Looking For Insurance Job in Sweden: A Helpful, illustrated Guide.

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It might not come to mind when looking for a new job or changing careers to work in the insurance industry in Sweden. Due to misconceptions and a lack of awareness about the industry, only 4% of millennials are interested in working in the insurance sector.

Thinking about an insurance career in Sweden? You might be wondering about the salary scale for such jobs in Sweden. If so, read on about them and how to get them.

You can also learn about the bonus-based system, the salary increase every 15 months, and the higher education required.

Below you will find the salary range for insurance professionals in Sweden. Regardless of your career choice, the compensation will surely make your day.

Also Read:

• Why You Should Get A Loan Insurance Policy Now?
• Cash Value Life Insurance (All You Need To Know)

Useful Skills For A Career In Insurance

Although there are many different insurance occupations, they all generally demand the same abilities. The majority of these abilities support doing administrative activities, analyzing data and risk factors, and establishing and sustaining client connections. The following are a few of the qualities and skills that insurance professionals most value:

• Ability to analyze
• knowledge about computers
• math proficiency
• Personality traits
• Skills in communication and customer service
• Organizational skills,
• problem-solving skills,
• and attention to detail

How To Get A Job in An Insurance Company

Although there is a huge diversity of occupations available within the insurance industry, many of them include very similar career pathways.

It is excellent practice to conduct research on the exact insurance job that interests you and find out what its qualifications, recommended degree, and experience levels are.

However, if you are seeking general advice on how to get into the insurance industry, the following steps should be taken into consideration:

Obtain a diploma from your high school

There are certain entry-level roles in the insurance industry that just require a high school diploma; however, many of the more sophisticated professions require a college degree. For instance, several roles in the insurance sales industry do not require a degree as long as the candidate has great communication skills, sales, and interpersonal relationships.

Obtain a degree of at least a bachelor’s.

A bachelor’s degree is the bare minimum education required for entry into positions in the insurance industry that emphasize the business and analytical facets of the industry. The following types of degrees can help you get prepared for a career in the insurance industry:

• Business
• Finance
• Mathematics
• Marketing
• Accounting

Acquire a master’s degree

Even though there aren’t many jobs in the insurance industry that require a master’s degree, the ones that do come with additional responsibilities, a higher position within the firm, and frequently a larger salary. To reiterate, degrees in business, mathematics, finance, or other related subjects are preferred for these occupations.

Acquire some practical experience.

It is common practice for businesses to give associate-level and senior-level employees preference if they have previous experience working in the insurance industry. This is because such employees have a better chance of being able to grasp how insurance companies function. This can be accomplished through participation in an internship or by taking an entry-level position in a relevant field, such as an administrative assistant or sales representative.

Obtain a license, certification, or another type of designation

When you have zeroed down on a certain line of work that interests you, improving your CV by obtaining a certification in that field might be beneficial. There are a wide variety of certifications that you can earn to demonstrate that you are committed to advancing your education and expanding your skill set. Online courses provide certificates in a variety of fields, including the following if you are unable to locate classes taught in person:

• Accounting
• Statistics
• Risk management Insurance legislation

Alternately, some institutes allow you to earn professional certifications that demonstrate you have completed additional study in subjects that are relevant to professions in the insurance industry. The following are some examples of these designations:

• Assistant in the Department of Claims Assistant in the Department of General Insurance
• Associate in the Insurance Profession Accredited Adviser in Data Analytics for the Insurance Industry

The Average Salary For Insurance Workers In Sweden

The average salary for an Insurance worker in Sweden is around 47,400 SEK per month. This is close to the median, which means that 50% of insurance workers earn less than this amount, and 25% earn more.

The median represents the middle-income level, and if you’re working in Insurance, you want to be on the right side of this graph. Fortunately, there are many ways to find out if you’re on the right track.

The average salary for insurance workers in Sweden is over 53,000 Swedish kronor per month. It is higher than the average salary for a tertiary degree in the country. Approximately 290 insurance companies employ over 20,000 people in the country.

Moreover, these companies’ average salary is higher than in any other sector. If you’re an Insurance professional, you should expect to receive salary increments every fifteen months. This is because salary increments are based on performance and contribution.

