London Insurance Life

When thinking about a career in the financial sector, specialty risk transfer in the London insurance market isn’t usually top of young people’s minds. But without it, planes would not be able to take off, musicians wouldn’t perform live and vaccinations wouldn’t be transported all round the world. Insurance is what makes the global economy work.

The global centre for specialty risk transfer is London – it is larger than any of its rivals. It’s where airlines, tech giants, football clubs and satellite operators (to name only a few) come to protect themselves against the risks that might cost them a fortune.

Three quarters of its business comes from outside the UK, making this a career with global opportunities. Many insurance businesses offer work experience, internships, apprenticeships and graduate programmes. 

Why consider a career in specialty insurance? 

• You can turn your passion into a career – this is an incredibly broad sector in terms of roles and career paths, so whether you are interested in art or space, sport or supercars, insurance has something for you.
• You have the opportunity to work either locally, nationally or internationally.
• It offers better ‘work-life’ balance than many financial sectors (especially investment banks!).
• It is as well paid as many other areas of financial services.
• It is much more accessible than other sectors, with a track record in taking school leavers as well as graduates.

What pathway will you explore? 

Leaving school?  There are apprenticeships to explore:  

• INSURANCE PRACTITIONER: This level 3 apprenticeship takes around 12-18 months to complete and is an ideal starting point in specialty insurance. Typical roles include junior broker, claims handler, underwriting assistant, supporting the sale and renewal of insurance products. 
• INSURANCE PROFESSIONAL: This level 4 apprenticeship is the perfect next step and takes 24 months to complete. Here you would specialise in an area of business within the insurance sector, for example broking, client management or underwriting. 
• DEGREE QUALIFICATIONS: Once you’ve completed your level 3/level 4 apprenticeship, you could continue your studies to gain a professional qualification at level 6 with the Chartered Institute of Insurance. Or you could take your career in a different direction by studying for a degree-level Chartered Manager qualification.

Going to university?

Many insurance companies offer graduate programmes, where you’ll be given responsibility from the start and gain hands-on experience of the industry. These programmes usually last for around two years and often you’ll get exposure to different areas of the business before settling into a permanent role upon completion.

Whilst on a graduate programme, you can even gain a professional qualification relevant to your role, such as the Chartered Institute of Insurance Advanced Diploma in Insurance.

Some companies also offer industrial placements, enabling you to complete a year’s work experience as part of your degree.