"The internship offered me great insights into what working in this industry entails, the vast learning opportunities, and the career paths it offers. For the past 10 years, I have been focusing on developing my expertise and even had overseas working stints in Malaysia, China, and Australia."
The GIA Internship Program (GIP) is an excellent stepping board to explore the General Insurance industry which provides a broad range of coverage for individuals and businesses. Whilst it is a critical pillar supporting economic development, there is often a lack of awareness around the work that the industry does. Through the program, not only was I more aware of the work behind the scenes, but I also came away more appreciative of the role that insurers play in helping individuals, businesses, and society as a whole, get back on their feet.
I was fortunate to be offered a bank internship and GIP in my final year of university and chose the latter because I believe I will have more to learn from GIP. It turned out to be the best decision made. The internship offered me great insights into what working in this industry entails, the vast learning opportunities, and the career paths it offers. For the past 10 years, I have been focusing on developing my expertise and even had overseas working stints in Malaysia, China, and Australia.
"It is a great avenue to gain more insights, and get hands-on experience as well as career advice. The program can also open up job opportunities for undergraduates who are looking for a rewarding career and develop skills that are highly sought after in the sector."
The experience I have accumulated over the years helped me to secure a managerial role in MSIG Insurance, currently one of the top 5 general insurers in Singapore. My work involves product underwriting for various Property & Casualty insurance classes which requires me to think outside of the box and develop innovative solutions collaboratively. I enjoy the variety of challenges here and MSIG provides the growth opportunities that I was seeking professionally.
The GIP includes a 1-week course with sharing sessions by experts in various fields such as Claims, Underwriting, Actuarial, and Reinsurance. This program offers a sneak peek into what goes behind the scenes and what it would be like working in this dynamic environment, which is very much in sync with real-world risks and challenges. It is a great avenue to gain more insights, and get hands-on experience as well as career advice. The program can also open up job opportunities for undergraduates who are looking for a rewarding career and develop skills that are highly sought after in the sector.
"You can benefit from the broad-based knowledge and the core skills gained, which will still be useful and valued at any other workplace."
By participating in GIP, you can be assured of strong engagement from the GIP team throughout the internship. You will not only gain knowledge outside of what was taught in school but also networking opportunities with like-minded peers and industry veterans.
I will highly recommend GIP to anyone who is motivated to build a career in the general insurance sector. Even if you think it is not for you, you can benefit from the broad-based knowledge and the core skills gained, which will still be useful and valued at any other workplace.
"I started my GI career with GIP and am proud to say that since graduating from GIP more than a decade ago, I have risen through the ranks at QBE insurance and now hold the position of Head of Underwriting, Retail & SME."
While pursuing my Actuarial Science degree, I remained unsure of which industry to enter after graduation. Fortunately, through the GIP, I gained a deep understanding of the General Insurance industry and its respective functions. The programme started with an intense three-day crash course led by various experienced insurance practitioners from claims and underwriting to pricing, reserving, and distribution. This was critical in shaping our foundational knowledge of insurance and provided useful, real-world examples that were applicable when we were deployed for internships. I have also found the networking opportunities with my GIP counterparts and other insurance practitioners invaluable.
I started my GI career with GIP and am proud to say that since graduating from GIP more than a decade ago, I have risen through the ranks at QBE insurance and now hold the position of Head of Underwriting, Retail & SME.
The GIP gave me my first work experience in the insurance industry.
During the 2013 GIP, I did my internship with AXA Singapore's actuarial department. I worked on a pricing project under the supervision of the motor pricing actuary and learnt the technical concepts behind actuarial pricing work. With the collaborative nature of the team and the close links between pricing and reserving work, I had the chance to have a brief look at what my other colleagues were working on. This holistic view of what actuaries do day-to-day is such invaluable learning that we do not get in the classroom.
Furthermore, the GIP had a training week where representatives from different functions and companies shared their professions with us. This was useful insider knowledge and gave me a broad understanding of the different functions in GI (Actuarial, Claims, Underwriting etc), and how a GI company operates.
"The GIP has definitely contributed directly to landing me my first job and subsequently opening up my career path as an actuary."
After the 2013 GIP, I kept in contact with my colleagues while I went on an exchange programme (Aug-Jan 2013). This provided an opportunity for me to secure a part-time internship for Jan-Apr 2014 while I was clearing my final semester at NTU. This internship was focused on actuarial reserving, complementing what I had previously learnt during the GIP internship. And this part-time internship was extremely important in helping me secure my first job upon graduation, which was with the same team and also doing reserving. The GIP has definitely contributed directly to landing me my first job and subsequently opening up my career path as an actuary.
The key advantage of this programme is in its structured learning. The GIP provides a training week where undergraduates are exposed to different functions of the sector, which is vital, particularly for those who have no prior experience in the sector.
There is also a structure to the work done during the internship as the participating companies will draft the internship work plan in advance, with a focus on the intern’s learning and development. This provides a good framework for the internship supervisor to guide the intern along and ensure that the intern’s learning outcomes are met.
"For those seeking a career, this can be a good springboard to provide that first contact with the industry, which will help you pick up key skills and secure a good first job upon graduation."
Another key advantage is the many networking opportunities which the programme has, with both fellow GIP interns and working professionals during the training week and/or the cocktail or networking event. Personally, I benefited immensely from keeping in close contact with the other GIP interns throughout the internship as I learn a lot from their sharing of experiences.
For those seeking a career, this can be a good springboard to provide that first contact with the industry, which will help you pick up key skills and secure a good first job upon graduation. Aside from acquiring the skillsets useful for a fresh grad, you will have the opportunity to assess the function you are more interested in or more suited for (which might be different from what you were initially interested in).
For those who are not specifically looking to work in insurance, this can still be helpful given the importance of insurance in the overall financial ecosystem. Knowing key insurance concepts, and how an insurance company operates, can be useful in other roles in the wider finance industry.
