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Job Description: Insurance Consultant
As an insurance consultant, you'll be using statistical and mathematical knowledge to make long-term financial forecasts. These forecasts are used by financial organisations and the government to solve current financial problems and plan for the future.
You're likely to work in a specialist consultancy, providing a range of services to clients. Typically, these will include advising on pensions, general insurance, HR management, risk management, mergers and acquisitions, corporate recovery, and financing projects.
Your daily responsibilities may include:
- Using mathematical and statistical concepts to determine probability and assess risks;
- Writing detailed reports and letters;
- Applying a range of techniques to resolve different types of business problems;
- Working with it professionals to develop systems that ensure compliance with the requirements of regulatory bodies;
- Collaborating with a range of colleagues
- Selecting and using IT software to manage data;
- Researching current developments in the business and financial worlds.
- Visiting and dealing with a variety of different clients and client sites.
Hours and Environment
Your working hours depend on client requirements. Generally, you'll work normal office hours, but evening and occasional weekend work may be necessary.
You may be able to negotiate flexible working conditions, including part-time work. You'll be generally office-based, but will do some travelling to visit clients.
Skills and Interests
To be an insurance consultant, you'll need:
- Good written and oral communication skills
- The ability to explain complex information simply and concisely
- Good numerical skills and ability to absorb and understand detailed statistical data
- Strong interpersonal and teamwork skills, with the ability to work with colleagues at all levels
- A logical and analytical approach
- Problem-solving skills
- Accuracy and attention to detail
- Sound judgement and decision-making ability
- Commercial awareness, with an interest in and understanding of business and financial markets
- Self-motivation, commitment and tenacity.
Entry
You will need either substantial experience in the insurance industry for this role. Employers will also expect you to have achieved professional insurance qualifications such as the Chartered Insurance Institute (CII) Diploma and Advanced Diploma in Insurance.
Some larger insurance companies run graduate training schemes for new entrants to the industry. For these you will usually need a good degree (class 2:1 or above) in a relevant subject such as insurance, business studies, sciences, building surveying or risk management.
Training
If you do not already have professional insurance qualifications, employers will usually expect you to qualify as an Associate of the Chartered Insurance Institute (ACII), by studying for the CII Advanced Diploma in Insurance. You can do this through day release, evening classes or distance learning - see the CII's website for more details.
You can also choose to study for further professional qualifications such as:
- Institute of Risk Management (IRM) Certificate and Diploma in Risk Management
- National Examination Board for Occupational Safety and Health (NEBOSH) Diploma.
Taking short courses run by the CII and IRM can help you to keep your knowledge and skills up to date throughout your career.
Opportunities
You could work for larger insurance companies or brokers, specialist insurance surveying firms, or risk management consultancies. Jobs may be advertised in the local, national and insurance industry press, and by financial services recruitment agencies.
Alternatively, you could become self-employed or set up your own consultancy.
Annual Income
Figures are intended as a guideline only.
- With experience and professional qualifications, earnings can be between £30,000 and £50,000.
- Top salaries can exceed £100,000 a year.
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