Insurance Jobs

The South African insurance industry is well-developed, regulated by the Financial Sector Conduct Authority (FSCA) and the Prudential Authority, and has been set up to ensure compliance and customer protection. It encompasses:

• Life insurance, i.e. life policies, funeral plans, and investment-linked products;
• Short-term insurance, which includes car, home, and business insurance;
• Health insurance, such as medical aid schemes and hospital plans;
• Specialty insurance, such as policies that cover agricultural, marine, travel, and professional indemnity.

The sector employs many hundreds of thousands of people across underwriting, claims, sales, risk management, compliance, and technology roles.

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Insurance careers offer the full calibre of job stability (because insurance is a huge necessity in each and every economy), a variety of different roles (from those that are client-facing to those that are highly analytical), significant earning potential (where high incentives are apparent in sales roles, and strong salaries are up for the taking in technical roles), plentiful growth opportunities (where, with skills and experience, you can move into senior roles or start up your own brokerage), and hybrid work options (because a high percentage of insurers allow, or are happy with, remote or hybrid work setups). For those with a technical slant, also consider technical jobs. Sales and marketing-orientated folk should ideally look at marketing jobs.

Six common categories, and the three roles that fit seamlessly into each, include:

• sales and distribution, i.e. insurance sales agent, broker/financial advisor, or business development consultant;
• underwriting, i.e. life underwriter, short-term insurance underwriter, or commercial risk underwriter;
• claims, i.e. claims assessor, loss adjuster, or customer service claims handler;
• actuarial and risk, i.e. actuary, risk analyst, or pricing specialist;
• compliance and administration, i.e. compliance officer, policy administrator, or data capturer;
• technology and digital services, i.e. insurance data analyst, business intelligence specialist, or insurance technology developer.

The minimum requirement required obviously depends on the role, however here’s a guide across five insurance niches:

• sales/advisor roles need a matric (Grade 12), and to have taken a RE5 (regulatory exam) for those who plan to represent a company or brand;
• underwriters/claims assessors need a diploma or degree in insurance, risk management, or business;
• actuarial roles generally require a bachelor’s degree in Actuarial Science, Mathematics, or Statistics;
• compliance positions need a degree in law, finance, or risk management, plus FAIS compliance;
• technology roles generally require a degree in IT, data analytics, or software engineering.

Additionally, most roles require FAIS Fit and Proper status under South African regulations.

Yes, it most certainly is. Professionals giving advice, or providing intermediary services, are required to comply with the Financial Advisory and Intermediary Services (FAIS) Act. This includes everything from passing the RE5 or RE1 (i.e. regulatory exams), to meeting Fit and Proper competency requirements, and earning the required number of Continuous Professional Development (CPD) points on an annual basis.

While earnings obviously vary widely based on role, experience, and location, the following roles match – in a general sense – with the salary ranges in the righthand column:

• Insurance sales agent: R10 000 to R30 000 plus commission
• Broker / financial advisor: R15 000 to R35 000 plus commission
• Underwriter: R20 000 to R45 000
• Claims assessor: R15 000 to R35 000
• Actuary: R40 000 to R120 000
• Compliance officer: R25 000 to R60 000
• Insurance data analyst: R30 000 to R70 000

Note: sales positions are often able to earn unlimited commission, rendering top performers extremely well-paid.

Key skills you should display in a job interview include:

• great ability to communicate, so that you can explain policies clearly to your clients;
• excellent negotiation skills, to be able to close sales and settle claims;
• analytical thinking, for aspects of the job like underwriting and risk analysis;
• attention to detail, to ensure accurate policy documentation;
• tech savvy, to be able to make use of CTM tools and InsurTech platforms with aplomb;
• regulatory knowledge, to keep your client activities and company initiatives compliant with FAIS, POPIA, and FSCA guidelines.

In a sales role, your working hours will often be flexible – but may involve seeing clients in the evenings or on weekends, when these busy people have the time to focus on their finances outside of 8am to 5pm office hours. Those in underwriting or claims-related roles will typically be expected to work from 8am to 5pm, in an office-based or part-office part-home-based hybrid situation. Actuarial and IT related jobs could be office based or remote, but remember that when a project needs to be completed you may be required to work fairly long hours– that include evenings and weekends.

A few of the country’s top employers in the insurance niche, include Sanlam, Old Mutual, Liberty, Discovery, Hollard, Momentum, OUTsurance, and King Price. Broker networks and smaller firms also recruit extensively. Here’s a piece that explains what to look for, if you want to work for a company that’s poised to gain a “top employer certification”. Out of interest, top employers in South Africa generally offer a comprehensive package of benefits – including both mandatory and commonly provided employee benefits, as well as non-financial perks and rewards. These benefits are designed to attract and retain top talent, and include offerings such as financial incentives (e.g. a 13th-month bonus, or extra salary payment), health and wellness benefits (including onsite gyms, salons, and private medical aid memberships), and opportunities for professional development and career advancement (which range from free access to online learning platforms and incentivised training programmes).

