Jobs within Insurance - Show me the money?

fantasticfred

Hi all,

Long time lurker on Boards and resurrected my old user profile for this but just looking for anyone that can offer any insight with jobs and pay within insurance industry.

Just for some background on myself...

I am out of college since last year and have been working as a claims handler with a company in Ireland for the last few months. I will have my CIP qualification once I pass one more exam fingers crossed.

I had an 8 month work placement in an insurance company while in college also.

The current job I have is very interesting and the people I work with are very nice and easy going too so it is a nice place to work. However, the pay is not too fantastic and from speaking with others, I am led to believe that pay progression within the company is not too great either.

What I am getting at then is what jobs or perhaps companies within insurance, or risk management even are more high paying (outside of actuary).

Granted I have the "money isn't everything" thing in my head but it would be great to hear other peoples opinion/experience in this regard just to have a better idea about thinking into the future.

Also, if anyone has any insight into working in insurance abroad I would love to hear your experience too.

DonnieCorko

I know someone who is working in commercial insurance sales. Started in insurance sales in a call centre for a well known broker who would have ads on tv etc selling car insurance. Believe he was the only one hired without insurance certs/degree. Progressed to a small commercial broker before moving on to a very large commercial broker. Hes probably clearing 90k a year in bonuses after only 5/6 years in insurance sales. Hes defo an outlier and works his ass off but it seems commercial sales is very lucrative.

Eggs For Dinner

Commercial account handler within a brokerage is probably the best, but also the most volatile. You really need to know your stuff and have access to the right markets. The most successful ones are hungry bastards and you should be prepared to make yourself available to clients 24/7. A 6 figure salary shouldn't be a problem if you are good. Basic account handlers would come in or around 40k including bonus. If insurers withdraw from key markets that you rely on, you could end up with nothing

peteb2

Eggs For Dinner wrote: »

Commercial account handler within a brokerage is probably the best, but also the most volatile. You really need to know your stuff and have access to the right markets. The most successful ones are hungry bastards and you should be prepared to make yourself available to clients 24/7. A 6 figure salary shouldn't be a problem if you are good. Basic account handlers would come in or around 40k including bonus. If insurers withdraw from key markets that you rely on, you could end up with nothing

what exactlying are you referring to as "account handler"?

Eggs For Dinner

peteb2 wrote: »

what exactlying are you referring to as "account handler"?

Somebody who manages the day to day needs of large clients. Advise them on what exposures they have and finds the appropriate insurance solution. Negotiates renewal with insurers and secures alternative cover and quotations. Basically, a technially qualified person who ensures large organisations are financially protected to allow them conduct their core business with a bit of financial stability. For large companies, there is no such thing as a one size fits all solution.

peteb2

Eggs For Dinner wrote: »

Somebody who manages the day to day needs of large clients. Advise them on what exposures they have and finds the appropriate insurance solution. Negotiates renewal with insurers and secures alternative cover and quotations. Basically, a technially qualified person who ensures large organisations are financially protected to allow them conduct their core business with a bit of financial stability. For large companies, there is no such thing as a one size fits all solution.

Im not sure such a role exists here. Definitely not for 6 figures unless you are a director in that firm. And I would think that steps out the role of purely account handler. Not would it be attainable to most.

Eggs For Dinner

peteb2 wrote: »

Im not sure such a role exists here. Definitely not for 6 figures unless you are a director in that firm. And I would think that steps out the role of purely account handler. Not would it be attainable to most.

It does exist here. I did it for many years before stepping back for health reasons. Every medium or large broker in the country would have a number of Commercial Account Handlers. Some call themselves Commercial Directors, but they would not be company directors of the brokerage they work for. The 6 figure salaries are easily achievable if you are good enough and have the right markets, but by God you have to work hard for it.