Insurance Careers & Progression

By Chelsea Beddows Senior Case Manager of QuestGates

If you are keen to adopt a career in a field that tackles important issues, such as climate change/environmental factors, financial risk, cyber-crime or even geopolitics then Insurance is the industry to choose. Insurance is at the heart of both understanding and managing these issues before and during their triggered occurrence. Claims management requires a vast skillset of both technical and soft skills that blend into a career like no other. It might be hard, however, to find where to begin so I want to explore some routes that a new entrant might take while highlighting opportunities that may be under, or not at all, utilised by companies to recognise and develop talent within.

There are a myriad of roles to choose from when pursuing a career in Insurance leading to as many more opportunities for progression. The benefits range from:

• • developing key skills and education within specialist areas,
  • strong earning potential,
  • constant personal and professional growth,
  • the opportunity to relocate or travel internationally, and
  • (not least) the social value of supporting those in times of need.

Where to begin

For an professional with some light exposure and/or previous experience to the insurance industry, the typical entry level role may start with ‘claims handling’, sometimes referred to as ‘case management’. The main responsibilities differ depending on whether the role is directly with the insurer, a broker, loss adjuster or third-party claims administrator otherwise known as a TPA.

A TPA handler will own a caseload of insurance claims across a multi-client team, managing all aspects of the claim from start to finish. It means being available to field calls from customers, clients, and suppliers and ultimately being responsible for a pivotal part of the customer journey regarding their insurance claim. The flipside of this role also involves investigating claims validity; identifying fraud where existing and managing this appropriately.

There are other entry roles such as ‘administrator’ or ‘first notification of loss’ (FNOL) who are dedicated to spending as much time as is required on the first call from the customer/ agent/ broker. They provide the ever-needed reassurance to claimants who are often in the first stages of emotion and stress that follows an incident. TPAs are vital in gaining all available information pertaining to the claim for the onward direction and progression by a claims handler. This role is vital as it the customers first experience and first impression of the handling company.

Its also a role that enables companies to introduce inexperienced staff to claims processes in a controlled environment; utilising more easily sourced and transferrable skills from outside of the Insurance industry. This widens the scope for recruitment and also enables companies to develop talent from within its walls.

The world is your oyster (or your pearl farm)

Pursing a job in insurance is achievable at any education level. The roles mentioned above are generally easier to recruit for and apply for in comparison to the typical claims or loss adjuster roles. It also means that supporting internal promotion and career progression is much easier as it avoids the newer generations mentality that jumping fences is the only way to greener pastures. This means that there is a greater chance for promotion for people holding these roles and, as they move along the development pathway, less daunting for companies to backfill those spaces.

Traditionally, the development pathway as mentioned above would mean that someone in an administration type role can progress to either a case manager or concierge type role. From there, they will be offered opportunities to progress in to roles such as a ‘Trainee Property Adjuster’. Typically the timeframe for progression should be in 12-18 months should the employee wish to take this route and are able to demonstrate their ability.

The ‘Trainee Loss Adjuster’ role is an intermediate role between a case handler and a ‘Property Adjuster’. Evolvement of their responsibilities will include undertaking video calls or site visits and seeing the claim through to settlement. For a Case Manager to progress to this role they would need to evidence individual competence through correct routing of a claim, customer service skill and proactivity, along with managing high reserves and reducing overall claim costs. The full, and field, adjuster role is more senior and specialist in terms of the complexity and the reserve of the claims they will handle. At this point it is expected they will have gained the respected and necessary The Chartered Institute of Loss Adjusters qualifications to better support their role.

Off the beaten path

Another potential route from Case Handler could be within building validation which utilises the same communication skills, but their involvement is a surveyor visit, drone survey or organising a surveyor to attend with elevated photography equipment.  They would then report back their findings with the handler remaining in overall control of the claim. Generally, this is used for lower value building losses up to £5k. Many businesses within the insurance industry adopt the philosophy to recruit from within prior to advertising externally in addition to supporting the employee with their exams and onward progression with their career.

There are many other routes and roles available, some of which are not included above such as; actuary, risk manager, underwriter, cyber analyst just to name a few. It is important that we maintain the high calibre of staff by enabling equal opportunities throughout all levels encouraging the interest of future generations.

If you are interested in developing your career further or starting your journey to a claims role contact info@cila.co.uk for help.