Five key emerging trends include that of:

• digital transformation, in which demand for data scientists and InsurTech developers is rising;
• microinsurance growth, such that products for low-income markets are creating new sales roles;
• health and life cover demand, to the extent that post-COVID health awareness has significantly increased sales jobs;
• AI and automation, making the underwriting and claims processes increasingly more tech-driven;
• regulatory pressure, where there is growth in the volume of compliance roles needed due to stricter laws in South Africa, and globally.

Click here for more 2025 insurance industry trends, and be sure to check out the latest available IT jobs and actuarial jobs for interest.

An important way to proceed, it to first complete various short courses in insurance, risk management, and/or financial planning, before applying for some initial call centre or junior sales positions at major insurers. Once you have written your RE5 exam and your FAIS compliance is up and running, be sure to set about building a network of brokers and agents who can advise you and offer your mentorship. And never let your soft skills, such as ability to sell, customer service offering, and numeracy to be overshadowed. This YouTube clip from Cody Askins offers additional insights.

Four possible career paths are bulleted below:

• start as a sales consultant –> move to a senior broker role –> then take on a regional manager position;
• move from claims handler –> to claims manager –> or even underwriter;
• actuarial graduates can rise up the ranks to –>a chief risk officer or, enviably – > the head of product at an insurance firm;
• ambitious tech professionals can – > lead digital transformation teams in the fast-moving InsurTech evolution.

Five key challenges include strict regulations, such that continuous compliance and CPD requirements must be an ongoing focus area; high sales pressure, in a market where meeting targets can be relentlessly demanding; a degree of market saturation, due to the intense competition among brokers and advisors; the need to handle customer trust issues, as a result of past mis-selling scandals; and the technological disruption we are facing, where the need for constant upskilling in digital tools in a decided must-do. Read more about the latest insurance industry challenges that must be faced, in this article from Netcash.

In order to build trust, you’ll need to be sure to recommend suitable products for the client in front of you – not the ones that will benefit you the most from a fees perspective. Next up, be sure to network aggressively, by joining professional associations and LinkedIn groups where you can swop tips and gain ongoing mentorship. These include the South African Insurance Association (SAIA), and the Insurance Institute of South Africa (IISA). It is important to make use of CRM tools and to leverage social media, and other forms of technology, to find and satisfy clients, and you’ll generally find that others who are also winning within insurance are staying up to date on a continuous basis, with their product usage, and their industry knowledge. A last great tip – remember to follow up consistently, because sales is very much a numbers game. Chris the Insurance Guy also offers great advice in this YouTube clip.

Access the information provided by institutes such as the Insurance Institute of South Africa (IISA) and the Financial Planning Institute (FPI), and online platforms such as the Insurance Sector Education and Training Authority (INSETA), and the FAIS Regulatory Exam guides. As mentioned above, networking is crucial, via LinkedIn groups for South African insurance professionals; and at industry events, such as the African Insurance Exchange (AIE) Conference, a range of Insurance Institute of South Africa (IISA) conferences, the International Association of Insurance Supervisors (IAIS) Conference, and the Techfest Conference, as just four examples.

Yes. Many insurers now offer:

• remote sales roles, such that advisors can work via phone or online platforms;
• remote claims processing, because this work is digital and can be done anywhere;
• remote IT and actuarial jobs, some of which will require the odd in-office day to connect with your colleagues;
• remote freelance underwriting, when insurers feel the need to outsource some of their risk assessments.

For key advice on how to thrive in such as remote role, click here.

One of the most noticeable impacts of technology on insurance jobs is automation. Robotic Process Automation (RPA) and AI-powered systems are streamlining routine tasks like data entry, policy issuance, and claims processing. This reduces the need for manual labour in these areas, leading to a shift in job roles. Other changes include a reduced need for manual assessments, as AI takes over the underwriting role; faster resolution of claims due to chatbots, meaning less time is wasted on paperwork; developments in big data analytics, which is creating an intense demand for data scientists; blockchain’s ability to improve fraud detection and policy verification; and mobile-first solutions that are enabling the use of apps for quoting and onboarding of clients. Read more about the impact that AI will have on the insurance industry, in this research document from McKinsey.

