Prospects.ac.uk

Insurance careers

AuthorDaniel Higginbotham, senior editor
Posted on

Do you see insurance as boring? Think again. Discover how insurance careers offer a variety of exciting roles, the potential for high earnings, strong job security and the ability to make a real social impact

What are the skills shortages in the insurance sector?

There is a looming talent shortage in the UK's insurance industry. A 2024 report from the Chartered Insurance Institute (CII) on The Talent Shortage Crisis found that this was due to an ageing workforce looking to retire.

In addition to a negative perception among young people, there is also intense competition for new recruits, such as from fintech (the use of technology to deliver financial services and products to consumers) companies seeking those with digital skills in data analytics and artificial intelligence (AI). Read more about how to get a job in AI.

The industry is in need of new talent, resulting in opportunities for rapid career growth in key roles. Read about the types of jobs you could be doing and the various routes into the industry.

What is it like to work in insurance?

Working in insurance is far more dynamic and challenging than many expect. Roles such as underwriting involve analysing complex, high-stakes risks and making decisions that have real-world impact.

This reality is reflected in MS Amlin's STUNTS campaign, which uses Hollywood stunt doubles to highlight the skill and responsibility involved in managing risk. Launched in response to research showing that two-thirds of Brits wouldn't consider an insurance career due to outdated perceptions, the campaign aims to show that insurance work is engaging, varied, and anything but monotonous - particularly for young people considering the sector.

Common misconceptions versus the reality

  • Insurance is boring and old-fashioned - the sector is dynamic, with roles that demand diverse skills, including data analytics, catastrophe modelling, legal expertise, and efficient claims management.
  • Office jobs involve long, unsociable hours - insurance roles frequently offer a strong work/life balance, with many firms providing structured hours, flexible working, and remote or hybrid options. Home-working roles have become increasingly common as employers compete to attract and retain talent.
  • Careers have little impact on society - insurance careers have a significant social impact, helping people and organisations recover from events such as natural disasters. The industry also supports the UK economy, managing around £1.8trillion in investments - roughly a quarter of the UK's total net worth (ABI, 2024/25) - making insurance a highly meaningful and fulfilling career choice.
  • Insurance isn't a viable career choice - insurance offers strong career progression, multiple development pathways, and high job stability, as the industry is less volatile than many areas of the UK's financial sector. Professionals can also study recognised qualifications through organisations such as the CII, with more on insurance certifications below.
  • Insurers always aim to avoid paying out on claims - insurance is a highly regulated industry, with bodies such as the Financial Conduct Authority (FCA) ensuring fair outcomes for customers. For example, the ABI reported a record £4.6 billion paid out in property insurance claims in the first nine months of 2025, helping homeowners and businesses recover from unexpected events. Most legitimate claims are paid, with rejections typically linked to missing or incorrect information at the application stage.

What areas of insurance can I work in?

Core insurance functions

  • Actuarial - as an actuary, you'll help to develop new products such as insurance policies and pension plans by setting accurate premium rates and helping businesses manage risk. You'll ensure they make the right decisions using mathematics, statistics, and data to predict financial outcomes.
  • Broking and sales - your role is to act as an intermediary by scouring the market to find the most suitable insurance products for your clients' specific needs. As a sales agent, you'd focus on selling your company's products. Explore other sales jobs.
  • Claims management - work in this area involves you focusing on processing the claims submitted by policyholders. Your responsibilities include investigating the circumstances surrounding a claim, deciding whether it's accepted, and managing any payouts or refusing it based on the policy's terms.
  • Risk management - you'll identify potential risks to a client and provide guidance on what steps can be taken to manage them. It's a role that typically involves you working closely with underwriters and loss adjusters.
  • Underwriting - you'll be expected to assess insurance applications and determine the level of risk involved with insuring this person, organisation, or asset. You'll use data analysis to determine whether to accept or reject applications and to offer the right premiums and policy terms accordingly.

Support departments and specialised areas

The sector also requires a range of support roles, including:

  • Finance and investment - insurers employ investment analysts to manage their funds and ensure profitability for the firm. Read our tips on getting into investment banking.
  • Insurance technology (Insuretech) - by working in this specialised area, you'll implement and work with modern technologies such as AI, big data, blockchain and cloud computing. The aim is to develop and manage the processes for better risk assessment, automation, and to improve the digital experience for customers. Explore the full range of IT graduate jobs.
  • Legal and compliance - this department is focused on ensuring that the company's activities comply with current laws and industry regulations. Solicitors or lawyers offer advice on legal matters, draft contracts, and get involved with any disputes.

