Insurance is a very complicated and highly regulated industry with many different roles and opportunities for those working within it. The UK is claimed to have the largest insurance industry in Europe and the third largest in the world which makes it hardly surprising that such a diverse range of job roles are available within it. Here we look at just some of the different roles you can expect to find within the insurance industry and what sort of tasks they may involve.
An actuary’s role is to analyse certain risks and forecast potential payouts based upon these risks. All aspects of the insurance industry are based on risk and that means that those working in this role ultimately help shape the cost and cover of all policies.
The auditor will examine the insurance company’s records to establish how much money they currently have, how much has been paid in and how much is paid out. This is vital for the development and progression of any insurer and helps them to target their resources more effectively.
A claims examiner will look into any disputed cases and ensure that any claim is processed in accordance with the company’s policies. They will also report any discrepancies regarding over or under payment to help the insurer stay on top of every aspect of their business.
Customer service representative
A customer service representative deals directly with the customer and is responsible for the public perception of the firm. This may include being the initial first point of contact when a claim is made as well as recording any complaints or disputes that the customer might have against the firm or the treatment they received when making a claim or buying a policy.
Insurance clerks are responsible for the everyday filing and administration regarding policies. This will involve updating records and passing on any changes to the appropriate personnel. This is especially important as insurers will typically deal with a large volume of customers, making record keeping vital to their success. Without up to date and accurate information they would struggle to complete their tasks which would be detrimental to the firm as a whole.
Personal finance advisors
Personal finance advisors need to have a good working knowledge of the differing policies within the organisation as it is their job to explain these to customers and ensure that the insurance which is taken out is the most beneficial to the customer. This means avoiding poor selling practices which can lead to mis-selling. They should not be confused with independent financial advisors though who act as an impartial individual and do not represent a particular company.
Insurance adjusters have one of the most important insurance jobs in that they investigate liability and attempt to make the settlement with the claimant. This can involve a great deal of investigation and analysis and is therefore a job suitable for those with strong organisation skills and plenty of determination.
An insurance underwriter’s role is to review the individual applications made for insurance policies and, based upon perceived risk, decide whether the policy shall be offered and at what cost. This is largely a customer focused area of the business but requires a thorough and comprehensive knowledge of the entire industry. Those looking at this job will need to learn fast and be aware of the ever-changing nature of the insurance industry.
Insurance appraisers will determine costs for repairs regarding items such as cars following an accident. They will liaise with a garage to ensure that cost estimates and recommendations are met and followed. This is an incredibly important task as it will affect the payout which claimants are offered.
Sales managers are responsible for growth of the insurance company. They will usually be given a region in which to operate and targets for growth which are expected to be met. As well as analysing sales statistics they will also be responsible for training their sales staff to ensure that company policies are met and that all the legal procedures are always followed. This means that mis-selling practices should be tackled head on and not encouraged, something which can be difficult when trying to meet sales targets without putting undue pressure on staff.
The list is, of course, not exhaustive and different insurance companies might give roles different names or even integrate one or two of them together. Despite this there are a number of important key roles which you will find in every insurance company and the industry is one which certainly offers plenty of room for progression when it comes to building a career.
This is a guest post submitted by Teresa Harding, an insurance consultant with more than ten years experience working within the industry. Having progressed through many roles to her current position, she is an expert on the different jobs on offer to those seeking recruitment in the financial market.