Insurance & financial advice: risky business?Caspar BartingtonThe Chartered Insurance Institute

Simon TresadernAnsvar

Challenging perceptionsReassurance

• The fundamental importance of insurance• The opportunities within financial advice• The stability of both insurance and financial advice in a turbulent sector

Why are we here?

The CII is…• The world’s largest professional body for insurance…and financial services

(PFS)• 95,000 members in 150 countries

Insurance is…• Peace of mind – moving risk elsewhere• Everything and anything• £300m paid out in claims – every day

Fundamental to modern life

No insurance =

• No shipping and travel• No construction and motoring• No risk taking = no innovation

Great industry

Diverse challenges:Hurricanes, earthquakes, investments, finance, airline going out of business, piracy

Big business

And it’s big…very big• Over 320,000 employed directly + 1m• 2nd largest export• 20% of the total net worth of UK plc• 2nd largest insurance market in the world

Simon TresadernCommercial Underwriter

My career(s) so far• University life

• BA (Hons) from Derby University in American Studies and Religious Studies

• Never considered insurance as a career option (does anyone?)

• Since University • Travelling round USA• Computer game designer• Retail sales• 2 years as an insurance broker in Haywards Heath• 3 years with R&SA in Horsham, 2 years in London

Now…• Employed with Ansvar insurance as an

Underwriter specialising in Financial Lines• Ansvar - Charity and church specialist which

employs 80 people in Eastbourne, with ‘sister’ offices in Australia and New Zealand

• Part of Ecclesiastical, a company based in Gloucester employing over 1000 people in the UK, Canada, Ireland, Australia and New Zealand

Underwriter? Financial Lines?• Underwriters determine the basis of an insurance

contract. The price, terms and conditions, clauses, or whether we will provide any insurance at all

• We analyse companies, their procedures, their risk management, and details such as what their buildings are made of. We then try and calculate how likely it is that they will suffer a loss, and then calculate a fair premium to provide insurance cover

• Financial Lines insurance is specialist insurances for professionals to cover them for errors they might make.

• One of many differing types of insurance

The $6m question:

• Variety of roles – Underwriters, actuaries, accountants, business leaders, risk assessors, claims handlers, fraud investigators, marketing executives, event organisers, sales teams and more

• Intellectual challenge - Requires use of brain cells• Opportunity – Career development, overseas work,

secondments• Good causes – Actually helping people continue to

operate their business

Why on earth would anybody want to work in an industry as boring as insurance?

Diverse range:

•Specialist and technical roles such as claims, loss adjusting, underwriting, broking – UK and international

•General business roles such as accounting, marketing, HR and business management

Skills, training and professional development

Superb rewards – without compromising life

Opportunities

Qualifications

• CII Certificate in Insurance (A level ) • CII Diploma in Insurance (degree yr one)• CII Advanced Diploma in Insurance

(degree) – also known as ACII

• Fellowship (FCII) • Chartered status – Insurer, Insurance

Broker, Insurance Practitioner

Qualifications – subjects

Subject areas include • Broking • Underwriting• Insurance law• Risk management• Marine insurance • Reinsurance

Big names

And many more…….

www.insurancecareers.cii.co.uk

• Business explanations • Profiles• Case studies • Job descriptions • Links to employers

Financial advice is• About people, not just numbers• An ever-changing environment• Average IFA age is 50+• An opportunity to earn significant sums• Not a 9 to 5 job – you’re in charge!• A range of roles from individual to corporate

Varied roles• Financial planner• Paraplanner – good entry point• Specialist adviser

•Pensions•Investment/wealth management•Tax

• Team leader• Marketing • Sales Director

Big businessMajor employers include

• Tenet• Sesame• Bankhall• Positive Solutions• Origen• Plus the major banks

SkillsNot just numeracy!

• Analysis• Negotiation• Written and verbal communication• Adaptability and flexibility• Relationship building

Qualifications• CII Certificate in Financial Planning – key • CII Diploma in Financial Planning – RDR• CII Advanced Diploma in Financial Planning

• Fellowship – FPFS• Chartered Financial Planner

Qualifications – subjects

Subject areas include • Retirement planning • Trusts• Financial planning• Mortgages• Personal tax • Investments

Looking ahead – GI

• Many formalised graduate schemes• Most open Q3 • Most close by year end • Limited internships and placements• Getting work experience will really help• SMEs?

• britinsurance.com/careers/graduates• allianz.co.uk/careers• lloyds.com/about_us/careers/graduate_careers

• jobs.axa.co.uk/graduates/index• willis.com/careers/graduate_careers• whatifaon.co.uk • escapethehorror.com

Some useful websites GI

Looking ahead – FS

• Very few formalised graduate schemes• Most open Q3 • Most close by year end • Few internships and placements• Getting work experience will really help• SMEs?

• tenetjobs.co.uk• origenfs.co.uk/people/careers• moneyportal.com/join-us• awdplc.com/careers

Some useful websites FS

Credits with your degree

Insurance framework• It typically takes 3 years to get to ACII level• You will get credits equal to two or three units

(saving several months of study) with a degree in one of the following •Accounting•Business•Economics•Finance•Law•Management

Credits with your degree

Financial advice framework• It typically takes 2 years to get to Dip FP

level• You will get credits equal to two or three

units (saving several months of study) with a degree in one of the following •Accounting•Business•Economics•Finance•Law•Management

• Top 50 UK insurance companies• Top 15 UK life assurance companies• Top 50 UK financial advice companies

Careers office information

• Great industry with wide range of roles• Great opportunities to progress quickly• Great future – even now!

In summary

Take a closer lookcii.co.uk/thepfs.org Caspar.bartington@cii.co.uk