Working in insurance in the UK market offers a wide range of dynamic and well-rewarded career opportunities with structured career paths, sector-relevant professional qualifications (ACII, AIRM, ICA) and global exposure at every stage.
Fantastic 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 attractive additional benefits.
Salaries
While remuneration packages tend not to 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.
Where are the jobs?
A number of new syndicates have been established over the last couple of years. Many of these and existing insurers are developing new and innovative insurance products, expanding into new global territories and offer the scope for entrepreneurial graduates to support and grow their careers within these teams.
In addition to the traditional underwriting and broking careers, talented individuals are now reaching new heights in other areas and actually becoming more of the driving force for businesses. Areas such as Delegated Underwriting/Coverholder Account Management, Conduct Risk, Risk & Governance, Audit, Business Operations & Strategy and Data Analysis & Business Change are becoming more integral to a business’s success.
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EARNING POTENTIAL FOR TALENDTED GRADUATES IN INSURANCE
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| Business Function | Graduate Entry
(not grad scheme) |
1-3 Years | 4-6 Years | 7-10 Years |
| Underwriting | £24,000-£28,000 | £40,000 | £90,000 | £180,000 |
| Claims | £24,000-£26,000 | £38,000 | £65,000 | £117,000 |
| Broking | £22,000-£28,000 | £40,000 | £85,000 | £120,000 |
| Delegated Underwriting | £22,000-£28,000 | £42,000 | £75,000 | £95,000 |
| Operations | £22,000-£26,000 | £40,000 | £75,000 | £120,000 |
| Risk & Governance | £22,000-£26,000 | £38,000 | £65,000 | £95,000 |
| Compliance | £24,000-£30,000 | £48,000 | £62,000 | £100,000 |
| Audit | £20,000-£25,000 | £40,000 | £60,000 | £80,000 |
| Finance | £25,000-£30,000 | £38,000 | £90,000 | £205,000 |
| Actuarial | £30,000-£35,000 | £48,000 | £120,000 | £175,000 |
| IT | £25,000-£30,000 | £45,000 | £65,000 | £100,000 |
*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
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