What jobs are there in the insurance industry?
What jobs are there in the insurance industry? When you think of insurance you probably think of tv ads with people having ridiculous accidents, or ads constantly asking you if you have the most suitable health insurance. Maybe you’re thinking about getting your licence and can’t get your head round how much the car insurance is. Insurance is a part of everyday life but not something most of us consider unless we’re in a situation where we need to use it. So what’s it all about?
Often insurance brokers are the starting point for most people when it comes to insurance. They have a thorough understanding of all insurance products in their specialist areas, for example health insurance or car insurance. Insurance brokers will know all the options available from a range of companies and can make recommendations depending on their clients needs. They meet with clients and assess what exactly they need from their insurance, and then compare different products, levels of cover and prices to find what suits the client best. Once a product is picked often insurance brokers will negotiate with the insurance company on price to get the best deal for their client. Brokers also advise clients who are making claims, on what their policy covers. Insurance brokers need to be excellent communicators, building relationships with clients and insurance companies. They need to be confident when selling products to clients and negotiating with businesses. Insurance brokers deal with fine detail and figures and being precise and accurate is important. The role is often office based and some travel to go to clients homes or businesses is not uncommon. To become an insurance broker you need a VET or degree in financial services, insurance broking or economics. Before you can work as an independent broker you need several years of experience working with a qualified broker. The industry is heavily regulated and licences and registration may be required. For more information check out https://www.careerhq.com.au/careers-database/job_details/254/insurance-broker
This is a role many people have heard of but really don’t understand what they do. Actuaries have a highly specialised job analysing the financial cost of risk and uncertainty. Put more simply, they use statistics and maths to assess the risks of future events occuring and design ways to decrease the negative impact of those events. Actuaries extensively use statistical and mathematical modelling to explore risk scenarios and assess them. They forecast future financial positions and analyse available data such as accident rates or medical data, to formulate their findings. Often actuaries work within the insurance industry creating policies and calculating insurance premiums but may also work as consultants to clients advising on major financial risk, or in government looking at things such as the state pension. Actuaries are highly skilled mathematicians who use advanced computer statistical modelling programs. They need to be able to research and analyse complex sets of data and present their findings. As part of this good communication is key, actuaries must be able to explain complicated information and outcomes to those who don’t understand actuarial science or statistics well. To become an actuary, you need to have a degree in actuarial science or actuarial studies. Once you’ve completed your degree, to be fully qualified you must obtain membership of the Institute of Actuaries of Australia either as an associate or a fellow, by passing exams and completing a professionalism course. For more information check out https://www.careerhq.com.au/careers-database/job_details/13/actuary
For those that love playing detective, this is a really interesting role which involves examining insurance claims and working out what really happened. Insurance claim investigators read through the claim and decide whether the claimant has the appropriate insurance coverage for what they’re claiming. They assess what damage has happened to property, where relevant, and estimate the costs of repair or replacement. They may interview or write to the person making the claim, any witnesses and emergency services or healthcare professionals who have relevant information. Investigators read through police reports, healthcare bills or treatment records to decide the breadth of the liability. They recommend claims be settled or refused and then negotiate the amount to be paid. Where settlement isn’t reached they suggest appropriate legal options. Insurance claim investigators work extensively with facts and numbers so need strong numeracy skills and an aptitude for research and investigation. Investigators also need to get to the facts quickly so being a good interviewer and communicating with claimants or witnesses is key to their findings. At the end of the day, insurance claims investigators gather the facts and make final decisions on claims, so need sound judgement and a open mind. Whilst part of this role is spent in the office, often visiting the claimant or site of the incident is involved and so a current drivers licence is usually needed. To become an insurance claims investigator you do not have to have formal qualifications, however increasingly employers require a degree or professional industry training. Some States may require investigators have a private investigator licence. To find out more check out https://www.careerhq.com.au/careers-database/job_details/256/insurance-claims-investigator
Superannuation or Super as its generally known, is your piggy bank for the future. The savings you or your employers put away for you throughout your working life. Being a superannuation manager means you can help set someone up for their retirement. Managers oversee the investment of the company’s funds, finding the best return for investors. Super funds are heavily regulated and managers must make sure the fund follows all laws and regulations, as well as report openly and honestly on the funds financial performance. Managers not only run their own team of administrators and staff, they also liaise with a group of professionals including actuaries, trustees, lawyers and auditors. The present the annual financial reports and oversee marketing used for the scheme. Superannuation managers are must be strong decisions makers with good judgement and business acumen. They deal with complex information and complicated calculations, so need to be able to understand and analyse these appropriately. They also need to be able to present and communicate this information to others in a clear and simple manner. To become an superannuation/pension manager you need a degree in financial services, accountancy or finance and a further qualification specialising in superannuation. Most superannuation managers have extensive experience within insurance or super as well as financial services. For more information check out https://www.careerhq.com.au/careers-database/job_details/365/superannuationpensions-manager
Whilst this role seems very similar to being an insurance broker, the difference is insurance agents work for a specific insurance company. They sell their insurance products directly to individuals or corporate clients and may also present them to insurance brokers as a potential product for them to offer. They discuss client needs and suggest the product which suits them best, as well as the appropriate level of cover needed. Agents reevaluate policies their clients have and suggest modifications or changes they should make to give them the best coverage. When insuring a person or property, agents must determine the physical condition of them before offering insurance. For health or life insurance, agents may require a full medical exam is done. Insurance agents need to look for sales opportunities and have a strong sense of selling and negotiation. They also need to be good communicators who develop strong client relationship, which will help them grow their business network. To become an insurance agent, usually a degree in business, finance or economics is required. Having experience within the business sector will help agents advance to managerial positions. For more information check out https://www.careerhq.com.au/careers-database/job_details/253/insurance-agent