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Insurance & Pensions
Feeling flush today? Awesome! But let’s not forget about tomorrow. Start a career in insurance and pensions and help others plan for their future, too!
What is insurance and pensions?
💷 What's the insurance sector?
Insurance is all about protecting your favourite stuff – like your car, home or even a celeb’s iconic legs! If things go south, insurance helps you bounce back financially.
👵🏾 And what about pensions?
Pensions are your retirement money goals. You and your employer stash some cash into a fund while you work, so when you retire, you can chill with regular income.
🔗 How are they linked?
Both insurance and pensions are about smart money management for the long haul. Insurance companies often do both, investing your pension cash and covering you when life throws curveballs.
Need more info? Ask an Apprentice
Considering an apprenticeship in this area of work? Or just unsure about uni? Our Ask an Apprentice community is made for you! Be mentored and chat with real apprentices, get application tips, and ask all your burning questions through our new platform.
What jobs can I do?
Asset manager
Asset managers are the money wizards. They invest your insurance premiums and pension funds to make that cash grow. Basically, they’re all about making smart moves with your money.
Claims inspector
Claims inspectors are like detectives for insurance claims. They dig into accidents, check records, and make sure people aren’t pulling a fast one when they cash in a claim.
Insurance broker
Insurance brokers are your go-to experts for finding the best insurance deals. They know how to read the small print and make sure you’re getting the coverage you actually need.
Pension scheme manager
Pension scheme managers handle the company’s pension funds. They develop policies, advise on investments, and ensure there’s enough cash when employees retire. They’ve got your back for the future!
Underwriter
Underwriters are the gatekeepers of insurance applications. They decide who gets coverage based on the risk factor and set the terms of your policy. No risk, no reward!
What skills do I need?
🔎 Attention-to-detail
Being super detail-oriented is a must. Whether you’re checking claims or going over contracts, catching tiny mistakes can save everyone from major headaches later.
💬 Communication
You’ve gotta be a pro at breaking down boring insurance jargon. Good communication skills help you explain policies and negotiate deals like a pro.
🖖 Logical thinking
Logical thinking is your best friend in this game. It helps you analyse situations and data to find the best solutions, especially in roles like underwriting or claims.
🧮 Numerical skills
Whether it’s for asset management or actuarial work, you’ll be crunching data to make smart financial decisions that keep everything in check.
💭 Problem solving
Problem solving is key when dealing with tricky claims or finding the right insurance plan. Being a creative thinker helps you tackle challenges head-on.
How can I start a career in insurance and pensions?
🛠️ Can I do an apprenticeship?
You can kick off with a level 2 apprenticeship like accounts or finance assistant, all the way to a level 6 financial services professional.
🎓 Is uni an option?
Absolutely! Uni is a great move for studying finance, economics or business management. A degree gives you major cred for roles like actuary or asset manager.
⭐ How can I stand out?
Level up your skills by joining the UK Maths Challenge or tackling logic puzzles. It shows you’re serious about your future and makes your CV pop!
What qualifications can I get?
What degree options do I have?
Think about degrees in finance, economics, business or maths. These subjects give you a solid foundation for landing jobs in insurance and pensions.
What qualifications can I get through an insurance and pensions apprenticeship?
You can snag professional qualifications, like becoming a Chartered Insurance Broker or an Associate with the Institute and Faculty of Actuaries. These badges boost your career vibes!
5 fun facts you didn’t know
3 million pets are insured in the UK
Our fur babies are part of the family and worth protecting! The biggest pet insurance payout of all time happened in 2010 – £16,000 to pay for a kitty’s kidney surgery.
Celebrities insure their body parts
Rihanna’s legs are insured for $1 million, Bruce Springsteen’s vocal cords are worth $6 million, and Mariah Carey? She’s got both insured for a jaw-dropping $70 million!
The biggest claim of all time totalled £15.4 trillion
When you add together all the claims from the 2008 financial crisis, the total payout was a whopping £15.4 trillion – bigger than the US economy!
The most expensive car to insure
Think you can afford the Bentley Mulsanne? Get ready for a £3,989 insurance bill each year! That’s a hefty price for some serious wheels!
The world’s biggest life insurance policy is worth £200 million!
£197 million to be precise. That’s the staggering figure that the family will receive when the policy-holder dies!
Need more info? Ask an Apprentice
Considering an apprenticeship in this area of work? Or just unsure about uni? Our Ask an Apprentice community is made for you! Be mentored and chat with real apprentices, get application tips, and ask all your burning questions through our new platform.
