Now is the time to find a job in the insurance industry in Cambodia. The industry is still in its infancy and is slowly developing. This is evidenced by the number of foreign companies that have entered the country after Cambodian Insurance started to allow private institutions to sell insurance. The new regulations will foster a high level of job creation. Most job vacancies will be for life, especially in the car and general insurance categories. As a result the demand for specialties like agents, representatives and examiners will increase.
Careers on offer
There are two main job functions within the insurance industry, underwriting and investment. Both of which serve an equally important role, however, these two positions are not alone and are supported by several other important segments. The industry offers job positions related to sales, which includes all the agents and brokers that sell and advise on different kinds of insurance (life, property, automotive), administrative and support staff, as well as legal advisors and accounting positions.
Underwriting involves setting the policies and guidelines, designed by an Actuary, which helps a company evaluate if a risk should be taken or not. Underwriting also uses the policies mentioned before to review the applications and determine whether they will be accepted or not. Investment on the other hand, is more related with the financial side of the business, they are in charge of managing the income surplus that a company generates and investing it accordingly.
Which Skills and Abilities should you have on you Resume?
Working in the insurance industry, regardless of job role, usually requires good analytical skills. You’ll also require strong knowledge on the industry.
Besides those each area has its own technical skills:
Sales/Customer Service – for these types of positions you need to have excellent communication skills as you will be speaking with all kinds of people about appropriate insurance policies. You’ll also need to be comfortable setting up meetings with potential clients, advising them and finally closing the deal.
Actuaries – in order to even be considered for this role, let alone succeed, you must have a strong statistical/actuarial background. This type of training enables you to evaluate risks and make decisions based on data and evidence. It also ensure that you know how to read the numbers. A bachelor’s degree in statistics or equivalent, is essential for this kind of role. If you also have a finance or business background this will work in your favour.
Underwriters – a high computer literacy is expected since the tasks you will perform, like data analysis, is made through specific software. A bachelor’s degree is also a requirement.