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Careers in Insurance & Financial Advice

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The recession has hit many financial services sectors hard, but insurers and financial planners are still recruiting for well-paid and challenging positions. Find out about the opportunities, listen to the practitioners and find out more about the skills required to work in these diverse areas.

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Careers in Insurance & Financial Advice

  1. 1. Insurance & financial advice: risky business? <ul><li>Caspar Bartington </li></ul><ul><li>The Chartered Insurance Institute </li></ul><ul><li>Simon Tresadern </li></ul><ul><li>Ansvar </li></ul>
  2. 2. <ul><li>Challenging perceptions </li></ul><ul><li>Reassurance </li></ul><ul><li>The fundamental importance of insurance </li></ul><ul><li>The opportunities within financial advice </li></ul><ul><li>The stability of both insurance and financial advice in a turbulent sector </li></ul>Why are we here?
  3. 3. The CII is… <ul><li>The world’s largest professional body for insurance…and financial services (PFS) </li></ul><ul><li>95,000 members in 150 countries </li></ul>
  4. 4. Insurance is… <ul><li>Peace of mind – moving risk elsewhere </li></ul><ul><li>Everything and anything </li></ul><ul><li>£300m paid out in claims – every day </li></ul>
  5. 6. <ul><li>Fundamental to modern life </li></ul><ul><li>No insurance = </li></ul><ul><li>No shipping and travel </li></ul><ul><li>No construction and motoring </li></ul><ul><li>No risk taking = no innovation </li></ul>Great industry
  6. 7. <ul><li>Diverse challenges: </li></ul><ul><li>Hurricanes, earthquakes, investments, finance, airline going out of business, piracy </li></ul>Big business <ul><li>And it’s big…very big </li></ul><ul><li>Over 320,000 employed directly + 1m </li></ul><ul><li>2nd largest export </li></ul><ul><li>20% of the total net worth of UK plc </li></ul><ul><li>2nd largest insurance market in the world </li></ul>
  7. 9. Simon Tresadern Commercial Underwriter
  8. 10. My career(s) so far <ul><li>University life </li></ul><ul><li>BA (Hons) from Derby University in American Studies and Religious Studies </li></ul><ul><li>Never considered insurance as a career option (does anyone?) </li></ul><ul><li>Since University </li></ul><ul><li>Travelling round USA </li></ul><ul><li>Computer game designer </li></ul><ul><li>Retail sales </li></ul><ul><li>2 years as an insurance broker in Haywards Heath </li></ul><ul><li>3 years with R&SA in Horsham, 2 years in London </li></ul>
  9. 11. Now… <ul><li>Employed with Ansvar insurance as an Underwriter specialising in Financial Lines </li></ul><ul><li>Ansvar - Charity and church specialist which employs 80 people in Eastbourne, with ‘sister’ offices in Australia and New Zealand </li></ul><ul><li>Part of Ecclesiastical, a company based in Gloucester employing over 1000 people in the UK, Canada, Ireland, Australia and New Zealand </li></ul>
  10. 12. Underwriter? Financial Lines? <ul><li>Underwriters determine the basis of an insurance contract. The price, terms and conditions, clauses, or whether we will provide any insurance at all </li></ul><ul><li>We analyse companies, their procedures, their risk management, and details such as what their buildings are made of. We then try and calculate how likely it is that they will suffer a loss, and then calculate a fair premium to provide insurance cover </li></ul><ul><li>Financial Lines insurance is specialist insurances for professionals to cover them for errors they might make. </li></ul><ul><li>One of many differing types of insurance </li></ul>
  11. 13. The $6m question: <ul><li>Variety of roles – Underwriters, actuaries, accountants, business leaders, risk assessors, claims handlers, fraud investigators, marketing executives, event organisers, sales teams and more </li></ul><ul><li>Intellectual challenge - Requires use of brain cells </li></ul><ul><li>Opportunity – Career development, overseas work, secondments </li></ul><ul><li>Good causes – Actually helping people continue to operate their business </li></ul>Why on earth would anybody want to work in an industry as boring as insurance?
  12. 14. <ul><li>Diverse range: </li></ul><ul><li>Specialist and technical roles such as claims, loss adjusting, underwriting, broking – UK and international </li></ul><ul><li>General business roles such as accounting, marketing, HR and business management </li></ul><ul><li>Skills, training and professional development </li></ul><ul><li>Superb rewards – without compromising life </li></ul>Opportunities
  13. 15. Qualifications <ul><li>CII Certificate in Insurance (A level ) </li></ul><ul><li>CII Diploma in Insurance (degree yr one) </li></ul><ul><li>CII Advanced Diploma in Insurance (degree) – also known as ACII </li></ul><ul><li>Fellowship (FCII) </li></ul><ul><li>Chartered status – Insurer, Insurance Broker, Insurance Practitioner </li></ul>
