Insurance Industry

Job overview
Basically, insurance is a system whereby money? (a premium?) ?is paid into a fund from which compensation can be received for losses arising from various causes.

Insurance companies offer different kinds of insurance as well as annuities:-

• Life policies supply certain advantages to the beneficiary as indicated by the policy-holder.
• Other policies provide policy-holders with income after a certain time has passed.
• Some policies provide funds for children' post-school education.
• Some policies can be used for saving or to provide an income when a person becomes disabled.
• Property-liability insurance provides policyholders with protection against loss or damage to their property. ?It covers hazards such as fire, theft and flood.

What do people do in these occupations?
The insurance industry offers a variety of career opportunities and the field involves more than the mere sale of policies.

However, those employees who do sell insurance must first receive training.

They are trained to sell policies to individuals and business firms.

It is their responsibility to see to it that the policy will be to the satisfaction of the clients?' ?needs.

The majority of workers in insurance companies are in clerical and sales posts.

The clerical workers keep records of premium payments, services and benefits paid to policy-holders.

Much of the industry's routine work is processed by sophisticated computers.

The secretaries, typists, statistical clerks, office machine operators and general office clerks do similar work to that of their counterparts in other businesses.

Some of the careers in insurance are highly specialised:-?

• Actuaries develop insurance packages and determine premiums and payouts.
• Accountants are responsible for maintaining the company's financial records and producing the figure work which is necessary for the compilation of the annual report.
• Safety and health specialists consult with industrial and commercial policy-holders on matters concerning the health and safety of their employees and the safety of their property.
• Medical knowledge is also required for medical underwriting and for the evaluation of medical aspects in the case of a claim.
• Professional workers study insurance risks and coverage problems, analyse investment possibilities, and prepare financial reports.
• Lawyers interpret the regulations that apply to insurance company operations and handle the settlement of some insurance claims.
• Investment analysts evaluate property investments and the stock market. ?The directors receive reports on the investments of the company on a regular basis.
• Public relations and advertising specialists are employed.
• Training officers are responsible for the training of personnel.
• Systems analysts, programmers and other data processing specialists are also employed.
• Custodial and maintenance workers are employed to care for the company's property holdings.

What kinds of people are suitable for these careers?
In all occupations requiring contact with the public, employees should have a pleasant disposition and an outgoing personality.

Self-confidence and communication skills are important.

Those in frequent contact with policy-holders should be able to inspire confidence in their ability to protect the customer's interest.

What qualifications are needed?
The more specialised positions call for university degree-level qualifications, with the emphasis on mathematics. (This is particularly the case where actuarial work is involved?)?.

A-level school results are usually sufficient for insurance salesmen, for example, who can then acquire insurance-orientated qualifications through part-time, in-service courses.

Requirements for the clerical positions are the same as for similar jobs outside the insurance field.