A CAREER IN INSURANCE. THINK ABOUT IT.

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1 A CAREER IN INSURANCE. THINK ABOUT IT.

2 A CAREER IN INSURANCE The insurance industry sometimes gets a bad reputation when it comes to career choices. While insurance provides financial stability for individuals, companies and industries, this can sometimes translate into dull and boring in the minds of graduates and school leavers. However, this perception couldn t be further from the truth. In this guide you ll find everything you need to know about starting your career journey in the insurance industry. Explaining the diversity of roles available, dispelling myths and demystifying industry qualifications, this guide is your first stop on a successful and fulfilling career in insurance.

3 THINK ABOUT IT. Without insurance there would be no travel, no business, no construction, no development, no innovation and no risk-taking. Society as we know it simply wouldn t exist. The insurance industry influences just about every sector and subject area and underpins everything from small companies to multinational organisations and even global economies.

4 ON A PERSONAL LEVEL You ll have come across motor, health and home insurance you might even have insurance for your phone or laptop. This is to protect you from the risk of car crashes, sickness, injury, theft, fire or flooding. Risk comes in many forms, so there is a huge variety of roles within the insurance industry committed to providing customers with the best and most comprehensive products to ensure they have the protection they need.

5 WHY INSURANCE? THINK ABOUT IT THIS WAY. Football probably doesn t come to mind when you hear insurance. Real Madrid lost Cristiano Ronaldo due to leg injury would they fill as many seats? Would Ronaldo command the same fee? And if he wasn t getting as much match time and scoring as many goals, would he be as attractive to advertisers for endorsements? There is a risk of significant losses to a number of parties if anything were to happen to a topflight footballer s legs so, Ronaldo has his legs insured for a substantial 103 million.

6 VARIETY AND UNLIMITED OPPORTUNITIES There are few industries that offer the same variety and diversity that insurance does. No matter your skill set, there is a role that will suit you whether you want to be a claims investigator, an actuary, a broker or even an IT specialist, accountant or marketing executive. Insurance is a vast and vital industry for Ireland. There are over 28,000 people employed in the Irish insurance industry, with an increase in entry-level jobs from small brokers to multi-national corporations. Insurance covers so many risks and sectors that there are always new challenges and the nature of your work will change as the industry evolves. While in the current economy very few jobs could be classified as secure, the nature of the insurance industry allows you to build your contacts through networking, advance yourself with qualifications and take advantage of internal promotions as they become available.

7 LEARN AS YOU EARN As a member of the insurance industry, you ll be given the opportunity to earn first class, internationally recognised professional qualifications through The Insurance Institute of Ireland. The Professional Certificate in Insurance (APA) is the entry level insurance qualification and meets the requirement of the MCC. Most employers will sponsor their employees to complete this qualification as they work. If you re looking to move up the career ladder quickly, undertaking more advanced qualifications will allow you to take advantage of every opportunity to do so.

8 MAKE A DIFFERENCE If you want a career in which you play a vital role in protecting people and helping them put their lives back together when the unthinkable happens, then a career in insurance could be the perfect fit. Ethical, caring and committed people are always welcome in the industry, where you ll be able to professionally develop while also contributing to something constructive and crucial. In addition, many insurance companies run extensive Corporate Social Responsibility (CSR) programmes, which allow you to get involved in charitable initiatives and give back to the community in a meaningful way.

