If you are reviewing insurance jobs as a career option, then it is useful to understand the various channels that are used to distribute the product – knowledge about the business is important at an interview. Insurance is a financial product, with the policy or contract being the item of value, proving an entitlement to compensation in the event of the insured risk being realised – that is, happening – whether is the death of a person, or the loss of a valuable racehorse.
A ‘product’ is the way in which a specific insurance offering is packaged and sold, as are banking products (types of loans) and mortgage products (such as home or commercial). The channels are the routes through which the product reaches the user – whether the telephone for a car insurance policy, or a specialised broker for hazardous cargo marine insurance.
You may wish to specialise in a particular channel – perhaps dealing directly with the public in ‘general branch’ insurance, working in a brokerage or at an online insurance sales centre. General Branch is the typical insurance broker you would find in a town high street, servicing the local community. The advent of online insurance sales has opened up new channels: direct to the insurer’s website and indirect, through price comparison sites specialising in insurance. All these are channels for selling insurance products and offer career possibilities.
Recruitment agencies do not specialise in channels when it comes to insurance, though if you have a particular preference then it may be worth enquiring of your target employers: some will have ‘preferred suppliers’ and refer you to them.
About the Author : Emily Inglis is a writer and supporter of insurance jobs