Pensions and Insurance are a huge part of the financial services sector and both play a very important role within society.
Insurance is an especially valuable tool for businesses and individuals allowing them to minimise their potential losses when making decisions and ultimately taking risks. By taking risks, companies can do innovative things and make real progress. If those risks don’t pay off then insurance companies are there to bear the brunt of the financial fallout; after all, that’s what they get paid for. The Lloyd’s of London insurance market is one of the key places in the world to do business. A truly diverse range of careers exist in this area, ranging from insurance brokers to claims management professionals.
Pensions are all about planning financially for the future. People who work in pensions provide essential services that benefit people financially once their careers have finished. Pensions have an impact on everyone’s lives and most companies provide their employees with pension schemes. Consequently the pensions industry is huge and has benefitted from the government’s input on workplace pensions. Careers within pensions can be undertaken in specialist pensions companies who offer schemes and services to various different companies, or within larger companies which have their own in-house pensions department. Some companies even provide both insurance and pensions services to their clients.
Careers in Pensions and Insurance are not for everyone. They are often highly demanding and fast-paced but if you have a mind for money, are hard-working and the thought of a challenge excites you then you can bank on this being the sector for you.
When applying for graduate, trainee or junior broker roles within any area of the financial services sector, it can be difficult to fully know the ins and outs of the role, the progression or the company but hopefully you will be able to get as much evidence as you can to make the best decision for you and be truthful to yourself when deciding whether or not the role on offer will be the start of a career that motivates you.