SPECIALISE, NETWORK AND ASK QUESTIONS: MAKING THE MOST OF A GRADUATE SCHEME
If you are one of this September’s latest insurance graduates, I’m sure your mind is currently awash with TLAs* and exams, coupled with the Friday morning culmination of the week’s social events.
For those of us that aren’t new to the London market, whilst the TLAs start to make sense and the exams become more manageable – Friday mornings don’t get much better with age. Wherever you are in your career, there is always scope for advice and tips on how to make the best of it.
This month I caught up with Tom Upton, Senior Claims Adjuster at Markel, to get his view on making the most of graduate schemes, making contacts and accelerating your career.
“Be polite – you never know who you’ll end up working for”
Tom was in the first cohort of the Lloyd’s Claims Graduate Scheme which finished in September 2012. Having spent almost three years at Hiscox, he now is a Senior Energy Adjuster at Markel as well as one of the Young Claims Professional of the Year finalists at the Insurance Insider Awards, taking place on the 10th September.
I started by asking him what people early in their career can do in order to progress up the insurance ladder. He told me: “Whilst the insurance market is really sociable and it’s important to network, it’s also important to progress your education and experience, and part of this for me was getting the ACII qualification as soon as I could. It really helped me when making my next move”.
Given that the CII requirements are changing from January 2017, it is definitely worth looking into and planning your route to qualification.
Next, Tom advises that if you already know what class of business you want to work in, you should tailor your experiences. He adds: “I knew that I wanted to specialise in marine claims before my scheme started. So from the start of the scheme and with help from Lloyd’s, I was able to tailor my experience to that particular class of business through placements within the Marsh and Hiscox marine teams”.
However, gaining experience in functions that you might not necessarily see yourself working in full time can also help. “If you don’t get to see different parts of the market as part of your graduate scheme, ask if you can go and look at some of them to see what other people do. Spending time with lawyers, loss adjusters and Xchanging really helps to give you a different perspective of how the market functions”.
We all know the importance of networking. “Attend as many market meetings as you can, remember as many names as you can, get yourself out there, and go along to events run by networks such as NGIN and U35s as well as lunchtime lectures at Lloyd’s”.
“Whilst when you’re new to the industry, it is often easier to attend events and lectures in the safety of numbers, going alone forces you to speak to and meet new people. If you see somebody you know, approach them and re-introduce yourself so that you are on their radar and always carry business cards. Networks such as NGIN and the U35s groups are great for educating yourself as well as socialising. Just remember, try not to embarrass yourself!”
Finding your niche also helps you to climb the career ladder. Tom moved across to energy claims a year after finishing his graduate scheme. “There are fewer young energy adjusters which allows for greater exposure earlier. I wanted to move into energy claims for a different sort of challenge”.
Tom supplemented this with a post-graduate diploma in maritime law, having successfully persuaded his department with a business case that the qualification was worth funding. For those who don’t know what class of business they want to specialise in, “Everyone has a hobby or interests and within these areas there are aspects that can be insured. Read as much as you can and speak to people across different classes of business until you find something that interests you”.
There are many challenges facing young professionals in the London insurance market, one being taken seriously by older and more experienced professionals. “If you do face any adversity, just keep on politely persisting. But, remember that you also have a lot to learn from these people. So, if you don’t understand something, then ask and admit your mistakes. Listen to what people are trying to teach you.”
And remember. It really is a small market, so “be polite – you never know who you’ll end up working for”.
*Three Letter Acronyms
