Mandated on a number of assignments within the Warranty & Indemnity insurance market, I researched the market and gained intel from those who have transitioned from a solicitor to a role in insurance.
Warranty & Indemnity insurance is one of the fastest growing segments in insurance.
Often called M&A or transactional liability insurance, the product insures against breaches in representations and warranties.
The underwriting of these policies is highly complex and generally carried out by qualified solicitors who are experienced in the Corporate M&A and/or Real Estate Practices of Legal 500 firms. This is mostly because the underwriting process is similar to what a legal firm will go through as part of vetting the transaction.
The insurance industry empowers you to take control of your own work load and to become the decision maker when it comes to taking on transactions from clients instead of just reporting back.
You decide which transactions are strong enough for you to back and which ones are not.
Not only do you control the decisions you make, you have the flexibility to manage your own time meaning you are not expected to work the demanding hours of a law practice.
Skilled solicitors are in high demand as the Warranty & Indemnity insurance segment expands at a rapid rate.
With this in mind insurers are offering good salaries and generous bonuses in order to attract the best talent which is why this is the time to make your move and reap the financial benefits.
Total compensation is often greater in insurance, depending on the firm and their reward structure you would generally expect a 20 – 50 percent growth in total compensation when moving from practice to insurance.
From negotiating, pitching and presenting, to networking and building your own market contacts, the insurance industry boasts multiple opportunities.
With the access to communicate with people on various levels you will soon establish your profile in the market dealing with a variety of different transactions, both in nature and geography.
Due to the expanding nature of the class, progression opportunities are abound and you could be leading a team or entire division within half the time it would take to do so in practice.
What can you do next?
Contact me for a confidential discussion on how you can achieve a more rewarding working environment and make the move from a law practice to insurance.