9 MYTHS & MISCONCEPTIONS There are some misconceptions surrounding a career in insurance, which means it may have fallen below your radar when researching career paths. We re going to dispel some of these myths to show just how much a career in insurance can offer. Insurance is boring. Unfortunately insurance has a reputation for being an unexciting career choice. Outdated perceptions of old men in grey suits selling complicated insurance policies have plagued the industry, but in today s ever-changing market, with advancements in technology allowing for more interesting, dynamic and specialist roles, this perception couldn t be further from the truth. You need to be good at Maths to work in insurance. While some insurance professionals do need to be mathematically-minded, there s a diverse range of roles to suit people of all talents so if you can t handle algebra, you can still handle claims! You need a business degree to work in insurance. Insurance companies hire candidates from across all disciplines, so it is not necessary to hold a specific business or insurance degree to get a job in the industry. Some entry level training programmes involve companies sponsoring new entrants to the industry to sit insurance exams and earn the level 7 Professional Certificate in Insurance (APA) or Professional Diploma in Insurance (CIP) even without a third level degree. Insurance isn t just about covering your car or your house. Costa Coffee s Master of Coffee, who tastes every single batch of raw coffee beans before they are roasted and shipped to its stores, has his tongue insured for 10 million with Lloyd s of London. Insurance is all about sales. Sales are an important part of insurance, but there are so many other departments that make up a successful insurance company and there are plenty of roles to suit a variety of skills and talents. Underwriting, claims, IT, marketing, accounting and risk management are just some of the areas you could join into if sales doesn t appeal to you. Have some more myths busted at iii.ie/startyourjourney.

10 YOUR FUTURE Becoming part of the insurance industry means that you can learn while you earn. Insurance is competitive and while you don t specifically need a third level degree for some entry level roles, employers will expect you to work towards an insurance qualification. Qualifications also allow you to take advantage of opportunities for career progression into senior and more specialist roles. Climbing the career ladder At The Insurance Institute our courses are structured in a way that allows you to use modules as stepping stones, each one advancing towards a professional qualification. As a result, our qualifications provide you with a defined career progression path, setting you on a journey of lifelong learning and professional development. Our Professional Certificate in Insurance (APA) and Professional Diploma in Insurance (CIP) are awarded by UCD through the Institute of Banking s College of Professional Finance. These are level 7 on the National Framework of Qualifications. Visit iii.ie/qualifications to find out more. Building your network Once you ve earned your insurance qualifications, you ll need to complete 15 hours of Continuing Professional Development (CPD) annually. While CPD allows you to advance your technical skills and knowledge, attending face to face CPD events also allows you to build your network of contacts and develop your professional profile. Virgin Galactic, the world s first commercial spaceline, will allow anyone willing to pay $200,000 to travel to the final frontier. Allianz Global Assistance (AGA) is developing the relevant insurance products to help this happen. Insurance is a people-oriented industry, so committing yourself to lifelong learning and attending networking events will allow you to take advantage of every opportunity that comes your way. You ll also learn from the experience of others and will find that colleagues are happy to mentor you along the way.

11 CONTACT US USEFUL RESOURCES Our team at The Insurance Institute is on hand to answer any questions you have about insurance careers and qualifications. If you would like to find out information or to request a call, please don t hesitate to us at careers@iii.ie and one of our team will be in touch. Our office hours are: Monday Friday: 9am 5pm CONNECT We post notices of open vacancies within the industry on our social media pages, as well as opening and closing dates for exam registration, results and careers advice and tips. The Insurance Institute of This website is a valuable resource for both students and parents, giving a detailed overview of a wide variety of career paths. gradireland has a whole host of information on graduate jobs and employers, with plenty of careers advice for third level students. Check out their Events page for information on upcoming careers fairs. LIA is the professional education and development association for over 10,000 professionals working in the Financial Services industry in Ireland. Its members work primarily in the Life Assurance, Pensions, Investments and Mortgage sectors across advisory, support, administrative and consultancy roles. The University of Limerick provides degree-level specialist insurance qualifications. Insurance Ireland represents the domestic insurance and international life insurance market. The State Examinations Commission is responsible for the development, assessment, accreditation and certification of the Junior Certificate and the Leaving Certificate exams. Qualifax hosts a comprehensive list of all courses available in Ireland. The Institute of Guidance Counsellors is the professional body representing over 1200 practitioners in second level schools, third level colleges, adult guidance services, private practice and in other settings. The Quality and Qualifications Ireland (QQI) website provides information on accredited programmes, providers and qualification recognition abroad.

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