Engineers can have careers in general insurance companies too. General insurance companies employ engineers and this is another field where engineers may look for career growth. Not all engineers want jobs in manufacturing sector. Not all engineers want to stick to one location. There are engineers that want their careers such that they could travel and find variety. General insurance company may offer such career opportunity for engineers. Here's how: -
Not all the students are the same type, some love to travel while some avoid. It is not easy to fulfil all the likings once in a job often resultingin frustrated behaviours. For those who love to travel may seek career opportunities in various fields other than a manufacturing unit, General insurance being one of them.
The insurance companies work with a simple principle. To avoid the losses to an individual the insurance companies collect shares from those who feel they are at risk. In this manner the risk or loss is shared by many instead of being limited to one.
General insurance companies are interested in insuring everything other than life including but not limited to equipment, machinery, motor vehicles, buildings, health and loss of profits. To insure they require expert guidance to calculate the exposure as it is the exposure which allows them to decide the premium amount that could be charged from the insured.
There are various kinds of insurance policies that require such guidance for e.g. contractor’s plant and machinery policy, contractor’s all risk policy, industrialall risk policy, machinery loss of profits policy, fire loss of profits policy, standard fire and special perils policy etc.
The work process is simple however this may vary as per the company policies. There is a request from the sales department for a quotation to certain property. On the basis of the quality and degree of hazard concerned engineers are asked to inspect the risk and provide an assessment report. The information collected by the engineer/s helps the underwriters to ascertain the exposure and to rate accordingly if acceptable. The discussion here is restricted to pre loss risk assessment; post loss assessment has not been discussed here.
Apart from this the engineers provide other services too such as educating the nontechnical team on practical aspects, suggesting/recommending the client on various risks posed at his premises, etc. Those who love change and like to travel are comfortable with such services. Usually there are no specialist engineers for special policies but a single engineer or different engineers enriched in experience through different field visits. Since every kind of policy is issued in general insurance almost every kind of engineer is eligible to enter this industry.
But beware; a career in general insurance can be exciting for those who love to travel and threatening for those who don't.