Insurance Industry Career Description
Insurance is a system whereby individuals, companies and institutions pay into a common fund, out of which the losses of individuals, companies and institutions arising from various causes, are covered.
What am I going to do in this occupation?
The insurance industry has grown to such an extent in the past few years that it has become one of the biggest industries. The industry offers a variety of career opportunities for matriculates and university graduates.
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 are designed to help provide funds to educate children further when they reach the end of their school career. There are also policies that 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.
A career in the insurance field encompasses more than the mere sale of policies. Some of these careers are highly specialized and require relevant academical qualifications. Matriculates can however consider most of these as they can acquire the required qualifications through part-time study while gaining in-service training.
The majority of workers are in clerical and sales posts. In insurance, 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.
Employees selling 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.
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, analyze 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.
Insurance companies also employ public relations and advertising specialists. Training officers are responsible for the training of personnel.
Systems analysts, programmers and other data processing specialists are also employed. Insurance companies also require custodial and maintenance workers in order to care for their property holdings.
An actuary develops insurance packages and also determines premiums and payouts.
Requirements
What kind of personality do I need?
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.
Where can I work?
Any insurance company.
Can I work for myself in this occupation?
Yes, you can work as a marketer.
|
