As the main players in the Insurance market continue to hire aggressively, the jobs market is becoming increasingly candidate driven. As a result, experienced Insurance professionals now have ample options open to them and early career Insurance professionals/recent graduates can now plan and take control of their career in Insurance.
As an expert in Insurance careers, I am constantly fielding questions about underwriting, claims and broking. I thought it might be useful to discuss each of these briefly and share some of my insights on careers in these fields. Our first insight was on Underwriting Careers & Market Trends, followed by Broking careers. Next up – Claims careers & market trends.
CLAIMS CAREER PATHS:
Many claims roles are open to non-degree holders and some claims employees spend their whole careers ensconced in call centres. That said, large insurance firms (Zurich, Allianz etc…) also run graduate traineeships for their claims departments. A graduate traineeship doesn’t just focus on the basic administration of insurance claims, it gives a good grounding in some more challenging areas such as fraud detection and liability investigation. Similarly to underwriting most claims professionals start off in motor and then progress on to other specialist areas, including employers liability, personal accident etc…, while completing the relevant exams as required in general insurance. For personal lines claims you must be APA qualified in personal lines & similarly for commercial claims you will need to obtain the APA in commercial claims. Without the relevant APA you can’t give advice on the relevant area. Note that litigated claims handlers typically get paid more – higher pay outs means increased responsibility means higher financial reward.
In more senior claims jobs (which usually come with ‘manager’ or ‘director’ titles) you could find yourself managing a team of claims handlers or investigators. Rising to the upper ranks in claims also requires you to forge strong relationships with a range of external experts such as lawyers, forensic accountants and loss adjusters. An option to move into loss adjusting is also on the cards when you have the right experience.
CURRENT MARKET TRENDS:
Traditionally Claims professionals tend to stay within claims but recently we have seen a number of people move across into broking, mainly due to a severe candidate shortage in that space. This has resulted in additional demand for claims professionals, especially for those with 3+ years’ experience. Increased demand has slightly inflated base salaries for claims professionals in recent years, with companies needing to go that extra mile to attract the best in the profession.
FOR MORE INFORMATION:
Stephen McManus is VP Manager for BRUIN Financial (Ireland) and specialises in FS Careers in Dublin.
Having trained in Insurance himself, Stephen brings a unique perspective to building a career in the Insurance area.
If you’re serious about your professional future in claims (or in the insurance market in general) make sure you get the advice of an expert. Get in touch with Stephen McManus on firstname.lastname@example.org and Stephen will take it from there