Insurance enables risk-taking and investment. Without insurance, planes would not be able to take off, musicians wouldn’t perform live and vaccinations wouldn’t be transported all round the world. Insurance is what makes the global economy work.
You will need to have professional qualifications in order to progress. These are provided by the CII (Chartered Insurance Institute) Learning | Chartered Insurance Institute (CII)
The insurance industry is at the heart of the green revolution. It provides the risk solutions that make innovation possible and which support businesses and industries to transition to new ways of working. For example, insurance has enabled businesses to explore the development of renewable energy assets like wind turbines and solar panels.
Risk is everywhere so the industry recruits individuals from many backgrounds. Whether you’re a mathematician, a geographer or a mixed media artist, London market businesses will want evidence of strong analytic, inter-personal and team working capabilities.
They do the maths. Working for both insurance companies and broking houses, they work how likely something is to go wrong and how expensive that might be. Modellers typically come from a maths or economics background. Their scenarios rely on data from multiple sources and are used to help businesses understand how likely a risk is, and how big it might be. Modellers need strong analytical and communication skills.
They make things right when things go wrong. When disaster strikes, the claims team swings into action, getting help to the client and making sure they have the money they are entitled to. Claims handlers have expert knowledge of how their particular insurance product works and need to be service-oriented, good in times of crisis and happy to take decisions.
They are the expert advisers. Working for broking houses, they analyse their client’s risks, look for the right solutions and negotiate the best deal. In the London market, brokers are likely to work for businesses with big or specialist risks – like an oil company with rigs that might catch fire, or an art gallery that might have works that are stolen or damaged.
They take the risks. Working for insurance companies, their role is to decide if they will take on a particular risk. In the London market, they often work in expert, specialist teams. Underwriters are data-led, highly analytical people with strong inter-personal skills.
The London market is the home of international insurance. 75% of the risks written in London come from outside the UK. Many London roles require overseas travel and staff often transfer between different locations.
The London insurance market is there to solve the complex and difficult risks – helping businesses from all around the world sleep more soundly at night knowing that is the worst should occur, their business won’t fail.
Insurance compensates businesses for losses when things go wrong and risks become reality.
In the London market it‘s bought by companies to protect themselves against damage that might affect their property (for example a fire in a warehouse) or against the risk that their product or service might be faulty, causing damage or injury to someone else.
Your first introduction to risk is likely to be when you have to buy car insurance, or cover for your possessions when you move away. But risk is much broader than that.
Every company today is exposed to specific threats – that a doctor or hospital will in advertently cause harm to a patient, a ship will run aground and leak oil, or an event will have to be cancelled because of a terrorist threat. No-one will invest or do business if they can’t cover the cost of managing the consequences of risks like these.