Ramsay: Reinsurance Internship Experience
[Written by Xavier Ramsay]
Reinsurance, underwriting, claims management. Three months ago, if I had been asked to explain these terms, my answer would have been less than adequate. Like most individuals my age, my understanding of the [re]insurance industry was severely lacking, even though it is one of the most influential sectors of Bermuda’s economy. However, through a two-month internship with Renaissance Reinsurance, I have become educated on several aspects of the risk and insurance space. The learning experience has been phenomenal; providing me with a broad understanding of the insurance world and improvement of several skills which will prepare me for success as I start my university experience in the fall.
Despite the several benefits of participating in such an internship, misconceptions often prevent young individuals from applying. I am sharing my story in hopes of encouraging my peers to seek these opportunities and experience the industry for themselves, as the [re]insurance sector is key to Bermuda’s economy and the global insurance industry.
When I started my internship I had very few expectations because I did not fully understand the industry. However, during the interview process, and in preparation for the training experience, I stressed the importance of my willingness to learn. I believe this mentality allowed me to thrive in my new environment. By retaining a mindset of … “I’m here to learn as much as possible” … I spent the first few days absorbing insurance policy scenarios, and the industry jargon, to better retain the information and really understand the inner workings of the world of [re]insurance.
My summer training has been entirely in the claims department. This has allowed me to not only learn about how contracts are written to support different insurance companies, but also view that theory in action. For instance, fully understanding how a catastrophic event [i.e. a hurricane], adversely impacts economies, jobs and livelihoods and how insurance policies can “soften the blow”. Of course, this information is applicable to a range of industries and can give a greater understanding of how the modern world is structured; truly opening my eyes and building my business acumen along the way.
Personally, I have found the information I have learned to be extremely applicable to me, as it has increased my knowledge of career pathways available within the medical field. Now I am not only considering a career in medicine as a medical specialist but possibly working within the health insurance sector as well.
Besides gaining knowledge of the [re]insurance industry, the internship also supported my career and social development. I am grateful for opportunities, such as attending the ABIR summer reception, which enabled me to network with my peers, recent graduates, and industry leaders. These interactions have been priceless and have given further insight into the Bermuda [re]insurance market, the financial services industry, and International Business [IB] as a whole.
I believe that my communication and collaborative skills have improved during my internship, making me a better communicator. The internship has also afforded me the Learning The Ropes: A Reinsurance Internship Experience By:Xavier Ramsay experience to work in a corporate setting, which is not an experience that many young people are able to have before they finish their formal education.
The value of the internship for me cannot be measured in words, but I would like to thank Renaissance Reinsurance for this experience. I would also like to thank the Association of Bermuda Insurers & Reinsurers [ABIR] for coordinating several industry events that I attended this summer, which were specifically created for interns from member companies. I am truly grateful.
If any young individuals would like to learn about international business, the [re]insurance industry, or simply hear about what it is like to work in a corporate setting, I encourage you to apply for internships. To add, I also encourage more firms within the IB sector to continue expanding their internship programs, as I know that there are an increasing number of individuals keen to learn about Bermuda’s leading business sector.
If you have any questions or would like to contact me, my email is ramsay.xlt@gmail.com
Congratulations!!