Top 10 insurance jobs you should apply for in 2022

Insurance is a fact of life. At some point, almost all of us will have insurance, for our homes, cars, or even life insurance. Companies, large and small, are no exception. They require insurance to guard against damage to their stock, fleets of vehicles or offices as well as legal liabilities. So it’s no surprise that an industry that has been around for such a long time and is so ubiquitous might be seen as a staid, boring or old fashioned career.

Nothing could be further from the truth!

With the adoption of innovative new technologies, such as AI, cloud computing and remote solutions, as well as a fundamental reimagining of the customer experience, the insurance industry is undergoing a period of exciting change and development. Alongside the more traditional roles in insurance such as underwriting, claims handling and broking there are a variety of interesting opportunities in other fields such as IT & Cyber Security, Finance & Accounting and Customer Experience & Operations for forward-thinking and inventive professionals.

This year is the perfect time to begin an exciting career in insurance.

Top 10 insurance jobs to apply for in 2022

1. Claims Handler

 Primary duties

A Claims Handler is the first point of contact for customers making a claim. They are responsible for managing the claims process from beginning to the point at which a settlement is made.

They make crucial decisions regarding the validity of the claim and make initial judgements on the possibility of a fraudulent claim. They are also responsible for coordinating any services required such as replacement vehicles or temporary accommodation.

National average salary

Entry level Claims Handling roles have salaries ranging from £16,500-£18,000. Experienced Claim Handlers can earn between £20,000-£30,000.

Skills and attributes required

Claims Handlers need to be comfortable with having difficult conversations and liaising with other departments and third parties so excellent communication skills are a must for the role.

Other key skills include:

• Ability to work under pressure
• An analytical mindset
• High level of numeracy and a good head for figures
• Confident decision making
• Negotiation skills
• Ability to work well in a team

2. Assistant Underwriter

Primary duties

Underwriting is the process of determining a customer’s eligibility for certain insurance products, financial products such as mortgages or loans and policies. This means assessing information provided in an application and reviewing other data available such as risk assessments or credit history to determine premiums.

Assistant Underwriters provide support to senior colleagues during this process by gathering and presenting such data, preparing and processing documentation and managing database systems.

 National average salary

Salaries for Assistant Underwriters are in the range of £20,000-£40,000 depending on experience. Many companies also offer additional compensation packages for Assistant Underwriters in the range of £5,000-£10,000.

Skills and attributes required

Underwriting is a profession which hinges on minutiae so Assistant Underwriters are expected to be extremely detail oriented and be comfortable parsing large amounts of numerical and written information.

Other key skills include:

• Familiarity with spreadsheets and other database and computer modelling software
• Data entry experience
• Strong presentation and communication skills
• Ability to work well in a team
• Problem solving skills

3. AML Manager

Primary duties

Preventing fraud and financial crime is imperative within the insurance industry. Large numbers of fraudulent claims and payouts not only impact the financial health of the company involved but can push up the premiums of other customers and lead to sanctions from outside regulators.

Anti-Money Laundering Managers are responsible for keeping records of high-risk customers, ensuring the company is compliant with regulations, reporting any suspicious activity to the authorities and organising any inspections by outside regulatory bodies.

National average salary

The average salary of an Anti Money Laundering Manager in the UK is £51,000 a year with the general salary range being between £40,000-£70,000 depending on location and experience.

Skills and attributes required

AML Managers require a degree in a relevant subject such as business, accounting or criminal justice or three years of experience in a compliance role. Possession of an ICA Certificate in AML is also beneficial. As well as a willingness to continue with your professional development in this area.

Other key skills include:

• Excellent organisational skills and the ability to prioritise and manage tasks.
• Strong interpersonal, delegation and management skills
• High level communication and presentation skills with the ability to explain complex technical processes to different audiences
• Experience with spreadsheets and other modelling software
• In-depth knowledge of AML and compliance regulations as they relate to the insurance industry

4.  Compliance Officer

Primary duties

The role of a Compliance Officer in the insurance industry is to ensure that a company stays within the industry’s external regulatory framework and within wider legal requirements. Additionally, Compliance Officers work to develop internal controls and policies to manage risk and make sure that the company is aware of these and is working within them.