If you plan to work in this field, you should know that Sweden’s public health insurance scheme covers you. The Social Insurance Agency covers all employees. You can expect benefits worth eighty percent of average wages.

In addition to the government-funded health insurance, your company will have to provide more than primary benefits to attract and retain employees. Thankfully, the Swedish government has a system that offers universal healthcare for all citizens.

The Swedish Social Insurance Agency offers sickness cash benefits to employees who are away from work due to illness. To receive the compensation, you must be unwell for more than 14 days and be away from work for at least 25% of the average working time. To receive this benefit, you must be insured in Sweden. If you are not, you can still apply to work in Sweden and get compensated. Just remember to be sure to ask about statutory and optional benefits.

Bonus-based System In Sweden

A study in Sweden indicates that bonus-based compensation is moderate in the insurance industry. Most people in the industry are not directly involved in revenue generation, but those who are given the biggest bonuses typically are.

Of those surveyed, 49% did not receive a bonus the previous year, but 51% received at least one type of monetary bonus. In addition to annual salaries, bonuses often amount to four or five percent of annual salary.

The Swedish Annual Leave Act stipulates that employees are entitled to at least 25 days of paid vacation per year. Those who earn a salary of 4,000 Swedish crowns or higher are entitled to benefits equal to 12% of their gross wages from the previous year.

In addition, Swedish companies are required to pay employees a minimum of 0.43% of their monthly salary. However, employees who have only been employed for three months may not qualify for annual vacation.

In that case, they will receive vacation pay but may be able to negotiate for more. In addition to the minimum wage, employees enjoy various benefits and privileges. These include maternity allowances, severance payments, and holidays.

The laws also cover minimum wages and working hours. Companies must adhere to regulations on social security and taxation, which can lead to fines if they do not meet their obligations. If you are considering relocating to Sweden, check the benefits offered by your prospective employer.

Salary Increases Every 15 Months In Sweden’s Insurance Sector

The salary increase for a person working in the Insurance sector is around 9% per year. The national average for annual increases is 8%, but individual circumstances vary greatly. In addition, the bonus amounts tend to change frequently.

As a result, it is essential to know the exact rate of increase for your specific position. Read on for some salary information for insurance jobs in Sweden. Here are some tips for getting the highest salary possible in the Insurance industry.

Salary increases for insurance jobs in Sweden primarily depend on the company and the industry in which you work. The average salary is around 47,400 SEK, and 50% earn less than this. The salary graph below illustrates the distribution of salary ranges for insurance workers.

The lower half of the distribution of salaries is around 26,300 SEK, while the highest 25% earn more than 59,300 SEK. Generally, the higher the years of experience, the higher the salary.

The Swedish Social Insurance Agency also offers compensation for people with a disease or care for a family member suffering from a life-threatening illness. The compensation is paid according to income, but the agency sets the maximum benefit.

Compensations will increase every 15 months for those in the insurance industry in Sweden. But there are other perks to this type of employment. You’ll receive guaranteed benefits if you’re living in a Swedish city.
Although the Swedish government does not impose a minimum salary, the country has many working environment laws. There is no minimum salary in Sweden, and any salary you accept is legal. Often, companies in Sweden have collective agreements between employees and trade unions.

Collective agreements usually specify a minimum wage and other work conditions. You should know this information if you’re looking for a job in Sweden.

Education Requirements For Insurance Job In Sweden

Aspiring insurance professionals in Sweden should get higher education. Swedish universities offer a variety of master’s degree programs. Most courses include hands-on experience, especially in technical courses.

In addition to classes, students can combine study with practical work through internships, apprenticeships, or part-time work related to their course. The average tuition fees for these programs are about $40,000 US, depending on the program and location.

To become an insurance professional in Sweden, you must obtain a residence permit. International students do not need visas or residence permits. Students from Nordic countries are welcome to study in Sweden.

There are no vaccination requirements and a sound healthcare system. Most health care professionals and nurses in Sweden speak English or other foreign languages, making it easy for international students to receive medical attention when needed. International students should also obtain a health insurance plan while studying.

While the entry requirements to Swedish universities differ slightly, most courses require a high school diploma or equivalent. Most Swedish higher education programs are conducted in Swedish, so students must have a solid foundation in the language.

