We’re happy to introduce our newest learning pathway on CE Learning, our FREE online platform for CE Brokers: UK General Insurance Market.
This pathway is perfect for new starters to learn all about the UK insurance industry.
UK General Insurance Market
Have you ever asked – what insurance actually is?
Or, what is BIBA and what does the FCA do?
Can you differentiate between the different motor insurance products available in the market?
If you’re not sure of the correct answer to any of the questions above, this Learning Pathway could benefit you.
Perhaps you are onboarding staff who don’t come from an insurance background? This suite of courses will help new starters learn all about the UK insurance industry.
The courses cover, where and how insurance can be bought, and the different types of insurance (personal & commercial lines). What direct insurers, captives and reinsurers are, and providing an overview of insurance industry bodies and regulatory authorities.
Insurance is a part of almost everybody’s life in one form or another, so it’s beneficial to understand what insurance actually is when embarking on a career in insurance.
Typically, there are three main reasons to take out insurance:
- The law requires it, for example, motor and employers’ liability insurance
- The terms of a contract require it. For instance, someone who is a sub-contractor to a company may be required to have an insurance policy to cover any damage that they cause
- For reasons of choice, to protect your property, business or possessions.
Insurance is a way of transferring or spreading a risk which is unacceptable to the individual and is often referred to as a ‘risk transfer mechanism’ and it involves:
- Risk sharing, where many people, by paying premiums, create a fund that can pay the claims of those contributors who suffer loss. This fund is usually managed by an insurance company
- Risk reduction by taking certain precautions
- Protection, not gambling. In other words, it aims to restore the loss but with no additional gain
- A legal contract which is voluntarily entered into by both parties who fully understand the risk and which is legally binding on agreed terms and conditions.
These courses will also help you identify the essential difference between insurance and assurance, the difference between insurance companies, intermediaries and service providers.
You will also be able to outline the insurance cover available for contractors, engineering, marine and aviation risks, the typical cover available to businesses to protect against damage to their property and the reasons why businesses decide to purchase different types of commercial insurance products.
If you have recently started working in the insurance sector, you may find many terms confusing, for example, the FPC, FCA, the PRA, and the Bank of England, how might these bodies affect your role?
For example, what is BIBA and does it fulfil the same role as the ABI? These courses will help you to understand the role of the key general insurance industry bodies, and the function of other relevant market bodies, including fraud prevention organisations.
This Learning Pathway is for anyone new to the insurance industry such as those working in a broker’s office or insurance company but it is also for staff who wish to have a more thorough understanding of the industry as a whole.