  14. 16. Qualifications – subjects <ul><li>Subject areas include </li></ul><ul><li>Broking </li></ul><ul><li>Underwriting </li></ul><ul><li>Insurance law </li></ul><ul><li>Risk management </li></ul><ul><li>Marine insurance </li></ul><ul><li>Reinsurance </li></ul>
  15. 17. Big names And many more…….
  16. 18. www.insurancecareers.cii.co.uk <ul><li>Business explanations </li></ul><ul><li>Profiles </li></ul><ul><li>Case studies </li></ul><ul><li>Job descriptions </li></ul><ul><li>Links to employers </li></ul>
  17. 19. Financial advice is <ul><li>About people, not just numbers </li></ul><ul><li>An ever-changing environment </li></ul><ul><li>Average IFA age is 50+ </li></ul><ul><li>An opportunity to earn significant sums </li></ul><ul><li>Not a 9 to 5 job – you’re in charge! </li></ul><ul><li>A range of roles from individual to corporate </li></ul>
  18. 20. Varied roles <ul><li>Financial planner </li></ul><ul><li>Paraplanner – good entry point </li></ul><ul><li>Specialist adviser </li></ul><ul><ul><li>Pensions </li></ul></ul><ul><ul><li>Investment/wealth management </li></ul></ul><ul><ul><li>Tax </li></ul></ul><ul><li>Team leader </li></ul><ul><li>Marketing </li></ul><ul><li>Sales Director </li></ul>
  19. 21. Big business <ul><li>Major employers include </li></ul><ul><li>Tenet </li></ul><ul><li>Sesame </li></ul><ul><li>Bankhall </li></ul><ul><li>Positive Solutions </li></ul><ul><li>Origen </li></ul><ul><li>Plus the major banks </li></ul>
  20. 22. Skills <ul><li>Not just numeracy! </li></ul><ul><li>Analysis </li></ul><ul><li>Negotiation </li></ul><ul><li>Written and verbal communication </li></ul><ul><li>Adaptability and flexibility </li></ul><ul><li>Relationship building </li></ul>
  21. 23. Qualifications <ul><li>CII Certificate in Financial Planning – key </li></ul><ul><li>CII Diploma in Financial Planning – RDR </li></ul><ul><li>CII Advanced Diploma in Financial Planning </li></ul><ul><li>Fellowship – FPFS </li></ul><ul><li>Chartered Financial Planner </li></ul>
  22. 24. Qualifications – subjects <ul><li>Subject areas include </li></ul><ul><li>Retirement planning </li></ul><ul><li>Trusts </li></ul><ul><li>Financial planning </li></ul><ul><li>Mortgages </li></ul><ul><li>Personal tax </li></ul><ul><li>Investments </li></ul>
  23. 25. Looking ahead – GI <ul><li>Many formalised graduate schemes </li></ul><ul><li>Most open Q3 </li></ul><ul><li>Most close by year end </li></ul><ul><li>Limited internships and placements </li></ul><ul><li>Getting work experience will really help </li></ul><ul><li>SMEs? </li></ul>
  24. 26. <ul><li>britinsurance.com/careers/graduates </li></ul><ul><li>allianz.co.uk/careers </li></ul><ul><li>lloyds.com/about_us/careers/graduate_careers </li></ul><ul><li>jobs.axa.co.uk/graduates/index </li></ul><ul><li>willis.com/careers/graduate_careers </li></ul><ul><li>whatifaon.co.uk </li></ul><ul><li>escapethehorror.com </li></ul>Some useful websites GI
  25. 27. Looking ahead – FS <ul><li>Very few formalised graduate schemes </li></ul><ul><li>Most open Q3 </li></ul><ul><li>Most close by year end </li></ul><ul><li>Few internships and placements </li></ul><ul><li>Getting work experience will really help </li></ul><ul><li>SMEs? </li></ul>
  26. 28. <ul><li>tenetjobs.co.uk </li></ul><ul><li>origenfs.co.uk/people/careers </li></ul><ul><li>moneyportal.com/join-us </li></ul><ul><li>awdplc.com/careers </li></ul>Some useful websites FS
  27. 29. Credits with your degree <ul><li>Insurance framework </li></ul><ul><li>It typically takes 3 years to get to ACII level </li></ul><ul><li>You will get credits equal to two or three units (saving several months of study) with a degree in one of the following </li></ul><ul><ul><li>Accounting </li></ul></ul><ul><ul><li>Business </li></ul></ul><ul><ul><li>Economics </li></ul></ul><ul><ul><li>Finance </li></ul></ul><ul><ul><li>Law </li></ul></ul><ul><ul><li>Management </li></ul></ul>
  28. 30. Credits with your degree <ul><li>Financial advice framework </li></ul><ul><li>It typically takes 2 years to get to Dip FP level </li></ul><ul><li>You will get credits equal to two or three units (saving several months of study) with a degree in one of the following </li></ul><ul><ul><li>Accounting </li></ul></ul><ul><ul><li>Business </li></ul></ul><ul><ul><li>Economics </li></ul></ul><ul><ul><li>Finance </li></ul></ul><ul><ul><li>Law </li></ul></ul><ul><ul><li>Management </li></ul></ul>
  29. 31. <ul><li>Top 50 UK insurance companies </li></ul><ul><li>Top 15 UK life assurance companies </li></ul><ul><li>Top 50 UK financial advice companies </li></ul>Careers office information
  30. 32. <ul><li>Great industry with wide range of roles </li></ul><ul><li>Great opportunities to progress quickly </li></ul><ul><li>Great future – even now! </li></ul>In summary Take a closer look cii.co.uk / thepfs.org [email_address]

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