INSURANCE CAREER

CAREER DESCRIPTION

Insurance has been defined as 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. Experts in insurance business are called insurers. Insurance is designed to protect the financial well being of an individual, company or other entity in the case of unexpected loss. Different kinds of insurance help protect one and one’s loved ones in different ways against the cost of accidents, illness, disability, and death.

SKILLS REQUIREMENT

Success in insurance career requires some skills which are:

      Good communication skill

      Negotiation skill

      Problem solving skill

      Good numerate abilities

      Self confidence and outgoing personality

TRAINING REQUIREMENT

The minimum academic training requirement for success in insurance career is a university degree preferably in insurance discipline. Membership of an insurance professional body is also important.

EMPLOYMENT OPPORTUNITIES

An insurance graduate or anyone careering in insurance can work in any insurance company. Being an insurance broker is also a good option. Lecturing in tertiary institutions can also be explored.

The Actuary Career

COURSE DESCRIPTION

Actuarial science is a branch of mathematics and statistics that focuses on risk and managing risk. It is the discipline that applies mathematical and statistical methods to access risk in the insurance and finance industries. Actuaries or actuarial scientists are professionals who analyse the financial impact of risk, particularly looking ahead far into the future. They use skills in mathematics, economics, finance and statistics to study uncertain future events, especially those of concern to insurance companies, and employee benefits such as health insurance and pension plans. Actuarial scientist is needful in calculating the risk associated with a given accident or disaster.

SKILLS REQUIREMENT

A prospective actuarial scientist needs to possess some of the skills below:

v  Solid mathematical skills

v  Excellent analytical skills

v  Understanding of business

v  Superior computer skills

v  Excellent communication skills

v  Self-discipline and determination.

TRAINING REQUIREMENT

Pursuing a career as an actuarial scientist requires at least a Bachelor of Science degree in actuarial science in a university. Professional certification can be obtained through professional actuarial bodies such as The Institute of Actuaries of Nigeria and The Institute of actuaries in England and Scotland.

EMPLOYMENT OPPORTUNITIES

Most actuaries work for insurance companies. They can also work for investment firms, pension funds administrators, mortgage lenders and other established companies in the process of making calculated decisions. They can also act as private consultants.