About this teaching resource:
This lesson will apply different methods of conditional probability in context of the insurance industry. Students will practise their use of triple Venn diagrams, tree diagrams and two-way tables to various real-world problems in the world of insurance. Students will use their understanding of conditional probability to extract the appropriate figures to solve the problems. There will also be an opportunity for students to create their own problems to test each other as well as their own understanding of conditional probability.
The insurance industry is a great place to start and grow a career. The different careers available including insurance broker, insurance underwriter, actuary and claims adjuster that all require a variety of different skills. Studying mathematics aligns well with a career as an actuary as it involves applying mathematical, statistical, financial and economic theory to real business problems, and measuring probability and calculating the financial impact of undesirable events. The study of mathematics also provides students with the skills needed in these roles, such as: innovation and creativity, critical and analytical thinking, decision making, complex problem solving, logical reasoning, and financial and accounting skills.
In our increasingly changing world, the insurance industry values employees from a diverse academic background with many employers offering tailored graduate schemes. There are various opportunities to start a career in insurance without a degree with entry-level jobs and apprenticeships including a Level 4 Insurance Professional or Level 6 Senior Insurance Professional apprenticeships. Please click here to find out more about careers in insurance.