Insurance industry job titles may look very similar at first glance, so below we’ve listed some of the main career paths in insurance. You can easily compare the responsibilities of each job, then click through to the relevant insurance job description to find out more information such as the skills and qualifications required.
Bear in mind, though, that jobs with the same name may vary between employers in terms of the workplace culture and what exactly you’ll be doing. Read the job advert carefully before you apply and use your interview as an opportunity to ask about what the day-to-day work will involve.
In a nutshell: deciding whether to accept applications for insurance cover, what conditions should be attached and how much the client should pay as a premium.
Responsibilities include: collecting background information and assessments of risk, analysing statistical data, writing quotes and negotiating the terms with brokers and clients, determining premiums, deciding the wording of policies, preparing insurance policy terms and conditions.
Typical employers: insurance companies, insurance brokerages and banks.
In a nutshell: liaising between clients and insurance companies to find the best insurance deal for the client.
Responsibilities include: assessing clients’ insurance needs, researching insurance policies and products, negotiating policy terms and costs with insurance providers, arranging insurance cover for clients with the insurance provider, preparing reports for underwriters, advising clients on making claims.
Typical employers: brokerages, insurance or reinsurance companies, financial advice companies and insurance risk management departments.
In a nutshell: investigating insurance claims by determining liability, negotiating payments and minimising the number of fraudulent claims.
Responsibilities include: verifying details with witnesses and insurance policy holders, visiting the scene of an accident or loss, negotiating settlements with claimants or lawyers, writing reports and completing paperwork, organising payments.
Typical employers: insurance or reinsurance companies and insurance brokerages.
In a nutshell: verifying insurance claims that are over a certain value or particularly complex, or when there has been minimal contact between the insurer and the claimant, or when there is a large volume of claims at once.
Responsibilities include: examining the damage and determining the value of a claim, confirming whether there is sufficient cover in the insurance agreement and impartially advising claimants about their rights, advising insurers and claimants about repairs and other next steps.
Typical employers: specialist loss adjusting companies or insurance brokerages that offer loss adjusting services, which are called in by insurers to verify claims.
In a nutshell: assessing the potential financial risk of offering insurance cover and advising underwriters on how to reduce risk or whether they should offer insurance cover.
Responsibilities include: visiting sites alone or with underwriters, evaluating the risk to buildings or people, providing advice to clients and making recommendations about required improvements, collecting photographs as evidence.
Typical employers: insurance or reinsurance companies, life assurance companies and brokerages, local authorities, insurance risk management departments and specialist surveying firms.
In a nutshell: using complex statistical techniques to assess the probability of an event and its potential financial consequences.
Responsibilities include: analysing statistical data such as accident rates, keeping aware of financial developments, ensuring that premium rates are set accurately.
Typical employers: actuarial consultancies, insurance companies and life assurance companies. Actuaries also work in areas other than insurance such as accountancy firms, management consultancies and investment banks.
In addition to these jobs there are a number of supporting roles at insurance companies, insurance brokers and other organisations providing insurance. These roles include:
- product management – creating, testing and launching new insurance products
- operations management – managing and motivating customer service departments
- business development, business finance and sales – promoting services to potential clients, identifying new business opportunities and ensuring that the business is successful financially
- technology – sometimes known as insurtech
- marketing and HR.
For more advice on getting hired into one of the above roles, take a look at the following articles:
- Everything you need to know about professional qualifications in insurance or actuarial work
- The main skills that insurance and actuarial employers seek
- What to do if your degree is in a non-numerical subject
- How to find, apply for and make the most of work experience opportunities in insurance or actuarial work.