Insurance and Superannuation

Insurance and Superannuation is a large and lucrative industry. Insurance is all about risk management. An insurance company offers the insurer, or policyholder, a policy with a guarantee that if certain, unforeseeable events occur, they will compensate the insurer (according to the terms of the policy). In return, the insurer pays a premium to the insurance company to minimise large risks in the future. Risks may include natural disasters, property damage, premature death or chronic illness. Insurance is now perceived as necessary and sometimes even required to have, the insurance industry, therefore, offers many career opportunities.

Most insurance can be divided into separate categories of life insurance, general insurance and health insurance. Many insurance companies will specialise in only one type of insurance, however its becoming more common for them to offer multiple insurances and sometimes offering financial services as well. Life insurance services include term life insurance, disability income insurance and superannuation investment packages. General insurance typically cover liability insurance including "compulsory third party" automotive insurance, public liability, business insurance and workers compensation. It also covers property insurance such as home owner insurance, travel insurance and motor vehicle protection. The last type of insurance is health insurance. Some degree of health insurance can be covered by the government or employers, while others are private plans.

Insurance and superannuation careers facilitate sales, process services and claims and distribute earnings. Insurance agents sell a variety of insurances to customers on behalf of insurance companies. Insurance investigators and loss adjusters evaluate insurance claims and determine the value of lost or damaged property and businesses. They also examine insured property to ensure they are meeting with conditions and preventative measures and regulations. Risk managers are vital to the field as they assess the risk of a variety of factors from buildings to financial investments.

Individuals in the field should have strong customer service and critical thinking skills and be able to investigate the possible causes for loss and identify fraud. They also use statistics to calculate the measured probability that certain events will occur over a given population. Professionals typically work Mondays to Fridays but may be required to work evenings or weekends in the case of an accident or site area that needs to be examined immediately. Investigators may need to travel to evaluate damaged property or equipment sites to determine losses, while insurance sales agents and superannuation professionals typically work in office settings processing insurance payments, claims and reaching out to potential clients. Insurance companies hire many graduates from business or finance backgrounds, but they also hire individuals with liberal arts backgrounds who are analytical and good at dealing with people.

Related degrees

Related subjects

Careers in Insurance and superannuation

Advertising Account Executive

The role of the Advertising Account Executive is to manage, coordinate and plan the overall advertising activities within a business. An Advertising Account Executive will work alongside clients to ensure that their needs and requirements are being fulfilled.

Advertising Specialist

Advertising Specialists are responsible for leading the advertising agency by developing advertising campaigns and liaising with clients. An Advertising Specialist will be adept in pitching new accounts, managing projects and communicating ideas to creative teams. They will specialise in a wide range of various advertising channels including television, radio, newspapers, magazines and digital.

Barristers

Barristers are legal practitioners who appear as advocates in Court and tribunal hearings, negotiating on behalf of their clients. They also conduct research, provide expert legal advice, draw up legal documentation, confer with clients and witnesses and act as mediators, arbitrators, referee or conciliators.

Clerks Courts and Legal

Legal and Court Clerks provide consistent support to lawyers, judges, legal professionals and citizens. They assist with the functionality of the judicial system as well as the administration of estates and other legal matters. The clerks schedule hearings and trials, maintain jury lists and record all decisions is court proceedings. Legal and Court Clerks also assist officers of the court with a variety of other tasks.

Conveyancers and Legal Executives

Conveyancers and Legal Executives provide a host of specialized services for their clients as well as on behalf of their clients. They are able to handle many legal aspects including preparing and administrating wills, property transfers, creating trusts and litigation. Conveyancers and Legal Executives can also provide their clients with sound advice regarding personal, business and corporate law.

Engineers Mining

One of the most specialised types of engineers, Mining Engineers direct the engineering aspects of the mining process. They coordinate the finding and extracting of minerals, petroleum, and natural gas.

Insurance Agents

Insurance Agents sell a variety of insurances to customers on behalf of insurance companies. They must have strong customer service and analytical skills to identify the most important concerns for customers.

Insurance Investigators and Loss Adjusters

Insurance Investigators and Loss Adjusters evaluate insurance claims and determine the value of lost or damaged property and businesses. They also examine insured property to ensure they are meeting with conditions and preventative measures and regulations. They must have strong critical thinking skills and be able to investigate the possible causes for loss and identify fraud.

Insurance, Money Market and Statistical Clerks

Statistical Clerks utilise statistical formulas to compile and compute data. Clerks gather information to be used by statisticians, which often is represented by charts and graphs.

Land Economists and Valuers

Land Economists and Valuers appraise the value of land and property as well as commercial property and artwork. They may also offer guidance on the most lucrative and beneficial uses of land and property. Land Economists and Valuers should have strong knowledge of market prices of land and objects and stay updated on emerging changes.

Legal Executives

Legal Executives deal with cases involving property rights, corporate law, wills and trusts and lawsuit cases. They work on behalf of clients, providing information and regulations as well as representing them in legal action. They should have strong working knowledge of legal practices and stipulations and be able to analyse large amounts of information to advise clients on the best form of action.

Loss Adjusters

Loss Adjusters evaluate insurance claims and determine the value of lost or damaged property and businesses. They must have strong critical thinking skills and be able to investigate the possible causes for loss.

Managers Other Hospitality Retail and Service

Hospitality, Retail and Service Managers run the day to day operations of a variety of hospitality and retail businesses and organisations. They must ensure that the facility operates at high standards and adheres to all health and safety regulations.

Property Managers

Property Managers oversee and lease property used for commercial or residential purposes. They may also offer guidance on the most lucrative and beneficial uses of land and property. Property Managers should be aware of market prices, land development and strong organisational skills.

Solicitors

Solicitors work to provide a range of legal documents. In addition, they provide legal advice and investigate on legal matters. Solicitors represent their clients in court and can prepare and review a wide range of legal documents. They provide their clients with legal advice based on the feedback and facts that they receive for particular situations.

Valuers

Land Economists and Valuers assess the value of land and property, as well as smaller personal items like antiques or works of art. They also advise clients on the upkeep, administration, and use of land.

Visual Merchandisers

Visual Merchandisers design and set up visual displays of products or services in retail settings. They should have visual creativity and design abilities to build displays that are original and visually appealing to customers. They may display new products, lines and promotional items.

Professional associations and industry bodies

Australian Institute of Management 

Australian Institute of Superannuation Trustees 

Australian Securities & Investments Commission 

Australian and New Zealand Institute of Insurance and Finance 

Finance Sector Union  

Insurance Advisers Association of Australia 

Insurance Council of Australia 

Superannuation Australia 

The Australian Taxation Office (ATO)

Skills and personality

  • Ability to comprehend large amounts of information and make sense of it
  • Ability to work for long periods of time in an office or customer service environment, issuing payments of premiums and following up with customers
  • Analytical skills to identify the most important concerns for customers and convince them of the benefits of insurance plans
  • Calculate risks and develop premiums for clients
  • Empathetic to customer and clients concerns or losses when illness or damages occur
  • Highly organised to maintain customer/client files and handle multiple tasks at once
  • Problem solving abilities when dealing with losses and damages
  • Strong communication skills to work well with clients and present options in a clear and cohesive manner
  • Strong customer service abilities to work with clients considering insurance policies
  • Thorough attention to details and policy terms
  • Understanding of insurance policies and limits of coverage