event. Types of graduate jobs in insurance Job titles vary according to employer, but the main types of graduate job roles are: Graduate underwriter: responsible for deciding whether to grant a policy to a potential client, whether (and, if so, what) conditions should be attached and how much the client should pay in premiums. Underwriters work closely with actuaries and negotiate with insurance brokers.Claims management trainee: handles and progresses matters when claims are made on a policy.

Chartered loss adjuster: Job description. Loss adjusters are independent claims specialists who assist in the fair and just settlement of claims, including complex or contentious claims, on behalf of insurance companies.

Chartered loss adjuster: Job description

They help policyholders restore their property to full working order. Within the sector they are sometimes referred to as domestic adjusters or commercial adjusters. Loss adjusters investigate at the scene of an incident to establish the causes of the loss (damage or destruction of property) and ascertain whether it is covered by the insurance policy. They are able to do this by understanding the legal aspects of insurance policies and by engaging other experts, such as forensic scientists, as appropriate.

They then write reports for the insurer, assessing the validity of the claim and recommending appropriate payment. Claims could be caused by a wide range of incidents including flood, accident, fire (including arson), theft or fraud, giving the job plenty of variety. Insurance broker: Job description. Insurance underwriter: Job description. Insurance underwriters decide if applications for insurance cover (risks) should be accepted and, if so, what the terms of that acceptance are.

Insurance underwriter: Job description

They assess a risk according to the likelihood of a claim being made by weighing up a number of factors and asking for detailed information from prospective clients (policyholders). The aim is to minimise losses for their company and help to make a profit. Most underwriters specialise in one type of insurance. The main types of insurance are: general insurance: covers household, pet, motor, travel; life insurance/assurance: covers illness, injury, death; commercial insurance: covers companies; reinsurance: part of the risk is placed with another insurer. Insurance underwriters work closely with actuaries, risk and claims managers to ensure a balance between attracting and retaining customers through competitive insurance premiums (fees) and being able to cover any potential losses from claims.

Typical work activities. Pension scheme manager: Job description. Pension scheme managers are responsible for ensuring that pension schemes operate effectively and sustainably.

Pension scheme manager: Job description

Their main function is to manage a pension fund - a large pot of money paid in by companies and individuals over many years to provide benefits in retirement. Pension scheme managers may coordinate schemes that are managed by a company/employer, a benefits consultancy, a public sector pensions provider or an insurance company. They may also be involved with defining the strategic development of schemes as well as overseeing the day-to-day management of pension funds. Developing new schemes or managing related funds may also be a feature of the work. Pensions management is an increasingly important area of work due to the shift in government policy away from dependence on the state pension as the main provider of retirement income. Typical work activities. Insurance account manager: Job description. Insurance account managers promote their company's insurance products to those who will be directly selling them, such as brokers and independent financial advisers (IFAs).

Insurance account manager: Job description

It is an account manager's role to develop sales of the products and business accounts and they will usually specialise in one particular area of insurance such as corporate insurance, life assurance or reinsurance. Insurance account managers work with a caseload of several clients, building up long-term relationships with them. They play a central role in introducing new insurance products to the market, while also seeking to maintain the commercial performance of existing products.

Pensions consultant: Job description. Pensions consultants provide advice and information on retirement provision to organisations.

Pensions consultant: Job description

They are involved in reviewing an organisation's current pension provision for staff members and recommending a range of options for consideration. They may then be involved in setting up and running schemes on behalf of companies. Supporting organisations to provide for their future financial security requires a combination of up-to-date knowledge of the financial services sector and an understanding of pensions legislation. Pensions consultants may work for large financial services companies, organisations with their own pensions provision, pensions providers within the public sector or specialist pensions consultancy firms. Alternatively, it is possible to work as a personal pensions adviser or independent financial adviser, selling pensions and saving plans to individual clients.