The continuing development of the insurance industry coupled with the
current emphasis on making Singapore an insurance/reinsurance centre
means that there is a constant demand for trained and skilled personnel.
What are the career options?
Underwriter
The underwriter accepts risks on behalf of his company. He decides
whether to accept an insurance risk, and what the premium should
be. If he decides to accept an insurance risk, he has to decide
on the terms and conditions.
Claims Manager
An insurance company's reputation depends to a large extent on the
way claims are handled. His work involves investigating, adjusting
and settling losses. It involves liaising with claimants, solicitors
and other insurance companies. This job requires sound legal and
technical knowledge.
Marketing and Sales
New business is the life blood of the organisation and insruance
is no difference. Marketing and Sales personnel are needed to promote
their products, to research the market and to develop new products
in response to changing needs.
Customer Services Officer
In General Insurance, most policies are renewable on a yearly basis,
and it is the job of the Customer Services Officer to ensure that
clients are satisfied with the service and will renew their policies.
In Life Insurance, the Officer will liaise with customers on matters
relating to their policies.
Accountant
Like all companies, an accountant is essential. He is responsible
for the financial management of the company.
IT Staff
The insurance industry is heavily dependent on information technology
to manage the vast volumes of data and documents. IT professionals
like systems analysts, programmers and operators are required in
many organisations.
Investment Manager
The Investment Manager's job is to invest the company's funds in
the best possible manner, consistent with security but bearing in
mind the need to keep some of the funds available to meet the cost
of claims. If you are an economist or a statistician, investment
work may be particularly attractive to you.
Risk Surveyor
Often it is necessary for the company to obtain technical reports
on a particular risk and for this purpose risk management personnel
are essential. Taking a holistic approach in handling risks, the
job of a risk manager includes identifying risks, deciding on control
measures to eliminate the risk hazard and structuring the organisation's
risk financing scheme. There are various risk hazards involved in
an organisation, eg. Property losses due to explosion or fire or
theft, legal liabilities to third parties, injury to employees at
work sites and potential financial losses due to the physical hazards.
The Risk Manager can play a important role in identifying and controlling
these exposures in an organisation. These are highly trained and
specialised people who travel a great deal visiting sites and factories
to report, amongst other things, engineering processes and techniques.
Human Resource Manager
The Human Resource Manager of an insurance company is responsible
for attracting and developing high quality professional team to
carry out every level of the company's activities.
Career Development
Training is vital and for the new entrants this usually means a
period of two to four years' training in the various facets of insurance
before specializing in a particular field. Most employers expect
new entrants to have good academic backgrounds and to sit for one
of the following insurance professional examinations:
· The Chartered Insurance Institute (UK)
· The Australian Insurance Institute
· The Institute of Actuaries
· Society of Actuaries
To begin your career in this billion dollar industry, equip yourself
with a professional qualification.
You can acquire professional qualifications through examinations
conducted by the Chartered Insurance Institute (UK), the Australian
Insurance Institute, and the Singapore College of Insurance.
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