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Insurance Professional Apprenticeship Standard

Occupation: Insurance Professional

Insurance is an incredibly diverse marketplace with a rich history of helping people and businesses assess and manage the risks they face. Over a million people in the UK work in this exciting industry which provides products and advice on everything from sports cars to hurricanes. Insurance touches the lives of everyone and allows us to operate secure in the knowledge that should the worst happen we will have the support we need.

The Insurance Professional Apprenticeship provides a development pathway that will allow apprentices to specialise in a particular area of the industry with supporting and appropriate, professional qualifications. The standard is, therefore, of broad application across the insurance sector. It supports the consolidation of technical, industry and business knowledge and the development of the skills needed to apply this to a range of complex and/or unfamiliar situations.

Occupational Profile: The following are different areas of insurance that an apprentice could be involved in, depending

on the type of business they are working in and the needs of their employer.

Broking: providing technical support in administering the insurance arrangements of new or existing clients, negotiating and arranging cover to meet their needs

Client Management: managing the business relationship for a portfolio of clients, determining and evaluating their insurance requirements and identifying opportunities for revenue growth

Underwriting: working for an insurer assessing requests for insurance, deciding what cover to offer and what premium to charge

Claims: working for an insurer assessing, investigating and settling insurance claims or for an insurance broker providing support and advice to clients who need to make a claim

Operations: working in one of a number of business support areas, such as analysing and evaluating data or ensuring compliance with regulatory and business procedures

Loss Adjusting: providing specialist expertise in investigating and negotiating insurance claims on behalf of the insurer and making recommendations for settlement

Reinsurance: providing technical support for the arrangement of insurance for insurers, allowing them to spread their risk

Risk Management: providing guidance to clients on how to identify and manage risk within their business

Product and Pricing: supporting the development of products to meet identified client needs, together with the associated pricing strategy

Complaint Handling: assessing and investigating complaints from clients and negotiating their resolution to achieve a positive outcome for the customer

Competencies: Knowledge What is required
Insurance market A comprehensive understanding of the insurance market and the available products and services.
Risk and Regulatory A comprehensive understanding of the Financial Services legal and regulatory framework and organisational policies and procedures to ensure compliance. Demonstrates an understanding of how a range of situations may be affected by legal and insurance principles.
Clients and Colleagues An understanding of the importance of being proactive in developing the relationships and

networks required to be successful in the role, whilst achieving business objectives and

ensuring that client needs are met.

Processes and Procedures A clear understanding of the processes and procedures relevant to the technical requirements of the role and their impact on the wider organisation and industry.
Commercial awareness An understanding of the impact of change within the insurance market and how it affects the role and the wider organisation. Understands and can differentiate between the organisation’s short, medium and long term business objectives.
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