They work under the Chief Compliance Officer and are responsible for leading internal procedural audits, designing internal policies, conducting safety inspections of offices and facilities and conducting reviews of compliance procedures in order to recommend improvements.

National average salary

Salaries for Compliance Officers range from £18,000-£45,000 depending on experience and location with the UK national average salary sitting at £35,000.

Skills and attributes required

Compliance Officers need to be self-starters who have an interest in keeping up to date with changing regulations, policies and best practice within the insurance industry. They must also have the ability to maintain their integrity and objectivity.

Other key skills include:

• Attention to detail in order to analyse and interpret regulations
• An awareness of the broader picture of insurance compliance and regulations fit into that picture
• Excellent communication and interpretation skills
• Strong team working and collaboration skills
• Critical and creative thinking skills

5. Compliance Analyst

Primary duties

There is often some overlap between Compliance Analyst and Compliance Officer responsibilities, but they are in fact very clearly defined roles. Compliance Analysts work to support the compliance department of an organisation by researching and analysing the rules, regulations and laws that will impact the smooth operation of the business.

Compliance Analysts are required to conduct research and present their findings within the department, review changes to laws, regulations and rules on a regular basis, keep other departments such as HR, legal and finance up to date on changes, and maintain good relationships with regulatory bodies and other institutions in order to resolve issues promptly.

National average salary

Entry level Compliance Analyst salaries start at roughly £28,000 and can rise to up to £55,000 depending on experience. The current UK average salary for a Compliance Analyst is £35,000 per year.

Skills and attributes required

Compliance Analysts roles in insurance require detailed knowledge of the rules, regulations and laws which govern the industry as well as an understanding of compliance best practice.

Other key skills include:

• Proficiency with Compliance Management Software such as BigID or Promapp.
• Excellent written and verbal communication skills
• Accuracy and attention to detail
• Analytical mindset
• Effective research skills
• Interpersonal and networking ability

 6. CAT Modeller

Primary duties

CAT (Catastrophe) Modellers use state of the art computer software and methodologies to analyse data and predict the level of risk from a variety of natural and man-made disasters. It is an exciting and increasingly relevant career with real world implications.

CAT Modellers collate data and statistics from a variety of sources, run computer modelling software, interpret results and present the findings to stakeholders, underwriters and clients. CAT Modellers may also develop new methodologies.

National average salary

Entry level CAT Modelling positions have starting salaries of around £35,000 and the most experienced modellers can earn up to £80,000. The UK average salary for CAT Modellers is £50,000.

Skills and attributes required

CAT Modelling is a career well suited to graduates with degrees in Geography, Earth Sciences, Engineering, Maths or Data Science. An aptitude for quantitative data and statistics will also be useful.

Other key skills include:

• Experience of large data sets and data modelling processes
• Strong numerical skills and knowledge of formulae
• Experience with data software and modelling software
• Excellent time management skills and ability to prioritise
• A curious and analytical mindset
• Teamwork and interpersonal skills
• Presentation skills and strong verbal and written communication skills

 7. Senior Underwriter

Primary duties

Senior Underwriters assess a customer’s eligibility for insurance policies based on factors including their credit history, risk assessments and other data. They determine the price of the policy and any premiums and determine the scope of the policy.

Senior Underwriters analyse data, assess risk, research applications and are ultimately responsible for writing and preparing policy documents and making decisions about who to offer policies to. They are also responsible for leading a team of Assistant Underwriters.

National average salary

Salaries for Senior Underwriters range between £35,000-£80,000 depending on location and experience. The UK national average salary for a Senior Underwriter position is £55,500.

Skills and attributes required

Senior Underwriter roles require a degree in a relevant subject such as business administration, economics, banking or other related areas as well as experience in an underwriting position or other related field such as finance, banking or insurance.

