Insurance Industry

Insurance is 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.


The insurance industry has grown in the past few years to become one of the biggest industries in South Africa. It offers a variety of career opportunities for matriculants and university graduates.

Insurance companies offer different kinds of insurance, as well as annuities. Life policies provide certain advantages to the beneficiary as indicated by the policyholder. Other policies provide policyholders with an income after a certain time period. Some policies are designed to help provide funds for the further education of children when they reach the end of their school career. There are also policies that can be used for savings or to provide an income when a person becomes disabled. Property liability insurance provides policyholders with protection against loss or damage to their property. It covers hazards such as fire, theft and flood.

A career in the insurance field encompasses more than the mere sale of policies. Some of these careers are highly specialised and require relevant academic qualifications. Matriculants can, however, consider most of these careers as they can acquire the required qualifications through part-time study while gaining in-service training.

The majority of careers in the insurance industry are clerical and sales by nature. Clerical workers keep records of premium payments, services and benefits paid to policyholders. Sophisticated computers process much of the industry’s routine work. The secretaries, typists, statistical clerks, office machine operators and general office clerks do similar work to that of their counterparts in other businesses. Employees selling insurance are first trained to sell policies to individuals and business firms. Their responsibility is to see that the policy will satisfy the client’s needs.

Accountants are responsible for maintaining the company’s financial records and producing the figures which are necessary for the compilation of the annual report. Safety and health specialists consult with industrial and commercial policyholders on matters concerning the health and safety of their employees and the safety of their property. Professional workers study insurance risks and coverage problems, analyse investment possibilities and prepare financial reports.

Lawyers interpret the regulations that apply to insurance company operations and handle the settlement of some insurance claims. Investment analysts evaluate property investments and the stock market. The directors receive reports on the investments of the company on a regular basis.

Insurance companies also employ public relations and advertising specialists. Training officers are responsible for the training of personnel. Systems analysts, programmers and other data processing specialists are also employed for work on the computer systems. Insurance companies also require custodial and maintenance workers in order to care for their property holdings. An actuary develops insurance packages and also determines premiums and payouts.


Employment


  • insurance companies and brokers

  • self-employed


Getting Started


  • try to secure holiday work in an insurance company

  • speak to different insurance personnel to find out about working in the insurance industry


Programmes

Abm University College, Academic City College, Accra, Almond Institute(formerly Graduate School of Governance and Leadership), Archbishop James University College, BA ISAGO University College, Bimaks College of Business and Health Sciences, Bindura University of Science Education, Bluecrest College (formerly Niit Ghana College), Botho University, Botswana Accountancy College, Botswana College of Distance and Open Learning, Buffalo City TVET College, Capricorn TVET College, Catholic Institute of Business and Technology, Catholic University College of Ghana, Cavendish University, Central Johannesburg TVET College, Chinhoyi University of Technology, Coastal KZN TVET College, College of Cape Town , Damelin, Eastcape Midlands TVET College, Egerton University, Ehlanzeni TVET College, Ekurhuleni East TVET College, Ekurhuleni West TVET College, Esayidi TVET College, Evangelical Presbyterian University College, False Bay College, Fountainhead Christian College, Garden City University College, Gert Sibande TVET College, Ghana Institute of Management and Public Administration, Gideon Roberts University, Goldfields TVET College, Great Zimbabwe University, Helderberg College NPC, Heritage Christian College, Ingwe TVET College, Institute of Bankers Namibia (IOB), Institute of Development Management, International University of Management, KAAF University College, KCA University, Kenneth Kaunda Metropolitan University, Kenya Highlands Evangelical University, Kenyatta University, Kibabii University, King Hintsa TVET College, King Sabata TVET College, Kirinyaga University College, Letaba TVET College, Limkokwing University of Creative Technology, Lovedale Public TVET College, Lyceum College, Machakos University College, Majuba TVET College, Maluti TVET College, Management College of Southern Africa (MANCOSA), Masinde Muliro University of Science and Technology, Methodist University College Ghana, Milpark Education, Mnambithi TVET College, Moi University, Monash South Africa, Mopani South East TVET College, Motheo TVET College, Mount Kenya University, Multitech Business School, Mzumbe University, National University of Science & Technology, Nelson Mandela Metropolitan University, Nkangala TVET College, Northern Cape Urban TVET College, Northlink College, North-West University, Nsaka University, Orbit TVET College, Pentecost University College, Port Elizabeth TVET College, Production Management Institute of Southern Africa, Regenesys Management, Regent Business School, Rongo University College, Scott Christian University, Sedibeng TVET College, Sekhukhune TVET College, South West Gauteng TVET College, St Paul's University, Stefano Moshi Memorial University College, Strathmore University, Sylvia University, Technical University of Kenya, Technical University of Mombasa, Thekwini TVET College, Trinity University, Tshwane North TVET College, Tshwane South TVET College, Tumaini University Makumira, Umfolozi TVET College, Umgungundlovu TVET College, United States International University, Université des Mascareignes, University for Development Studies, University of Botswana, University of Eastern Africa Baraton, University of Education Winneba, University of Eldoret, University of Johannesburg, University of Lusaka, University of Mauritius, University of Pretoria, University of Professional Studies (Upsa), University of Stellenbosch, University of Technology Mauritius, University of the Free State, Vaal University of Technology, Valley View University, Victoria University, Vuselela TVET College, Waterberg TVET College, West Coast TVET College, Western TVET College, Zambia Catholic University


Bursaries


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