According to The Advisor Coach, the top 10 books for insurance professionals are:

• Brian Tracy’s The Psychology of Selling: Increase Your Sales Faster and Easier Than You Ever Thought Possible (2006) – because understanding the "psychology of selling" is more important than the techniques and methods of selling. Mastering it is a promise of prosperity that sales trainer and professional speaker Brian Tracy has seen fulfilled again and again;
• Peter Rosengard’s Talking to Strangers: The Adventures of a Life Insurance Salesman (2013) – featuring the most hilarious adventures of an insurance salesman with plenty of chutzpah! Travel with Peter around the world and read tales of adventure, scrapes, and an overall lesson in living life to the full;
• Napoleon Hill’s Think And Grow Rich: The Landmark Bestseller Now Revised and Updated for the 21st Century (2005) – while not a sales or insurance-specific book, it’s considered the go-to book in all of self-improvement. Hill was commissioned by Andrew Carnegie to interview hundreds of the world’s most successful people and to write a book on their “secrets”. Don’t skip over this one;
• David Schwartz’s The Magic of Thinking Big (2016) – first published in 1959, Schwartz's classic teachings are as powerful today as they were then. Practical, empowering and hugely engaging, this book will not only inspire you, it will give you the tools to change your life for the better - starting from now. Updated for the 21st century, this is your go-to guide to a better life, starting with the way you think;
• Troy Korsgarden’s Power Position Your Agency: Building a Successful P&C Agency (1998) – Korsgaden's timeless classic asks: Are you working too many hours for too few clients? Does it seem that you do more paperwork than people work? Will you spend more hours on the road than in front of people this year? Whether your agency is big or small, if you answered yes to any of those questions, you need more than an adrenaline boost. You need a shot of his strategies to wake things up and put you on the path to success fast, especially: how to get appointments with 10 clients every day; how to find qualified clients and get them to come to you; how to get clients in and out of your office in 30 minutes – or less; and more! Korsgaden’s strategies have made a difference for the thousands of agents who have attended his seminars;
• Anthony Steuer’s Questions and Answers on Life Insurance: The Life Insurance Toolbook (2022) – need help facing the constant barrage of information from competing life insurance companies? With thirty-five years of experience in the life insurance business, Tony Steuer delivers a practical, one-of-a-kind resource for anyone involved in choosing or monitoring a life insurance policy. This guide helps make a complex financial product understandable for consumers, and is an essential reference, textbook, and training manual for financial advisors;
• Ben Baldwin’s The New Life Insurance Investment Advisor: Achieving Financial Security for You and your Family Through Today's Insurance Products (2001) – life insurance doesn't have to be complex or intimidating. Baldwin's completely revised and updated guidebook makes it clear and logical, discussing how to analyse insurance products based on their investment merits and best overall financial returns;
• Jack Kinder and Garry Kinder’s Secrets of Successful Insurance Sales (2012) – a series of 17 lessons, apparently to be taught in seminar context, where each lesson is based on a principle related to how to reach success through the encouragement of a positive mental attitude;
• Randy Schwantz’s The Wedge: How to Stop Selling and Start Winning (1998) – a powerful, proven technique to distinguish you from the incumbent agent and help you win new business. You will dramatically increase your "win ratio" and add satisfied clients to your book of business by researching a potential client, building rapport, and discovering the client's inner dissatisfaction in the current relationship;
• Richard Fenton’s Go For No! Yes Is The Destination, No Is How You Get There (2014) – a short, powerful, easy read on what it takes to outperform 92 percent of the world’s salespeople.

As in most industries, you can take your entrepreneurial leanings and make things happen. Four examples include:

• starting a brokerage, after ensuring that you have met all the FSCA requirements;
• specialising in niche insurance where the need is growing among consumers, such as in the provision of travel, pet, or agricultural/climate-related cover;
• partner with an InsurTech platform in order to sell microinsurance digitally;
• offering compliance and/or risk management services as an industry consultant.

This article provides insights into how to set about starting an insurance company as a small business owner. Alternatively, gain advice from this LinkedIn article as to how you can spot innovation opportunities in the insurance industry, when you have an entrepreneurial inclination.

BusinessTech’s 9 September 2024 list looks as follows:

• Old Mutual’s chief executive officer Iain Williamson, the top-paid CEO on the list, who earned a whopping R32.32 million (or R88 548 per day);
• Discovery’s Adrian Gore, second-highest earner on the list, who took home R28.31 million (or R77 562 per day);
• Momentum’s Jeanette Marais, with a salary of R22.56 million (or R61 808 per day);
• Clientele’s Basil Reekie, with a take-home package of R15.25 million (or R41 780 per day);
• Sanlam’s Paul Hanratty, who took home R6.13 million (or R16 795 per day).