Insurance is one of the U.K.'s most important service industries. It has achieved an unsurpassed position in the world's market employing approximately 250,000 people. It is also one of the UK's biggest invisible export earners, involving some of the most significant funds in the world.

There are many different specialist areas in the insurance world, but all fall within two principal business factors: life and general insurance.

Life is concerned with insuring people against premature death or permanent injury, providing for the financial needs of individuals through savings and in retirement. Pensions and long-term investments contracts fall within the life category. General insurance provides protection against damage to property, personal injury and liabilities--everything from motor and household insurance, to risk protection for high cost installations such as oil risks or satellites.

A third major facet of the industry is reinsurance, whereby insurers spread their risk by taking on their own insurance against claims. This distribution accounts for a large proportion of the business and represents a growing area of insurance activity.

The industry offers a diversity of career opportunities from underwriting, broking and claims, through to investment analysis and financial advice. It also encompasses support services such as information technology, marketing, personnel and corporate management. Insurance is undoubtedly the business for professional variety, international involvement rapid career progression.

The Chartered Insurance Institute is the leading professional and educational body for the insurance industry and offers a full range of qualifications, suitable for anyone connected with insurance or financial services. The courses have been designed to provide recognised qualifications, from the most basic level, right through to Fellowship of the Institute. Fellowship is achieved by providing evidence of continuing professional development, over a minimum period of three years together with a 3,500-word dissertation or project report.

Insurance is a multidisciplinary profession, calling for people with all kinds of talents, skills and knowledge. Communication skills and the ability to make quick decisions are principal requirements. A degree in any discipline is generally acceptable. However, certain subjects such as economics, law, mathematics, statistics, business studies and languages can be particularly useful. Many universities offer degree and diploma courses that include Insurance Studies. There is now a degree in Insurance Studies available. Other disciplines particularly relevant to the industry include Risk Management and Actuarial Studies.

The Chartered Insurance Institute
Address: 42-48 High Road, South Woodford, London E18 2JP
Tel: +44 (0)20 8989 8464
Fax: +44 (0)20 8530 3052
Email: customer.serv@cii.co.uk
Web: www.insurancecareers.cii.co.uk/index.html

Brief details of major roles within insurance/finance are given below:

Insurance Underwriter
Insurance underwriters analyse risks in order to set the terms and price of policies. Risks are determined by the likelihood of a claim being made. Through careful assessments and detailed definition of insurance cover, underwriters calculate premiums to reflect potential losses. They are responsible for making the final decision on whether their company will take on the risk and at what premium. Most underwriters specialise in one product area, such as motor, household, travel or life insurance. In simple cases, underwriters can assess established statistical data, referring to ratings guides to underwrite the risk. They may also suggest methods to reduce risk, like installing anti-theft alarms and approved safety locks. For more complex risks, such as business insurance, they may underwrite a complete portfolio, covering damage to premises, stock, interruption in trade, personal liability, accidents and legal insurance. As well as negotiating with clients and answering their enquiries, underwriters work closely with insurance brokers drawing up contracts. They may also liaise with other specialists, such as doctors or insurance surveyors, gathering reports and supporting documentation before preparing and writing insurance policies.

Sources of information
Chartered Insurance Institute: www.cii.co.uk
Financial Services Authority: www.fsa.gov.uk
Financial Services Skills Council: www.fssc.org.uk
Association of British Insurers: www.abi.org.uk
British Insurance Brokers' Association: www.biba.org.uk
International Underwriting Association: www.iua.co.uk
ifs School of Finance:: www.ifslearning.com

Investment Analyst
Investment analysts examine the performance of companies, market sectors and the economy. They present their findings and recommendations to clients, giving them advice about when to buy and sell their investments. Research must be accurate, as even the smallest error can wipe thousands off an investment.

Investment analysts need a strong financial background, together with an in-depth understanding of how the economy functions and the impact of certain events. They tend to specialise in one sector, such as telecommunications, financial services, energy, retail or pharmaceuticals, and need to be aware of all the activities affecting that sector. These might include changes in market prices, currency values and company takeovers. Using sophisticated financial modelling tools, they try to forecast how prices in shares and bonds will move and pass this information on to clients. Analysts usually work on the "sell" or the "'buy" side of the business. The former involves advising stockbrokers on recommendations to their clients in terms of buying and selling. The latter involves working for investment management companies, pension funds and insurance companies, helping them decide on how to generate the best return on their investments.

Sources of information
CFA Institute: www.cfainstitute.org
Financial Services Authority: www.fsa.gov.uk
Financial Services Skills Council: www.fssc.org.uk
London Stock Exchange: www.londonstockexchange.com
Securities and Investment Institute: www.securities-institute.org.uk
UK Society of Investment Professionals: www.uksip.org

Financial Adviser
Financial advisers work with clients to find suitable financial products. The products on which they give advice include investments, life insurance and critical illness cover, pensions and savings plans, mortgages and other borrowings, secured and unsecured. There are two quite distinct types of financial adviser:

1. They may be tied to an individual bank, building society or insurance company, advising solely on the financial products of that organisation.

2. They may have a broader role as an independent adviser, recommending suitable investments, mortgages, pensions and insurance policies on an impartial basis.

When they have identified a product that is appropriate, financial advisers need to explain all the details clearly. They need to point out the potential benefits and limitations, so that the client can make an informed decision.

Sources of information
Association of Independent Financial Advisers: www.aifa.net
Institute of Financial Planning: www.financialplanning.org.uk
The Personal Finance Society: www.thepfs.org
ifs School of Finance: www.ifslearning.com
Chartered Institute of Bankers in Scotland: www.ciobs.org.uk
Chartered Insurance Institute: www.cii.co.uk
Institute of Chartered Secretaries and Administrators: www.icsa.org.uk
Financial Services Skills Council: www.fsnto.org.uk
Securities and Investment Institute: www.securities-institute.org.uk
UK Society of Investment Professionals: www.uksip.org


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