The insurance industry in the UK is worth over £72 billion and employees over 300,000 people. Working as an insurance analyst will give you an insight in the day-to-day operations of an insurance provider or broker across a range of industries include home and property, vehicle and motor, life and health insurance.
What is an Insurance Analyst?
An insurance analyst is usually a junior position for someone who is responsible for reviewing and processing insurance applications. An analyst can be a young person coming out of school or university or a job for someone at any age.
Your day-to-day activity will be speaking with customers, evaluating insurance policies and working out the level of risk that will be involved for both the policy holder and the insurance company. They will firstly check that all the data provided about the applicant is correct, and then work out the best policies for applicants based off of risk-assessment.
Insurance analysts usually specialise in a certain area such as car insurance or life insurance and you will usually be employed by either an insurance provider or a broker. With over 2,000 insurance brokers or intermediaries in the UK, there is a greater likelihood that you will work with a broker.
What Qualifications Are Needed to Be an Insurance Analyst?
The required qualifications for an insurance analyst may vary slightly dependent upon the company. However, most businesses that offer an entry-level position as an insurance analyst will require you to hold an undergraduate degree in business administration, or a field related to this.
There are many different universities in the UK that offer this type of degree, including the following:
- University of Hertfordshire – BA (Hons) in Business Administration (3 years).
- Coventry University – BA (Hons) in Business Administration (3 years).
- Anglia Ruskin University – Business Administration “Top-Up” (1 year).
- Be Wiser Insurance – BA (Hons) in Insurance (3 years).
Whilst a Master’s degree is not obligatory, it can help to make an application stand out and appear more qualified for the job.
What Else is Required to Be an Insurance Analyst?
In addition to an undergraduate degree in the relative field, to become an insurance analyst you will also have to hold a set list of skills including:
- Ability to absorb and analyse information both quickly and accurately
- Good numeracy skills
- Good with deadlines
- Good communication skills
Any previous experience in the insurance industry can also help to strengthen your application, showing that you have a more hands-on understanding of the way businesses operate in this industry. Applicants can add this to their application by completing an internship or other form of work experience within the insurance sector.
What is the Salary for Being an Insurance Analyst?
The salary for an insurance analyst with depend drastically on the company you work for and how experienced you are (e.g. entry level or senior). However, on average, an insurance analyst is likely to make anything around £31,000 to £33,000 per annum. Some insurers work on a commission basis for reaching certain sales targets during a period.