Other key skills include:

• Experience in a management or supervisory role
• An understanding of insurance markets, best practices and standards
• Excellent interpersonal and team working skills
• Strong verbal and written communication skills with experience of report writing
• Knowledge of Excel, MS Office and similar software

8.  Claims Manager

Primary duties

Claims Managers handle a large number of insurance claims from start to finish as well as taking on more complex cases. They assess for the possibility of fraudulent activity and organise any follow up actions that are required.

A Claims Manager will also be responsible for managing and guiding a team of Claims Handlers and will liaise with external experts, loss adjusters and communicate directly with and provide advice to policyholders. They will also handle any complaints.

National average salary

Salaries for Claims Manager positions start at £30,000 rising to £65,000 depending on location and experience. The UK average salary for Claims Managers is £40,000.

Skills and attributes required

Claims Managers should have excellent customer service and communication skills due to the nature of the role as well as excellent managerial abilities. A detailed understanding of the processes involved in insurance claims as well as the wide variety of claims procedures including compliance procedures is also required.

Other key skills include:

• Administrative experience in the risk management or insurance claims industry
• Familiarity with designing, managing and implementing claims strategies
• Strong managerial and interpersonal skills
• Excellent written and verbal communication skills
• Knowledge of accounting and financing as related to insurance claims
• Organisational, time management and goal setting skills

9.  Commercial Account Executive

Primary duties

Commercial Account Executives in the insurance industry build long term relationships with clients in order to promote and sell insurance products in a variety of national and regional markets.

Duties include managing a portfolio of clients, setting and achieving sales targets, identifying new business opportunities, training clients to promote products, generate new leads and visit potential new clients, attend trade shows and seminars to keep up to date with competitors products and the wider market and produce content to support marketing initiatives and campaigns.

National average salary

Entry level salaries range from £18,000-£22,000 although this can vary depending on location. Graduates with major insurance companies can expect to start with salaries up to £30,000. Experienced Commercial Account Executives salaries can range from £25,000-£55,000.

Skills and attributes required

Strong interpersonal skills as well as experience of sales, negotiation and marketing. Many roles also require a valid UK driving licence for visits to clients and agents.

Other skills include:

• Ability to work under pressure to meet targets and deadlines
• Flexible approach to work
• Strong time management skills and ability to self-start
• Excellent attention to detail and record keeping
• Strong presentation skills with excellent written and verbal communication ability
• Understanding of statistical data and numerical skills
• Networking and relationship management skills
• Integrity, honesty and discretion

 10. Financial Risk Manager

Primary duties

Financial Risk Managers identify and assess risk to an organisation, implement plans to manage and mitigate risk, and make business decisions to avoid and reduce risk.

Duties include planning, designing and implementing risk management strategies, conduct risk assessments, quantify the businesses appetite for risk, compare estimated risk with the businesses risk appetite, compile and present risk reports to stakeholders and individuals, provide training to staff to educate them and build risk awareness.

National average salary

Financial Risk Management salaries vary depending on location and experience with a range of £45,000-£80,000. The UK national average salary for a Financial Risk Manager is £60,000.

Skills and attributes required

By its very nature Financial Risk Management in the insurance industry requires an exceptional understanding of finance and financial tools as well as in-depth knowledge of the regulatory landscape. A professional qualification in finance and risk management would also be welcome.

Other key skills include:

• Attention to detail and analytical acumen
• Understanding of the insurance industry, governance and regulatory standards
• Ability to work under pressure and time management skills
• Negotiation, networking and interpersonal skills
• Strategic and critical thinking ability
• Interest in keeping up to date on industry regulations

Find your next exciting role in insurance

Davies Resourcing is an industry leader in sourcing the best young talent and matching them with exciting roles in the insurance industry.

Speak to our dedicated team of recruitment consultants or head to our Opportunities page to begin your search for careers in insurance and explore more jobs like these.

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