Key roles transcript

Many of the job roles in insurance are the same as in any other business. There will be a chief
executive officer, a board of directors, people who do administration, even cleaners. However, some
roles have a particular significance in insurance and some are unique.
The role of the underwriter is unique to insurance. It is the underwriter who decides which risks to
accept and which not to accept. They decide the premium that the insurer will charge to accept that
risk too.
They are helped to do this by actuaries. Actuaries use numbers and statistical techniques to make
sure that the premium is just right to cover claims, the cost of running the insurer and to make a
profit. They also work out whether or not the insurer can make a profit overall using statistics and
probability.
Remember, insurance is based on trust. You can’t tell whether your insurance is OK until you make a
claim. This is why the insurance industry is regulated all over the world. There are a lot of rules and
regulations that insurers must obey. It’s the role of the compliance officer to make sure that the
insurer follows them.

The role of claims handler is also unique to insurance. These are the people who will take your call if
you ring up because something has happened and you need your insurance to pay out. If the claim is
particularly expensive or complex, the claims handler may send a loss adjuster to look at the
damage.
A loss adjuster doesn’t actually work for the insurer. They are independent. The loss adjuster will
look at the damage, give you advice on what you can do about it, work with repairers and report to
the insurer how much you should receive in payment.
There is one more role in insurance. Again this is someone who doesn’t work for an insurer. This is
the role of an intermediary or insurance broker. These are independent and bring together those
who want to buy insurance with those who sell insurance. They work for the future insured, looking
around the market for the best policy for them.