Why would you want to work in Insurance? That’s a fair question, but one that raises another. Why do we need insurance companies?
Oh dear, but that question means we need to ask: why do we need insurance at all?
To answer all of these we have to travel back in time to 1688, the year a certain Mr Edward Lloyd opened Lloyd’s Coffee House in London’s Tower Street.
His patrons were mainly ship owners and merchant sailors, who would swap tales of the high seas – and the perils of losing vessels and cargo to storms.
Their chitchat was to inspire a system of donations put into a central pot of money. This could then be used to help mitigate the worst financial losses.
It was the beginning of the world’s best-known insurance company, Lloyd’s of London.
Today we need insurance to guard against our own potential losses: policies to cover life, health, home, cars, mortgages and worldly goods.
It’s essentially the same pot of money system, only it has become much more complicated and highly specialized – and that’s why we need modern insurance companies.
That said, there’s still a huge task to be done in convincing everyone they’d be better off with cover.
Despite the fact insurers pay out £9 million a day in financial support to families to help them cope with illness, injury or death of a loved one, only one in four UK households has life insurance.
And, if fire, flood or theft affects homes, the outlook is just as grim for the one in five households without contents cover.
This dilemma brings us neatly to our original question: why work in insurance? Put simply, your country needs you!
Your services have never been in higher demand – in fact, a quick look through the Insurance sector reveals vacancies at all levels and in all sectors of the industry.
There are roles in everything from motor insurance to corporate coverage for large firms and construction projects.
The figures are impressive. The Insurance industry employs more than 334,000 people.
This vast army includes Claims Handlers, who help the deserving get their cash, as well as Claims Investigators, who sort the bona fide needy from the fraudsters.
And, with so many insurance companies clamouring for our attention, an Insurance Broker or Consultant will help ensure the best deal is always available.
The same goes for Pensions and Life Assurance, where expert Advisors can guide the uninitiated through a maze of legal jargon.
All in all, it’s a lucrative business. According to the latest stats from the Association of British Insurers (ABI), the sector contributes £29 billion to UK GDP, pays £12 billion in taxes to the Government and manages assets of £1.9 trillion – that’s the equivalent to a quarter of the UK’s net worth, or £71,000 per household.
This is not small beer and whatever part of the business you work in you won’t be twiddling your thumbs, not when there’s £77 million to be paid out every day for motor, property, travel, pet, trade credit, income protection, and critical illness claims.
Oh, and a further almost £8.2 million in domestic claims to repair homes and replace contents.
Huw Evans, Director General of the Association of British Insurers, says: “Insurance means that people and businesses are not alone and have peace of mind to go about their daily lives.”
See, you really will be helping people!
If you want to move into the industry – or already work in insurance and wish to climb the ladder – there are plenty of opportunities to grow a successful career.
So why not start in the finest tradition by settling down to peruse s1jobs . . . where else, but in a coffee house?
For the latest Insurance vacancies visit s1jobs.com.