To demonstrate their proficiency in Swedish, students should take the TISUS exam, held twice per year. If they do not pass the test, they can enroll in a diploma or foundation course. In Sweden, there are also several scholarship programs available.

In Sweden, the health care system is universal. The Ministry of Health and Social Affairs sets the overall health policy, while municipalities are responsible for providing health care for the disabled and elderly. Provincial taxes and central government grants provide funding.

There is no upper age limit. Swedish society is informal and non-hierarchical. Students speak with lecturers as peers, and everyone knows each other by their first name. Further, Swedish students also have a high quality of life.

Sweden’s Top Insurance Employers

Insurance companies that are hiring in the Sweden area include:

• Swedbank, which has a staff rating of 3.9 out of 5,
• AIG, which has a staff rating of 3.7 out of 5,
• EMPLOYERS, which has a staff rating of 4.1 out of 5,
• AXA, which has a staff rating of 3.9 out of 5, and
• Aon, has a staff rating of 3.9 out of 5.

Filter your search results by location, job title, job function, rating, and company size to find other insurance companies recruiting in your area in Sweden or get more relevant and specific results.

Swedbank Overview

Modern bank Swedbank places a strong emphasis on client satisfaction. Their core values—openness, simplicity, and compassion—direct our day-to-day work. We hold a dominant position in our home markets of Sweden, Estonia, Latvia, and Lithuania, with 7.4 million private customers and more than 600,000 corporate and organizational customers.

Swedbank Mission is to encourage people to save for a better future and we aim to help people, businesses and society to grow by promoting a healthy and sustainable economy.

AIG Overview

AIG is a leading worldwide coverage enterprise with operations in about eighty international locations and jurisdictions. They offer a wide variety of assets, casualty coverage, lifestyles coverage, retirement solutions, and different economic offerings to help their customers in commercial enterprise and lifestyles thru General Insurance, Life & Retirement, and Investments commercial enterprise units. 

They are devoted to supporting individuals, organizations, and groups put together for and reply to instances of uncertainty. Whether serving those facing natural disasters or millions of Americans striving for a financially secure retirement, we have the specialist expertise to help clients better manage risk. They also are devoted to doing the proper aspect for our human beings and the groups in which we paint and live. 

They are searching to provide topics to their ever-diversifying team - like bendy and innovative painting environments, expert increase possibilities, and boards to recommend for each other and incite change. They inspire personnel to provide again to the reasons they care maximum about, helping those efforts thru their Volunteer Time Off and Matching Grants Programs.

EMPLOYERS Overview

As America's small business insurance specialist, they are a nationwide customer-focused provider of workers' compensation insurance and services. They seek goal-oriented individuals willing to put their ideas to work.

Employers offer a work environment where everyone is:
-inspired to do their best
-provided opportunities to build their career
-encouraged to enrich their work-life

With operations from coast to coast, our goal is to provide targeted insurance solutions for independent, entrepreneurial companies. With roots stretching back to 1913, EMPLOYERS has the experience, financial stability, knowledge and resources to provide the coverage and specialized services that America’s small businesses need.

AXA Overview

As one of the largest global insurers, AXA purpose is to empower people to live a better life. This purpose is shared by each and every employee throughout their organization, as they tailor their services and solutions to each of their 105 million customers around the world, one person at a time.

Putting their customers first is only part of their story, as they move forward every day, guided by their four core values: Customer First, Integrity, Courage and One AXA.
These ensure they put people first and that we are always guided by strong moral principles. They also encourage their employees to speak their minds so they can innovate and take bold actions together, as a team.

AXA's mission is to help customers live their lives with more peace of mind by protecting them, their relatives and their property against risks, and by managing their savings and assets.

Aon Overview

Aon plc (NYSE:AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Their 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.

Aon is focused to empower economic and human possibility for clients, colleagues and communities around the world. These aren't just words at Aon. It's an increasingly volatile world, and their work is about creating greater security, stability and opportunity for their clients and their people.

Being a part of Aon means having opportunities to make a difference - whether you support a local organization, serve a large global account or support colleagues who support clients. Join Aon, and you'll find many moments when you know you've done something worthwhile.

In Conclusion

Remember that you have to work your way up through the company. As with any company role, in your first year or two, you’ll need patience and determination while you advance.

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Emmanuel Pedro

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