Specializing in an area of business within the insurance sector, for example broking, client management or underwriting.
Occupational Profile
Insurance is an incredibly diverse marketplace with a rich history of helping people and businesses assess and manage the risks they face. Over a million people in the UK work in this exciting industry which provides products and advice on everything from sports cars to hurricanes. Insurance touches the lives of everyone and allows us to operate secure in the knowledge that should the worst happen we will have the support we need.
The Insurance Professional Apprenticeship provides a development pathway that will allow apprentices to specialize in a particular area of the industry with supporting and appropriate, professional qualifications. The standard is, therefore, of broad application across the insurance sector. It supports the consolidation of technical, industry and business knowledge and the development of the skills needed to apply this to a range of complex and/or unfamiliar situations.
The following are different areas of insurance that an apprentice could be involved in, depending on the type of business they are working in and the needs of their employer.
- Broking: providing technical support in administering the insurance arrangements of new or existing clients, negotiating and arranging cover to meet their needs
- Client Management: managing the business relationship for a portfolio of clients, determining and evaluating their insurance requirements and identifying opportunities for revenue growth
- Underwriting: working for an insurer assessing requests for insurance, deciding what cover to offer and what premium to charge
- Claims: working for an insurer assessing, investigating and settling insurance claims or for an insurance broker providing support and advice to clients who need to make a claim
- Operations: working in one of a number of business support areas, such as analyzing and evaluating data or ensuring compliance with regulatory and business procedures
- Loss Adjusting: providing specialist expertise in investigating and negotiating insurance claims on behalf of the insurer and making recommendations for settlement
- Reinsurance: providing technical support for the arrangement of insurance for insurers, allowing them to spread their risk
- Risk Management: providing guidance to clients on how to identify and manage risk within their business
- Product and Pricing: supporting the development of products to meet identified client needs, together with the associated pricing strategy
- Complaint Handling: assessing and investigating complaints from clients and negotiating their resolution to achieve a positive outcome for the customer
Summary of standard
https://www.instituteforapprenticeships.org/apprenticeship-standards/insurance-professional/
Full standard
https://www.instituteforapprenticeships.org/media/1502/insurance_professional_ap-nov-17-v2.pdf
