The enormous number of careers in insurance reflects the wide variety of skills needed by the industry. There's sure to be a career path to suit you.

Underwriter

Underwriters are the insurance company's decision-makers. They review our customers' applications for insurance, research and assess risks to determine the cover and terms to be offered and the insurance premiums to be charged.

An underwriter's work is always different as the risk involved with each case is ever changing. They use their decision-making skills to determine the best course of action to meet the needs of a constantly changing social and economic environment. They are also involved in placing reinsurance for their company.

Underwriting positions are predominantly in insurance companies. They require research and analytical skills, sound judgement, attention to detail, good communication skills and aptitude for working with computers. There are opportunities for school leavers and graduates with many companies investing in further specialist study for their employees in this area.

ANZIIF offers courses to diploma level in general insurance and life insurance that focus on developing technical skills for underwriters. Courses lead to further insurance specific university studies at graduate and post graduate level and CIP membership of ANZIIF.

Claims

Claims staff arrange the settlement of claims made by clients against their policies.

They assess the claims by reviewing the coverage and special terms of policies, sometimes interviewing clients or their representatives and obtaining evidence. Claims staff will also determine whether a loss is covered by appointing and working with loss adjusters/investigators. They assist clients in making claims and arrange for claims to be paid to the appropriate level once accepted.

They are also involved in making claims on reinsurance on behalf of their company.

Claims positions are predominantly in insurance companies. There are opportunities for school leavers and graduates with many companies investing in further specialist study for their employees in this area.

ANZIIF offers courses to diploma level in general insurance and life insurance that focus on developing technical insurance skills for claims staff. Courses lead to further insurance specific university studies at graduate and post graduate level and CIP membership of the Institute.

Loss Adjuster

Loss Adjusters investigate claims for insurers arising out of losses such as fires, car accidents and burglaries, and determine the amount of damage or loss covered by the insurance policy. They research what can often be complex situations by collecting information and assessing it against guidelines. They report to the insurer on the details of a loss and the circumstances surrounding the loss, making recommendations to the insurer regarding repair or replacement of lost or damaged property.

Loss Adjusters benefit from a detailed legal and technical knowledge and accounting skills and often have qualifications in accounting, engineering, science or business.

ANZIIF offers a course to diploma level in loss adjusting that focuses on developing technical skills for loss adjusters. The course leads to CIP membership of ANZIIF and membership of the Australasian Institute of Chartered Loss Adjusters (AICLA).

Insurance Agent

Insurance agents act as authorised representatives on behalf of insurance companies to help consumers identify their insurance needs and obtain appropriate insurance from insurance companies. They assist customers with the completion of insurance applications and collection of premiums, and provide valuable customer service. Authorised representatives are insurance professionals and operate in both the life and general insurance areas. They are paid commission by the insurance companies they represent.

Types of Agents

• Multi agents – deal with a number of insurance companies for the products and services they offer
• Tied agents – represent a single insurer's products and services
• Life agents – specialise in life insurance products and include financial planners.

Agent positions are available to school leavers and graduates. Practising agents in Australia are required to have the technical knowledge, skills and qualifications to effectively represent their insurers and many pursue specialist study.

ANZIIF offers courses to diploma level in general insurance and life insurance that focus on developing technical insurance skills for agents. Courses lead to further insurance specific university studies at graduate and post graduate level and CIP membership of the Institute.

Insurance Broker

Insurance brokers are independent insurance professionals who work as either individual brokers or for broker organisations. Brokers represent their customers, assessing their insurance requirements to find the right insurance policy that best suits their needs.

In addition to understanding their clients' needs, brokers need to stay ahead of the latest trends, available insurance covers and the cost of covers. Similar to agents, they help consumers find and arrange insurance but their responsibility lies with the client, not the insurance company. They must be licensed as a broker for their type of business. In Australia, approximately 80% of businesses and 15% of domestic consumers arrange insurance using professional insurance brokers.

Broking positions are available to school leavers and graduates. Brokers are required to have the technical knowledge, skills and qualifications to effectively represent their clients and pursue specialist study to ensure they are properly qualified.

ANZIIF offers a course to diploma level in insurance broking that focuses on developing technical skills for broking. A full range of compliance solutions is also available. The course leads to CIP membership of the Institute.

Reinsurer

Reinsurance is the insurance of insurance companies. Insurers need to protect their financial capacity to pay large claims, particularly for major catastrophes such as bushfires, storms and earthquakes. In taking out reinsurance, insurers reduce their exposure to risk and are able to draw on capital invested in the reinsurance companies to assist in paying large claims made against them.

Reinsurance positions are available to industry professionals and to graduates who are encouraged to pursue further specialist insurance and post graduate business studies.
ANZIIF's Diploma of Financial Services (General Insurance) includes a Reinsurance module. The course leads to further insurance specific university studies at graduate and post graduate level and CIP membership of the Institute.

Risk Manager

Risk managers evaluate, balance and spread the risk their company takes on over a number of different areas. They determine the possibility or probability of a negative outcome from a particular event then develop risk management strategies to avoid this. In insurance companies, they will advise underwriters on the degree of risk to be covered by insurance policies and, being ultimately required to make a profit on the risk, will advise the company on sound pricing and investment strategies.

Risk managers are also increasingly finding a role in corporations, industry and government to evaluate and manage risk, and advise on insurance on behalf of these organisations. They are often degree qualified in business management or accounting and undertake further specialist study in risk management.

ANZIIF offers a course to Advanced Diploma level in Risk Management. The course meets some of the requirements for RMIA membership and further insurance specific university studies at graduate and post graduate level and CIP membership of the Institute.

Actuary

Actuaries apply their knowledge of mathematics and probability theory to real-life problems involving the predictability of future events. They analyse mathematical, statistical, demographic, financial, economic and social data in order to predict and assess the long-term risks involved in financial decisions and planning. Actuaries are generally business graduates with specialist actuarial qualifications.

As actuaries often hold senior positions within a company, they need to be able to communicate effectively at all levels.

Further information is available from the Institute of Actuaries of Australia (IAA).

Hundreds of other opportunities

There are also great opportunities for accountants, insurance lawyers, marketing and sales professionals, investment strategists/advisers, human resource managers, learning and development managers, compliance managers, IT specialists and customer service officers.