Read a newspaper, website or social media and you’ll see that the world is a risky place; it always has been and always will be, which is why insurance has such a big and important role within the economy. It’s also a more complex profession than many realise, not just paying to put things right when they go wrong, but enabling whole industry sectors to take risks, innovate and prosper, through risk management, advice and transfer.
Insurance contributes £30bn to the UK economy, and is the 4th largest provider of insurance in the world, employing 321,000 professionals in a wide range of rewarding roles.
It is a profession, not just a job, in which employees undertake regulated roles, becoming experts and taking responsibility for client outcomes, not just selling a product. It’s a progressive sector where we continuously strive to do more, do better for consumers, businesses and the general public challenging what we do and how we go about it on a daily basis.
In the eyes of consumers, insurance is something that has been related to cars, holidays, houses, and pets. There is also a huge business-to-business insurance sector that passes unnoticed by most people which plays a crucial role in helping the world’s businesses to exist and thrive, particularly in the unprecedented times we have recently experienced.
Here are examples of how insurance makes a difference in ways that you may not have considered:
Cyber-crime in recent years has become the crime of choice for those who don’t want to get their hands dirty. It’s nearly invisible and evokes a less visceral reaction than a physical assault. It also costs the global economy more than $500 billion a year – with that number set to increase. Many insurance companies now have special cyber risk teams who can write policies to protect clients and reduce the risk of a breach taking place, and which can also deal with the reputational damage caused by a loss of data.
The increasing use of drones will power the largest growth in aviation insurance in 50 years according to experts. While drones have the potential to significantly enhance a range of activities, it is imperative that manufacturers, operators, and regulators work together to ensure that they are used responsibility and safely.
Climate change is wreaking havoc with an increasing number of countries and to a more devastating extent than before. This is not just about catastrophic events such as droughts, floods, earthquakes, it relates to hurricanes too.
If special risks are more your thing, then how about alien abduction insurance? Thirty thousand policies can’t be wrong…or maybe you want to insure your amazing guitar playing fingers? No problem. Anything can be insured, and London is the global heart of these special risks.
So, insurance may be much more than you thought it was. Take a look at some of the videos here for more interesting career stories.
Hear about the rewarding, and sometimes surprising, roles and careers on offer from those in the know.