The Insurance industry is a global, complex multi-trillion dollar industry covering risks to help businesses in different sectors as well as individuals in times of need. There are many career paths and roles you can take and grow in the insurance industry with some being in personal insurance, commercial insurance or even more technical insurance roles such as in underwriting, broking, claims or even working in reinsurance. With the vast areas of work and roles available we answer the question do I need a degree to get into Insurance? For you to see which career path is best for you and the qualifications you may need to get into Insurance.
What is Insurance?
So, for those who don’t know exactly what insurance is, here is a brief summary to get to up to speed. Insurance is a service which measures and helps individuals and business from risks. Risks can come in many forms from a business losing their office due to a fire (commercial insurance) or a singer losing their career if they lose their voice (special risks- The London Market). Other risks can also be extreme such as terrorist attacks of even cyber attacks online which can affect businesses or individuals. Insurance is a system where money is pooled from similar types of people to then use once someone is in need. For example, travel insurance is something you can buy for a small price before your holiday and because a lot of people in a similar situation will buy the insurance, once someone gets into unforeseen circumstances abroad, they will then be able to claim and cover the costs to help in that time.
Why work in Insurance?
Insurance is a great industry to work in as you are able to grow and develop skills in different areas as well as make a social impact on businesses and communities that need help in times of need. The pros of working in insurance include having a strong earning potential, starting salaries can see you earning up to £30,000 on graduate schemes and earning more once you gain the right qualifications or depending on the size of the company you choose to work for. Another great reason to pursue a career in insurance is the social value it provides. An example of this is the launch of Flood Re which is the not-for-profit reinsurance company in the world to allow those living in flood risks to gain access to insurance. There are many other reasons why working in insurance is such a great career to pursue for anyone at all education levels.
Alternative routes into Insurance
Generally, you don’t need to have to go to university and get a finance degree to start your career in insurance. Depending on the company you want to work for or the type of role you want to pursue, there are many alternative routes you can take to build your career in the insurance sector. No matter your education level, as long as you get qualified to work in insurance which you can attain through your employer or from institutes then you will be able to develop the skills needed for a career in insurance. Qualifications such ones provided by the Chartered Insurance Institute are great to learn the core skills whilst working in Insurance, the qualifications they provide are at all levels and can be done once you are working in Insurance or even beforehand to develop your skills set and become an expert in your field leading to more growth and earning potentials. The general first type of qualification you can look into doing to start off with can be the Certificate in Insurance which is a core qualification for people working in insurance for all sectors.
For those who are already at university or want to go to university and are interested in an insurance career, certain degrees can help you get into graduate schemes once you graduate. Degrees such as in Business, Finance, Surveying and Engineering are highly looked for by employers when looking for graduate scheme candidates. As well as having a degree, it’s great to also have some work experience under your belt where it be through volunteering or even an internship whilst studying. Graduate schemes are a great option to kick-start your career in Insurance as you can develop your skills with on-the-job training as well as gain the right qualifications through your employer in order to progress in your insurance career.
If you are a school leaver and want to get started into work straight away without going to university, pursuing a career in insurance may be a great option for you. There are many insurance companies from different sizes that offer school leaver schemes where you can train to become a consultant and also work your way up to other positions whilst gaining qualifications through your employer.