Types of insurance

Careers in insurance offer clear pathways, allowing professionals to specialise in a particular area, such as:

  • Business/commercial - cyber, liability, professional indemnity (protects businesses and professionals from claims of financial loss or damage).
  • Environment - climate risk, pollution, renewable energy, sustainability. Discover how to get a job in sustainability.
  • Personal - critical illness, disability, health, income protection, life.
  • Property and possessions - car, home, contents, pet.
  • Travel - trip cancellations, lost baggage, medical emergencies abroad.

Take a look at the list of insurers you could work for by reading our overview of the UK's financial sector.

What are the highest-paying insurance jobs?

While insurance roles may not always offer the highest starting salaries, they often come with the potential for receiving substantial bonuses, as well as regular salary increases.

As you can see from the jobs listed below, starting salaries in the sector typically range from £20,000 to £35,000, depending on the role. Experienced professionals earn between £45,000 and £75,000, while senior or director-level positions can reach up to six figures.

  • Actuarial analyst - starting salaries are fairly low at £20,000 to £26,000, but with experience, this can rise to £65,000, while senior analysts can achieve wages of £100,000-plus, making it one of the highest-paying positions in the industry.
  • Chartered loss adjuster - at the beginning of your career, you can expect to earn £25,000 to £35,000, but with chartership, this can reach up to £90,000. At the management level, you can earn over £100,000.
  • Compliance officer - while trainees typically earn up to £25,000, due to the critical nature of the work, senior compliance officers, managers, and department heads can earn from £50,000 to more than £100,000.
  • Insurance account manager - salaries are typically limited as a trainee (£20,000 to £25,000), but as you gain experience, this can increase to £30,000 to £60,000. Senior account managers can command salaries of £55,000 to £100,000 or more.
  • Insurance broker - at the junior level, starting salaries tend to range from around £20,000 to £30,000, with graduate schemes offering the highest pay. However, qualified brokers can earn up to £75,000, while the wages of senior brokers and account directors can exceed £100,000.
  • Insurance claims handler - you'll likely start your career earning between £25,000 and £35,000. By progressing to the claims manager level, salaries can reach £45,000 - or £60,000 for senior claims managers. Claims directors and heads of claims working in a London office can earn £100,000 or more.
  • Insurance risk surveyor - in the first three years, your wages will likely be between £25,000 and £40,000. With more experience, you can earn up to £60,000. At the top level, this job can command salaries of £75,000 to £100,000.
  • Insurance risk manager - a common entry-level role is that of a risk technician, earning around £25,000. Once appointed as a risk manager, you can earn a salary of £30,000 to £70,000, depending on experience. In a senior or director role, you can expect wages of £70,000 to £100,000 or higher.
  • Insurance underwriter - as a trainee underwriter, you can expect to start at £24,000 to £30,000. Once qualified, this increases to around £45,000. Salaries for senior managers and lead underwriters can reach £100,000, with heads of underwriting earning significantly more than this figure.

What skills are needed to work in insurance?

To be successful in the insurance industry, you'll typically need to:

  • assess risks
  • be adaptable
  • build client trust
  • digital literacy
  • manage data effectively.

Transferable skills that are useful in these roles include:

  • analytical
  • attention to detail
  • communication
  • numeracy
  • organisational
  • problem solving.

Read about the skills employers want.

You'll also need to have excellent customer service and sales skills, such as:

  • negotiation
  • persistence
  • product knowledge
  • relationship building and empathy.

Discover the top ten sales skills by reading our overview of the UK's sales industry. You can also view the 5 skills you'll gain from customer service jobs.

How do I get into insurance?

Insurance qualifications

The range of insurance careers enables graduates to find a role that matches their skills, interests, and academic background. You don't necessarily need a specific degree, as many employers offer structured graduate schemes and support in obtaining professional qualifications.

Actuarial work is a specialist career where a relevant degree can provide a strong advantage. While it's possible to start as an actuarial analyst without a specific subject, most who aim to qualify with the Institute and Faculty of Actuaries (IFoA) will need a numerically focused Bachelors degree, such as:

To advance in many of the industry's other key roles, the CII is a great starting point. If you're looking to study an undergraduate or Masters degree, the CII has links with many institutions and offers a number of specialist courses, including:

View the full list at CII - University links.

