Careers In Insurance
A career in insurance offers well qualified professionals an interesting and varied life in secure and well-paid circumstances. Because there are now so many different areas of our lives that can be insured, there are plenty of opportunities to gain experience as you work your way up in the business. The insurance industry is a dynamic and growing business.
Insurance products fall broadly into two categories – called regulated and unregulated products, and there are companies that specialise in each of these areas and a few very large companies that handle them all.
Simple, basic insurance products such as motor, home and contents, or pet care policies fall into the unregulated area of the business. This is because there is no investment element to them – the customer simply pays a premium to receive a certain amount of cover for their risk (car, home and contents or to cover their pet for vets bills) and, if you make a claim the insurer pays out.
With a regulated product, such as a pension plan or Unit Trust, the insurer takes the clients money and invests it to create a profit over a period of time, returning it to the client at the end of the agreed term.
Whilst at starter levels within the industry you could work in either of these areas, as your career progresses, you may decide to specialise in one or other of them as your knowledge and qualifications grow. In the regulated area, there are a number of further qualifications that can be taken.