Most insurance job ads in Sri Lanka are for sales. Behind every policy sold, though, there’s a team that decides whether to accept the risk, a team that pays claims, and specialists who make sure the company can afford to pay them.
These technical roles are salaried, office-based and built on qualifications. This guide covers the main ones: underwriting, claims, actuarial work, and a few related paths.
Underwriting
Underwriters decide whether an insurer should accept a risk, on what terms, and at what premium.
In life insurance, that means reviewing proposal forms and medical reports. An underwriter might accept a proposal as it is, add an extra premium, exclude a condition, or decline it.
In general insurance, underwriters assess motor, fire, marine, engineering and liability risks. A fire underwriter looks at the building, the stored goods, fire protection and past losses before setting a premium. Large commercial risks often need a site survey.
The work suits people who are careful with detail and comfortable with numbers. Entry roles such as Underwriting Assistant or Junior Underwriting Executive usually ask for A/L results or a degree, plus progress in insurance exams.
Claims
Claims staff handle what happens after a loss. They check that the policy covers the event, collect documents, arrange assessments and approve payments.
Motor claims make up a large share of general insurance work in Sri Lanka. Motor insurers employ assessors who inspect damaged vehicles, often at the accident scene or at garages, and estimate repair costs. Assessor roles often suit people with automobile NVQ or engineering backgrounds.
Life and health claims involve medical documents, hospital bills and death claims. These roles need accuracy and patience, because you’re dealing with customers at difficult times.
Claims teams also watch for fraud. Staged accidents and inflated repair bills are real problems, and investigators with a sharp eye for inconsistencies are valued.
Actuarial work
Actuaries use statistics and financial mathematics to price policies, calculate reserves and test whether an insurer can meet its future obligations.
Under the Regulation of Insurance Industry Act No. 43 of 2000, any insurer carrying on long-term (life) insurance business must appoint an actuary. That requirement keeps actuarial skills in demand.
Sri Lanka has few fully qualified actuaries. In 2014, the Actuarial Association of Sri Lanka had 14 fellow members, and most of them weren’t working in the country. Insurers often use foreign consultants for this reason. For Sri Lankans who do qualify, that shortage means strong demand and high pay.
The route is long. Most Sri Lankans qualify through the Institute and Faculty of Actuaries (IFoA) in the UK or the Society of Actuaries (SOA) in the US. Full qualification usually takes many years of exams while working. Students with strong A/L Combined Mathematics often start with a degree in actuarial science, statistics or mathematics and join an insurer or consultancy as an Actuarial Analyst.
Other technical and head office roles
- Reinsurance: arranging cover that insurers buy for their own large risks. Common in general insurance companies.
- Risk and compliance: making sure the company follows IRCSL rules and manages capital requirements.
- Finance and investments: insurers hold large investment portfolios, so accountants and investment analysts are hired regularly.
- Broking: insurance brokers arrange cover for corporate clients. The IRCSL requires a broker’s Principal Officer to hold ACII or FCII, or an equivalent qualification, plus at least 5 years’ relevant experience.
- Customer service and policy servicing: handling changes, renewals and complaints.
Qualifications that move you up
For underwriting, claims, reinsurance and broking, the normal path is the Sri Lanka Insurance Institute (SLII) exams, then the Chartered Insurance Institute (CII) Diploma, then ACII. Employers often pay exam fees for staff in technical roles. Our guide to insurance qualifications in Sri Lanka explains each level.
For finance roles, CA Sri Lanka, CIMA and ACCA are widely accepted. For actuarial roles, it’s the IFoA or SOA exams.
How to get in
Many people move into technical roles from inside the company. A customer service or sales administration job at an insurer gives you access to internal vacancies. Management trainee programmes at the larger insurers are another route for graduates.
If you’re starting from scratch, read how to start a career in insurance. If you’re comparing sales and salaried work, see agent vs salaried insurance jobs and our guide to bancassurance jobs.
Insurance vacancies on CareerLK
Our insurance jobs in Sri Lanka page lists current underwriting, claims and head office openings alongside sales roles. For every sector, browse job vacancies in Sri Lanka.
About the Author
Prasad Fernando is the CEO of Skysol Solutions and the owner of CareerLK.com and CourseLK.com. A digital creator with hands-on experience building and managing online platforms for Sri Lanka’s job and education sectors.