The insurance industry is a very lucrative industry. However, when I started, I just wanted to explore and understand how the insurance industry works. My company offers a 2-year rotation program for fresh graduates, who can rotate across different departments to figure out whether they like to work in the insurance industry and also provides graduates with an excellent opportunity to learn. I pursued Commerce stream in High School, and I pursued my Bachelor's degree in Economics and graduated with first-class honours.
Let's say you want insurance for your car. An insurance broker would talk to you and know more about what is the model of the car, how old is the car, how much coverage would you need, etc. These brokers then reach out to different insurance companies such as mine to compare prices and scope of coverage. My primary work is to talk to these brokers and suggest the right insurance, price (premium), and negotiate the commission for the broker if the broker successfully sells my company's insurance. I use internally developed software tools to analyse the client requirement and arrive at the correct pricing for the client. I actively liaise with more than 10 brokerage companies and discuss with them about my company's new policies, their pricing, the scope of coverage, renewals, etc. The duration of these interactions varies depending upon the product and complexity of the end client.
In Singapore, there is the Singapore College of insurance where you need to pass 3 papers to get a certification. As I am advising brokers, I need to be certified. There are also other globally recognised Institutes like Chartered Insurance Institute (London), where you can get yourself certified. Apart from these certifications, you need to have or develop good communication and negotiation skills to be successful in the Insurance industry. I strongly recommend participating in Oratorical, Debates, Dramatics, etc. to develop and hone your interpersonal skills.
Based on conversation in December 2018