The thrill of being an insurance lawyer

If you were to ask someone to name a boring occupation it’s highly likely a good proportion would say ‘insurance’. Indeed, that’s precisely what the University of Essex asked in a recent study that polled 500 people, confirming insurance as one of the top five most boring occupations. The concept just doesn’t instil a sense of excitement. But what if you substitute ‘insurance’ for the word ‘risk’? Now, that sounds more appealing, doesn’t it?

We all take risks in our everyday lives. Every time we get into a car, we are taking a risk. Similarly, every time a construction firm builds a house, or a professional services firm gives advice, it is taking a risk. It is the availability of insurance as a mechanism for transferring and pooling risk that enables society to take calculated risks. Without insurance, many of the things that we take for granted day to day would expose us to unacceptable levels of financial risk exposure and, ultimately, the bankruptcy of individuals and the insolvency of organisations. Businesses would not be able to operate, and aeroplanes would not be able to jet us off to our favourite holiday destinations. In fact, insurance is an intrinsic part of a modern and progressive society, without which we wouldn’t be able to do many of the things we hold out to be desirable and which enrich our lives.

The day to day

It’s a massive, global business and the UK is a major player. Being the fourth largest insurance provider in the world and the largest in Europe, it contributes billions to the UK economy every year. It follows then, that a career in insurance law encompasses a wide and varied range of contentious and non-contentious specialisms, from aviation, construction, cyber, energy and the environment, through to marine, sport, technology and more. The list is endless. As a lawyer working in insurance you could be advising on a global pharmaceutical product recall, drafting policy wordings, advising on coverage issues or perhaps running a test case in an appellate court and setting a binding precedent.

In the life of an insurance lawyer, rarely are two days the same and practitioners need to be able to deploy a wide range of skills, including analytical, drafting, organisational, communication and negotiation skills, in order to deliver the optimum outcome for their clients.

Innovation

Insurance is also a vital ingredient in enabling technological advances that benefit society as a whole. Take autonomous vehicles, for example. Without the insurance industry, the testing of nascent technologies would not be viable. It is no coincidence that the first piece of primary legislation pertaining to autonomous vehicles was that which put in place an insurance mechanism that will respond when the vehicle, and not a human, is driving. In fact, ever since the modern concept of insurance as we know it was conceived in the Lloyd’s coffee shop in 1689, it has had a penchant for innovating new products to meet the challenges of the day.

To use a sporting analogy, insurance is a bit like the game of cricket. The late commentator, John Arnott, once said that cricket is only boring to those who aren’t prepared to understand it. The same could be said of insurance law which, at first blush, appears uninteresting and uninspiring, but which is actually dynamic, interesting and a key component of the society we live in. It’s all about risk.

Widening the talent pool

And if you thought there are too many barriers to a career in insurance law, then think again.The industry is actively embracing diversity and inclusion, encouraging and supporting women and other underrepresented groups to enter the profession. There are a number of routes to qualification, either as a Chartered Legal Executive (CILEX) or as a solicitor, which don’t require a law degree or equivalent. Many private practice law firms and in-house legal teams now offer apprenticeships at different entry levels, as well as paralegal roles in a wide variety of specialist areas. This has helped to significantly widen the talent pool and makes a career in insurance law a viable proposition for many who would otherwise be deterred, allowing aspiring lawyers to ‘earn while they learn’.

So, if you get a thrill out of risk, you’ll love a career in insurance law.