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Step into Careers in Insurance Friday 27 April 2012 Ben Baker Manager, Professional Standards. Step into Careers in Insurance . Topics The difference between wholesale, reinsurance and retail insurance markets

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step into careers in insurance friday 27 april 2012 ben baker manager professional standards
Step into Careers in Insurance

Friday 27 April 2012

Ben Baker

Manager, Professional Standards

step into careers in insurance
Step into Careers in Insurance

Topics

  • The difference between wholesale, reinsurance and retail insurance markets
  • The structure of the insurance sector and what this means in terms of careers and opportunities
step into careers in insurance1
Step into Careers in Insurance

Structure

Wholesale

Buyer Broker Underwriter

Example

Brokers and Underwriters make up the Lloyd’s

and London Insurance Market

Global insurance, Marine, Non Marine, Aviation

step into careers in insurance2
Step into Careers in Insurance

Structure

Retail

Buyer Underwriter

Example

Personal Motor, Household, Private Health,Travel,

Legal Expenses, Pet Insurance

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Step into Careers in Insurance

Consumers buy insurance in the following ways

  • 56% of business sold through brokers although for commercial business 80% is sold in this way
  • 31% personal insurance is sold direct by telephone or the internet, for car insurance the figure is 43%
step into careers in insurance4
Step into Careers in Insurance

Reinsurance

Insurer Insurer

Definition

Part or complete insurance from another insurer for a risk already insured.

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Step into Careers in Insurance

The UK Insurance Market

  • 1,005 general insurers
  • 309 long term – investments and pensions
  • UK Insurance Industry Employs 290,000
  • Represents one quarter of all financial services jobs
  • Contributes £10.4bn in taxes to the UK annually
  • Premium income from overseas: £56bn
  • 3rd largest insurance market in the world
  • Largest insurance market in Europe
  • Source: ABI 2010 results
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Step into Careers in Insurance

Key Features

  • Predominantly a “people business”
  • Regulated
  • Professional Qualifications
  • Specialisation
    • Underwriting
    • Broking
    • Claims
    • Actuarial
    • Loss Adjusting
    • Lawyers
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Step into Careers in Insurance

Areas of involvement

Property

Motor

Aviation

Marine

Life

Specialist

  • Credit and Political Risks
  • Terrorism/Piracy
  • Kidnap and Ransom
  • Fine Art
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Step into Careers in Insurance

How do you get into insurance?

You used to “fall into” insurance!

Now much more targeted

  • Apprenticeships
  • Graduate recruitment
  • Internships
step into careers in insurance9
Step into Careers in Insurance

Key Resource

Lloyd’s Market Association

  • www.pcal.com
  • www.graduates@lloyds.com
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Step into Careers in Insurance

SO Where else could you have been involved with?

  • The Titanic
  • Manganese Nodule Mining in the South Pacific
  • The voice of Bruce Springsteen
  • The taste buds of the Head of Tasting at Costa Coffee
  • Cars, buildings, ships, satellites, life, health, pensions
  • All aspects of daily life
step into careers in insurance13
Step into Careers in Insurance

A Career in Insurance