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scott_d 3:10 Wed Jun 12
Career Change - Insurance to Banking ?
After almost 20 years in the Insurance industry, a "friend" of mine is wondering if it's too late to make a change without sacrificing too much salary.

With a mortgage to pay for I... or he... can't really afford to take to much of a wage-cut but so is wondering if it's worth even exploring and if so, what sort of jobs would be a good place to start.

Main areas of expertise are operations, managing the processing and handling of premium and claims on binding authorities and lineslips and everything that goes with that side of the business including bordereau management.

Pretty bored of it all now, nothing changes, salary ticks over but not really enough to make up for the lack of excitement and any fun during the days at work so interested to see what options are out there.

Serious question but absolutely expect to get the usual level of abuse..

Ta.

Replies - Newest Posts First (Show In Chronological Order)

scott_d 9:43 Thu Jun 13
Re: Career Change - Insurance to Banking ?
Thanks for a sensible response Dicko75

Will take that on board.

In terms of those questioning why I think moving from Insurance to Banking would completely turn my life around, I'm not expecting it to in the long term.

Short-term, I think it would be interesting to learn something new and challenge myself.
Long-term, I expect it might get boring but if I can pull in a better salary and overall package then I won't mind half as much how boring my days are.

Dicko75 12:22 Thu Jun 13
Re: Career Change - Insurance to Banking ?
I moved from broking to banking 17 years ago and was middle management at the time. Didn’t take any cut in base but overall package was off a bit for several years as bonus was a bit lower.

Your skills are very transferable in Operations across different sectors so I wouldn’t be too concerned with that. But bear in mind there will be far less operational roles in banking over the next few years - most firms are in the midst of large scale automation programmes right now so the future business models will largely be around technology led propositions, customer self service. Operations will be largely limited to exceptions management. If you’re serious about a switch get out there and speak to a few firms and get some comparisons in the areas you’re interested in. Good luck.

13 Brentford Rd 11:59 Wed Jun 12
Re: Career Change - Insurance to Banking ?
Counsellor: Ah Mr D. Do sit down.

D: Thank you. Take the weight off the feet, eh?

Counsellor: Yes, yes.

D: Lovely weather for the time of year, I must say.

Counsellor: Enough of this gay banter. And now Mr D, you asked us to advise you which job in life you were best suited for.

D: That is correct, yes.

Counsellor: Well I now have the results here of the interviews and the aptitude tests that you took last week, and from them we've built up a pretty clear picture of the sort of person that you are. And I think I can say, without fear of contradiction, that the ideal job for you is insurance.

D: But I am in insurance.

Counsellor: Jolly good. Well back to the office with you then.

D: No! No! No! You don't understand. I've been in insurance for the last twenty years. I want a new job. Something exciting that will let me live.

Counsellor: Well insurance is rather exciting isn't it?

D: Exciting? No it's not. It's dull. Dull. Dull. My God it's dull, it's so desperately dull and tedious and stuffy and boring and des-per-ate-ly DULL.

Counsellor: Well, er, yes Mr D, but you see your report here says that you are an extremely dull person. You see, our experts describe you as an appallingly dull fellow, unimaginative, timid, lacking in initiative, spineless, easily dominated, no sense of humour, tedious company and irrepressibly drab and awful. And whereas in most professions these would be considerable drawbacks, in insurance they are a positive boon.

D: But don't you see, I came here to find a new job, a new life, a new meaning to my existence. Can't you help me?

Mr. Burns 7:53 Wed Jun 12
Re: Career Change - Insurance to Banking ?
You haven’t been sending dodgy emails about doughnuts have you?

Dwight Van Mann 7:29 Wed Jun 12
Re: Career Change - Insurance to Banking ?
become a stunt-man you boring cunt

Stubbo 7:14 Wed Jun 12
Re: Career Change - Insurance to Banking ?
Transition into some kind of Consultancy work for Insurance.

Pay will be better, more autonomy over what you do.

Gavros 7:11 Wed Jun 12
Re: Career Change - Insurance to Banking ?
Its been a fucking shit decade for banking to be frank.

Insurance meanwhile has grown massively.

That's what a war on terror, climate change and a financial crisis will do for you.

DocMarten 7:05 Wed Jun 12
Re: Career Change - Insurance to Banking ?
Don't go anywhere near banking mate..terrible industry, being regulated to death now.

32+ yrs in the City. Looking to bail myself.

lowermarshhammer 5:31 Wed Jun 12
Re: Career Change - Insurance to Banking ?
I worked in a life assurance office for a few months when I was 17.

...shudders at the memory...

Manuel 5:29 Wed Jun 12
Re: Career Change - Insurance to Banking ?
Insurance to Banking? You steady on there fellow, all that excitement might not be good for your health.

zebthecat 5:20 Wed Jun 12
Re: Career Change - Insurance to Banking ?
Could be worse, accountancy for instance or staying with insurance, an actuary.

Eggbert Nobacon 5:18 Wed Jun 12
Re: Career Change - Insurance to Banking ?
he;'s bored and thinks moving into banking will help? ROFLcopter

Jim79 5:17 Wed Jun 12
Re: Career Change - Insurance to Banking ?
Banking is a broad term and you need to be a bit more specific. I work within Fixed Income front office trading/agency broking been working front office for almost 20yrs now but banking is such a diverse universe you need to have a bit more focus.

That said I can't honestly see you transferring form Insurance to Banking after 2 decades without having to suffer a pretty significant drop in salary. Sadly experience is key and you can justify much higher salaries based on that.

Grumpster 5:01 Wed Jun 12
Re: Career Change - Insurance to Banking ?
Constant flow of people through here who are after a new challenge after a couple of years.

I mean let's have it right, unless your job is something like a sportsman or a porn star, it's pretty much nailed on that it's going to be shit and not exactly exciting.

Mr Kenzo 4:57 Wed Jun 12
Re: Career Change - Insurance to Banking ?
ASK THE MAN ON THE YEN DESK

ornchurch ammer 4:43 Wed Jun 12
Re: Career Change - Insurance to Banking ?
Pretty bored of it all now, nothing changes, salary ticks over but not really enough to make up for the lack of excitement and any fun during the days at work so interested to see what options are out there.


And what do you expect to be so different with Banking??

Northern Sold 4:38 Wed Jun 12
Re: Career Change - Insurance to Banking ?
Invest in Skunk....

scott_d 3:27 Wed Jun 12
Re: Career Change - Insurance to Banking ?
Cheers Gav, much appreciated.

Gavros 3:22 Wed Jun 12
Re: Career Change - Insurance to Banking ?
You have WHOmail.

scott_d 3:16 Wed Jun 12
Re: Career Change - Insurance to Banking ?
Bollocks, I know a few bankers!

Unless you mean a level below my intelligence?! ;-)

Mr Kenzo 3:14 Wed Jun 12
Re: Career Change - Insurance to Banking ?
Banking requires a certain level of intelligence, which I don't think you have.

HTH

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