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 The structure of the insurance sector and what this means in terms of careers and opportunities

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 Insurance Structure Retail Buyer Underwriter Example Personal Motor, Household, Private Health,Travel, Legal Expenses, Pet Insurance

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 Insurance Reinsurance Insurer Insurer Definition Part or complete insurance from another insurer for a risk already insured.

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 3 rd largest insurance market in the world Largest insurance market in Europe Source: ABI 2010 results

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

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

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 Insurance Key Resource Lloyd’s Market Association

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 Insurance A Career in Insurance