Helping you find a career in the insurance & pensions industry
The insurance and pensions sector is a specialised, regulated area within the UK's financial services sector. The insurance market in the UK is worth c. £40 billion per year and employs c. 300,000 people - mostly based outside of London.
Pensions firms help organisations and individuals financially plan for their (or their employees') retirements. There are over 5000 businesses offering some form of pension financing in the UK. The pensions sector is becoming increasingly important to the UK's ageing demographics, and government policy over the last few years has created a number of opportunities and challenges within the sector.
Insurance offers services to consumer and business clients to help them minimise financial risk, typically in the wake of an unexpected event. There are a number of different forms of insurance, with the most common consumer markets being vehicle, house and life insurance. However, there are also firms which specialise in insuring ships, planes and skyscrapers.
While many graduate roles in insurance will be working within large insurance businesses, there are also roles available in smaller insurance brokers (which operate between an insurance business and the customer) and in high-street banks. There are also positions in the London Insurance Markets (for instance the world-famous Lloyd's of London) where insurance policies are traded on a global scale. Reinsurance is also an important market within the insurance sector - providing insurance policies for insurance firms which allows them to manage risk.
Roles within insurance and pensions can be in:
Underwriting (assessing what policy to offer to a client and what premiums to charge) Claims management (assessing claims made against policies) Loss adjustment (calculating losses to a policy claimant) Actuary (modelling the finances of policies and forecasting for funds) Broking (advising clients as to which policies will be most appropriate for them) Business development (attracting new clients) Product management (developing and launching new Insurance policy products) Support functions (e.g. Accountancy, HR, Marketing)