The Global insurance industry continues to offer fast paced and well-rewarded career opportunities across wide ranging business functions in diverse and inclusive businesses. There is a balance between opportunities with structured career paths, sector-relevant professional qualifications (ACII, AIRM, ICA) and global graduate rotations and the more innovative “Insure-Tech” and start up syndicates seeking entrepreneurial and driven graduate’s keener to take ownership for their own development.
Dynamic and exciting rotational graduate schemes continue to be offered by Lloyd’s syndicates, global insurance brokers, large composite insurers and the Corporation of Lloyd’s (with market-based placements). The industry is seeing benefit also from highly effective apprenticeship schemes which includes not only school leavers but those completing part-time degrees alongside their work experience and offer professional study support to compliment on-the-job learning.
Remuneration packages remain competitive when measured against most financial services industries (Banking being the exception). Talented graduates continue to gain rapid advancement, through self-motivation, intellect and strong analytical and technological skills. Insurance remains one of the best industries in terms of balance of work commitments and the ability to have life experiences, it offers remote working opportunities and a sociable and supportive environment in which to develop the best talent.
Where are the jobs?
Technological advancements continue to evolve the global insurance market, with established market wide placing platforms, on-line insurance products and delegating authority to regionally based coverholders. This has led to more influential careers in Coverholder Account Management, Digital Sales & Marketing and Data Analysis, MI & Business Change. The global nature of the industry allows worldwide travel and the opportunity for graduates to be at the forefront of these influential areas as well as the more traditional underwriting and broking.
|Business Function||Graduate Entry (not grad scheme)||1-3 Years||4-6 Years||7-10 Years||Career Potential|
|Underwriting||£25,000 – £30,000||£40,000||£90,000||£160,000||£240,000|
|Claims||£25,000 – £27,000||£40,000||£65,000||£120,000||£175,000|
|Broking||£26,000 – £28,000||£40,000||£75,000||£140,000||£220,000|
|Delegated Underwriting||£26,000 – £30,000||£45,000||£75,000||£140,000||£185,000|
|Operations||£24,000 – £30,000||£45,000||£80,000||£140,000||£255,000|
|Risk & Governance||£26,000 – £30,000||£45,000||£75,000||£110,000||£250,000|
|Compliance||£28,000 – £30,000||£48,000||£75,000||£120,000||£210,000|
|Audit||£24,000 – £28,000||£45,000||£60,000||£95,000||£140,000|
|Finance||£26,000 – £32,000||£40,000||£90,000||£205,000||£310,000|
|Actuarial||£32,000 – £36,000||£48,000||£120,000||£175,000||£300,000|
|IT||£26,000 – £30,000||£45,000||£75,000||£110,000||£180,000|
Alison Taylor, MIRP, is a Divisional Director and shareholder of IPS Group. She has supported key Lloyd’s and London Market clients with their recruitment needs for almost 20 years. You can contact Alison for a confidential discussion at [email protected]