The Ultimate Guide to Insurance and Risk Management Graduate Schemes – Read this The ultimate guide to Insurance and Risk Management graduate schemes. It’s important to make sure our assets and livelihoods are covered in the event of a disaster.

Whilst UK law dictates that certain safety nets (like car insurance) are mandatory. This is why “insurance” (along with its sister sector “risk management”), remains a superpower in the finance industry.

Insurance careers come in a wide variety of shapes and forms. With a related graduate scheme, you can leap right onto the career ladder and start earning in this sector, straight out of university.

If you’re considering a vocation in insurance and risk management after leaving education, everything you need to know about the graduate schemes and what you can do to make your application stand out:

What does a typical insurance and risk management graduate scheme look like?

Anyone embarking on an insurance or risk management graduate scheme will likely find themselves working alongside senior members of an organisation.

Before long, they will be performing supportive tasks that can include anything from filing, to data entry, to casework.

You’ll receive all of the relevant training – as well as qualifications – during insurance and risk management grad schemes.

At each stage, you’ll be expected to learn quickly to prove your worth to the company, while assisting the organisation in their day to day business.

Expected salary

Insurance and risk management graduates can expect to earn anything from £18,000 to £25,000 as a starting salary, whilst they acquire a wide variety of skills and knowledge about the sector.

After a number of years, there will be more and more opportunities to ascend the ladder, and those who carve out long careers in insurance and risk management usually end up making about £40,000 – £50,000+.

Career progression

Insurance and risk management starting roles often involve a lot of learning on the job, with junior employees accumulating essential knowledge and experience during the first 1-5 years in industry.

There is often the chance to gain further qualifications whilst working, which can lead to promotions and enhanced career prospects.

Many companies offer opportunities to move up the hierarchy and make an excellent wage as part of the graduate scheme.

Top firms

There are a number of world-renowned insurance and risk management firms based in Britain, many of whom offer six-figure salaries to their top talent.

These household names are likely to ring a bell, with the likes of Allianz, AXA, and Lloyd’s of London all considered among the top employers in the sector.

Meanwhile, a lot of retail companies have their very own departments dedicated to insurance; John Lewis and M&S are just some of the retailers to offer home policies on a national scale.

Departments you can dip into

The great thing about insurance and risk management is that there are so many different careers to choose from.

These include positions in finance, technology, enterprise, commodity, and operations, with particular roles ranging from underwriters to fraud investigators to sales managers.

What an ideal candidate looks like

People in the insurance and risk management sector are diligent and honest, and usually display excellent attention to detail. A small mistake can have big consequences in the industry, so professionals must have the ability to proofread to perfection.

Patience is another trait admired by potential employers, as well as the ability to solve problems when placed under pressure. If your role is client facing, you’ll also be expected to communicate effectively.

Numeracy skills and technical acumen may also be favoured depending on the specific nature of the role in question, giving this industry wide-ranging appeal to graduates from all kinds of backgrounds.

How to make your application stand out

1. Research what the firm specialises in and read up on a few of its senior figures (LinkedIn is great for this) to show a genuine interest. 

2. Tailor your CV to show you have transferable skills and experience in the specific role or sector using our CV Template.

3. What professional relationships have you made and how did you manage them? Getting a bead on this evidences how you might deal with a claimant. 

4. Use a numbers-based approach wherever possible, whether it’s recounting sales figures from a part-time job or how many calls you made on behalf of a charity.

5. Present examples of teamwork that threw you into the deep end – firms need to know you work well with strangers.

See our list of insurance and risk management internships or industrial placements to standout from the crowd. 

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