The CII provides details of courses from Level 3 to Level 6, including qualifying as a:

  • Chartered Insurer
  • Chartered Insurance Broker
  • Chartered Insurance Practitioner
  • Chartered Insurance Risk Manager
  • Chartered Insurance Underwriting Agent.

To achieve chartered status with the CII, you'll need to:

Read more about CII course options and other finance qualifications.

Work experience and internships

If you're planning on working in any area of insurance, internships and year-in-industry opportunities are available through several employers, including:

  • Allianz - three-month internships in sustainable investing and product development.
  • Aon - summer internship options in actuarial consulting, investment consulting, commercial risk and reinsurance broking, and commercial risk consulting.
  • Intact Insurance - their Bright Futures actuarial analyst internship is a 10-week immersive summer programme.
  • Zurich - 10-week summer and one-year industrial placements in actuarial and risk engineering.

You'll typically need to apply for these programmes a year in advance, as applications for Zurich's internships open in September for the following year. However, Intact Insurance's internship window opens in January, so it's always best to check the employer's website for full details.

Many internships are open to all university students, but Aon states that you should be on track to achieve at least a 2:1.

The insurer also mentions that many interns have gone on to secure a place on their graduate programme and enjoy a successful career with them.

Explore all finance internships.

Insurance apprenticeships

If you're interested in doing an insurance apprenticeship at any level, there are plenty of dedicated programmes on offer, including:

  • Aon - streams include client management, commercial risk and reinsurance, and investment at Level 4. The apprenticeship is a permanent position with roles available nationwide.
  • AXA - actuarial, finance, underwriting and claims are just a few of the business areas taking on apprentices, and these can lead to qualifications up to Masters level (Levels 6 and 7).
  • Lloyd's of London - the 21-month insurance apprenticeship programme involves multiple rotations across the business, such as in its innovation lab or with the market intelligence team. You'll work towards the Level 4 Insurance Professional standard as you aim to complete the CII diploma.
  • MS Amlin - opportunities are available in claims, operations, technical pricing, and underwriting.
  • WTW - 18-month to five-year Level 3 and Level 4 apprenticeships in actuarial, insurance, project management and pensions, and technology.
  • Zurich - apprenticeships at Levels 3 to 6, lasting 24 to 30 months, are available in actuarial, compliance and risk, data and technology, and risk engineering.

For entry onto its programmes, Aon expects five GCSEs and 112 UCAS points from your top three A-levels (or equivalent) for its Level 4 commercial risk apprenticeship. In comparison, Lloyd's of London requires A-levels at grade B or above, plus GCSE maths and English at grade C/4 or above.

Lloyd's of London states that its applications open in February each year, while Zurich's window takes place between February and April.

Once you've completed your apprenticeship, your chances of securing a permanent role with the company are good. While this isn't guaranteed for every programme, Zurich confirms that apprentices will remain part of the team.

While your eligibility for promotion will be down to the individual employer, after completing Aon's commercial risk apprenticeship, they anticipate you'll be ready for promotion within 18 to 24 months. The insurer also expects you to continue studying for CII qualifications to attain chartered status and further progress your career.

Explore apprenticeships in detail by reading our essential guide to apprenticeships.

Insurance graduate schemes

All the leading insurance companies run graduate schemes, including:

  • American International Group (AIG) - two-year structured programmes working as an analyst for a business function such as actuarial, claims or underwriting.
  • Allianz - with opportunities in finance and risk, core insurance and digital analytics, you'll spend several months of each rotation learning about the company.
  • Aon - a variety of streams available, including data solutions, client management, and general insurance and professional risk broking.
  • Aviva - accountancy, actuarial, claims, pricing and underwriting, and wealth are just some of the paths on offer.
  • Lloyd's of London - its four core programmes are in actuarial, business, insurance, and tax.
  • MS Amlin - a two-year rotational programme that gives you an insight into different areas of the business.
  • WTW - these two-year schemes in risk and broking enable you to study towards a professional qualification.

In most cases, a 2:1 degree is required to enter these programmes. Some recruiters may also specify a particular subject. For example, Aviva looks for candidates with a numerical or STEM-based degree, prioritising those with a commercial mindset and strong problem-solving skills. MS Amlin, meanwhile, seeks graduates from technical or analytical disciplines.

Be aware that applications for Lloyd's of London's programmes open in January, while the window for Aviva's four to five-year actuarial graduate pathway closes in early December. Sign up for alerts from employers you're interested in to be notified when their schemes are open for accepting applications.

View other finance graduate schemes.

Find out more