Loading presentation...

Present Remotely

Send the link below via email or IM

Copy

Present to your audience

Start remote presentation

  • Invited audience members will follow you as you navigate and present
  • People invited to a presentation do not need a Prezi account
  • This link expires 10 minutes after you close the presentation
  • A maximum of 30 users can follow your presentation
  • Learn more about this feature in our knowledge base article

Do you really want to delete this prezi?

Neither you, nor the coeditors you shared it with will be able to recover it again.

DeleteCancel

Make your likes visible on Facebook?

Connect your Facebook account to Prezi and let your likes appear on your timeline.
You can change this under Settings & Account at any time.

No, thanks

Insurance Universe

Insured Interest
by

Martin Dunkley

on 18 March 2013

Comments (0)

Please log in to add your comment.

Report abuse

Transcript of Insurance Universe

The
Insurance Universe This gives a brief overview of the Insurance Industry in Britain. The question is, which one suits you best... Intermediaries Claims Underwriter Intermediaries now represent a large portion of the Insurance Market.

They are Agents that act on behalf of both customers and the Insurer... Intermediaries authorised directly by the Financial Services Authority (FSA) can give Independent Advice. Now often referred to as a broker, these companies assess a customers needs and advises them as to the best insurance policy.

Strict regulations for brokers means, more often than not, they offer good training programs or apprenticeships.

A Lloyds of London Broker tends to offer higher salaries with better networking opportunities. If your considering a career as a broker
you will need great personal relation skills, as most now offer telecommunication services.

You could expect to get paid anywhere between £15,000 and £23,000. But these figures vary depending on location and firm. Note: Most Personal Lines
Brokers will spend
their time in and office. When damages occur a Claims Handler will help customers with claims process. They will also assess the validity of the claim. For most private insurance this is done on the telephone. For larger claims. A Loss Adjuster may be the right person. These experts know the entire claims process in detail. They will take statements from claimants and assess the true extent and cause of damages or loss. Those in the claims department have a tricky job of ensuring customers receive fair and proper treatment and that the company maintains a suitable solvency margin. Which is why interrelations skills is a must for a position in this job. It may offer more travel opportunities than a personal lines broker.

Salaries will vary £12K to £60 The backbone of the Industry the underwriter takes on the risk from the customer. They will assess the risk directly or through a broker. Assessing the information they change rates and premiums to minimise their total loss potential. This Pooling system helps the company stay profitable and customer pay the right price. Underwriters get to interact with lots of individuals; customers, brokers, claims, Regulatory Bodies and Lloyds of London. Therefore if your looking for a great start in the Industry and the opportunity of making lots of contacts, Underwriting is a brilliant choice.

Some even specialise in particular risks such as space flight. So an underwriter might offer you the chance to write a risk on your favorite Hobbie. Awesome! Underwriters are looking for bright individuals that can think logically and can time manage their own projects. You may need a degree although most offer Graduate schemes and apprenticeships.

The salary bracket is again varied dependent on experience and position but expect £16,000 - £40,000 with the best earning £300,000. Regulatory Bodies We all need guidance and the Insurance Industry has some great role models. Association of British Insurers ABI

International Underwriting Association of London IUA

British Insurers Brokers Association BIBA

London Market Regional Committee LMRC

Institute of Insurance Brokers IIB

Chartered Insurance Institute CII

Chartered Institute of Loss Adjusters CILA These institutes are not only held in high regard in Britain but all over the World. They publish articles on professionalism and provide qualifications. Working for them if your lucky enough is a solid step forward. Actuarial If you enjoy mathematics and calculating probability, this is the role for you. Well paid but equally demanding. Those up for a real challenge!

They use past and present statistic's to calculate potential risk. They cover all areas of the finance industry and are often use in Insurance. You will need to take A level Maths or equivalent to get a good start although, strictly speaking, it is not necessary. Salaries start higher than most around £25,000 for Newbies rising with experiences to... Negotiable. I.T. A vital part of today's way of life. Those in the IT industry are required more and more for data transport. Getting vital information from Customer to Broker to Underwriter. 100 0100 0010 0010 0100 0101 Software packages don't just need great minds to create but also troubleshoot. A lot of technology houses need Tele-Support for their clients. They help Brokers and Insures fix problems when a system doesn't work or inst responding. Working your way up from here is always advisable unless you have previous experience. Lloyds of London Lloyds of London is at the center of British Insurance. They take on big risks and house both Brokers and Underwriters along with other Insurance professionals in a purpose built building in London. The salaries here vary considerably and the roles are beyond the scope of this presentation. Lloyds has a long and interesting history, we advise visiting.
http://www.lloyds.com/ Thank you for watching, that's all for now.

Find me at "Risking Seeking" Insurance Wordpress Blog
Full transcript