Careers in the UK and Global insurance market offer a wide range of dynamic and well-rewarded opportunities in diverse businesses. These offer structured career paths, sector-relevant professional qualifications (ACII, AIRM, ICA) and global exposure at every stage.
Rotational graduate schemes are offered by Lloyd’s syndicates, global insurance brokers, large composite insurers and the Corporation of Lloyd’s (with market-based placements). Typically these schemes offer a starting salary of £28,000-£30,000 with excellent study support packages and additional benefits. Many businesses in the last couple of years have also started to run apprenticeship schemes, which include not only school leavers but those completing part-time degrees alongside their work experience.
While remuneration packages don’t often reach the heights of those on offer in banking, they remain very competitive when measured against others in financial services and opportunities for advancement are more readily available for talented graduates who show commitment and drive. For new graduates building careers, insurance remains one of the best industries in terms of balance of work commitments and life experiences. It offers remote working opportunities and you are not expected to fulfil the long hours the banking industry often seeks.
Excellent benefits are usually on offer as part of the remuneration package. Typically, study support, private healthcare and pension schemes, season ticket loans and often a host of social and lifestyle benefits. Make sure you consider these alongside the advertised salary.
Where are the jobs?
New syndicates continue to be established and many of these new players, along with some existing insurers, are developing new insurance products, expanding into new global territories and offering scope for entrepreneurial graduates to grow their careers within these newly established teams.
Recent advancements in technology are streamlining operations and allowing the industry to work at a faster pace, in a more dynamic and innovative manner.
EARNING POTENTIAL FOR TALENTED GRADUATES IN INSURANCE
|Business Function||Graduate Entry
(not grad scheme)
|1-3 Years||4-6 Years||7-10 Years||Career
|Delegated Authority Management||£24,000-£28,000||£45,000||£75,000||£120,000||£200,000|
|Risk & Governance||£22,000-£26,000||£45,000||£65,000||£100,000||£200,000|
*Individuals could earn 2-3 times this value in bonuses and long term incentives as part of their package.
Source: For more salary data within the insurance industry please visit ipsgroup.co.uk/salaryguide