Insurance is a system whereby individuals, companies and institutions pay into a common fund, out of which the losses of individuals, companies and institutions, arising from various causes, are covered.
The insurance industry has grown to such an extent in the past few years that it has become one of the biggest industries in South Africa. The industry offers a variety of career opportunities for matriculants and university graduates.
Insurance companies offer different kinds of insurance, as well as annuities. Life policies provide certain advantages to the beneficiary as indicated by the policyholder. Other policies provide policyholders with an income after a certain time period. Some policies are designed to help provide funds for the further education of children when they reach the end of their school career. There are also policies that can be used for savings or to provide an income when a person becomes disabled. Property liability insurance provides policyholders with protection against loss or damage to their property. It covers hazards such as fire, theft and flood.
A career in the insurance field encompasses more than the mere sale of policies. Some of these careers are highly specialized and require relevant academic qualifications. Matriculants can, however, consider most of these careers as they can acquire the required qualifications through part-time study while gaining in-service training.
The majority of careers in the insurance industry are clerical and sales by nature. Clerical workers keep records of premium payments, services and benefits paid to policyholders. Sophisticated computers process much of the industry's routine work. The secretaries, typists, statistical clerks, office machine operators and general office clerks do similar work to that of their counterparts in other businesses.
Employees selling insurance are first trained to sell policies to individuals and business firms. Their responsibility is to see that the policy will satisfy the client’s needs.
Accountants are responsible for maintaining the company's financial records and producing the figures which are necessary for the compilation of the annual report. Safety and health specialists consult with industrial and commercial policyholders on matters concerning the health and safety of their employees and the safety of their property. Professional workers study insurance risks and coverage problems, analyze investment possibilities and prepare financial reports.
Lawyers interpret the regulations that apply to insurance company operations and handle the settlement of some insurance claims. Investment analysts evaluate property investments and the stock market. The directors receive reports on the investments of the company on a regular basis.
Insurance companies also employ public relations and advertising specialists. Training officers are responsible for the training of personnel. Systems analysts, programmers and other data processing specialists are also employed for work on the computer systems. Insurance companies also require custodial and maintenance workers in order to care for their property holdings. An actuary develops insurance packages and also determines premiums and payouts.
Satisfying Aspects
- secure employment
- variety of fields from which to choose
- working with people
Demanding aspects
- routine tasks in some instances
- some frustration dealing with large institutional hierarchies
Requirements
An insurance agent should:
- have a mature and balanced personality;
- be ambitious, enthusiastic and motivated;
- have initiative;
- have a real interest in people and get along well with others;
- be convincing;
- be self-disciplined and work well without supervision
School Subjects
National Senior Certificate meeting diploma requirements for a diploma course
Each institution will have its own minimum entry requirements.
Compulsory Subjects: None
Recommended Subjects: Accounting, Economics, Mathematics
Training
In addition to in-service training, an employee may take the examination of the Insurance Institute of South Africa, which provides correspondence courses.
Two levels of examination lead to two diplomas, namely, the qualifying examination for the Associateship Diploma and the Fellowship Diploma.
As insurance agents may also be looked upon as financial advisers they are examined and selected carefully by the company and given a thorough training to fulfil their tasks.
Employer
- Insurance companies
- Insurance brokers
- Self-employed
Contact
Any of the above potential employers