Insurance is all about risk and protection; the risks are run by everybody in their daily lives and the protection or ‘peace of mind’ is provided by insurance should the worst happen. Protection is given in terms of financial compensation if the event insured against happens. This security allows people to go about their everyday lives knowing that should the worst occur, insurance is there to pick up the bill.
What’s this career about?
Most insurances fall into four main categories according to what it covers: property and casualty, life, health and disability, and old-age and unemployment. The basic idea behind insurance is that individuals/businesses pay a premium and purchase contracts of insurance, called policies from an insurance company that promises to reimburse them if they suffer losses for any reason.
This field consists of a variety of work: formulation of insurance policies, administration, development, marketing, investments and accounts. Thus there are a number of options to choose from for a career in insurance.
Insurance agents sell various insurance schemes and directly interact with the clients of the company. These agent acts as an intermediary between the insurance company and the policy-holder.
Insurance underwriters review insurance applications and decide whether these should be accepted or rejected.
Insurance surveyors investigate the loss or damage of an insured item and assess the extent of loss and damage. They determine how much the insurance company is liable to pay the insurance holder.
Assistant Administrative Officers supervise and coordinate the work of agents, development officers and surveyors, ensure the updating of existing policies and premium payments, settle claims of injured parties, etc.
- How do I get there?
- Key skills
- Institutes offering Insurance training
- Employment prospects and pay packages