A Rewarding Profession
Insurance companies, agents, brokers and adjusters offer a broad range of career opportunities.
They include positions in reception, accounts, sales, administration, information technology and human resources. There are also a number of jobs that require specialist studies.
Skills & Qualifications
Any broker, agent, sub-agent, adjuster, risk manager or consultant who advises the public on insurance matters must be licensed under the Insurance Act. To be licensed the individual must be trained in the field.
Insurance firms usually hire junior staff to train on the job while they complete various professional courses. These are offered by the London-based Chartered Insurance Institute (www.cii.co.uk) and the Insurance Institute of Canada (www.iic-iac.org).
The Bahamas General Insurance Association also supervises examinations for insurance qualifications and insurance-related subjects.
English, Mathematics, Biology, Typing, Secretarial, Computer Studies, Accounting and Bookkeeping are recommended subjects for persons thinking of entering the insurance industry.
Accounts
The Accounts Department processes all payments and claims while keeping track of the company’s financial position. Senior positions require an accounting degree. Entry-level clerical positions require a good basic education.
Administration
The Administration Department oversees the general running of the company and maintains policy records. Entry-level employees should possess good grammar, spelling and math ability.
Adjuster
A loss adjuster is specially trained to investigate claims and determine the extent of the damage resulting from an insured peril or event. Some adjusters may be employed full-time, but most are independent mediators between the insurer and the insured. Qualifications….
Agent
Sales agents represent insurance companies and negotiate policies with consumers on their behalf. The agent can bind the insurer they act for to a risk and the insurer is responsible for the actions of their agent. Qualifications….
Broker
A broker negotiates with insurance companies on behalf of consumers. In some cases, they have power to issue policies. Qualifications….
Claims
The Claims Department is responsible for processing claims from policyholders and must verify that indemnity is justified under the policy. Entry-level positions require a minimum of five BJCs (including English and Maths. A Claims Technician’s Course is also available.
Computer Systems
Information technology departments are responsible for computer programming and network administration. The minimum qualification is usually an associate degree in computer studies.
Human Resources
The Personnel department is responsible for employee hiring, firing, payroll, benefits, training and records. It can also deal with legal issues relative to staff and property management. An entry-level position will require clerical skills. An associate degree in office administration or human resources is desirable. Managers would be expected to have at least an undergraduate degree in business administration.
Underwriter
An underwriter may work for an agent, broker or insurance company to evaluate risks, agree policy terms and conditions and calculate required premiums. Qualifications…
