What Can I Do with a Risk Management and Insurance Degree?
Risk and insurance cover every aspect of everyday life and business. When we drive our cars, we accept the risk of damage to our expensive automobiles and potential injury to ourselves and others. When we run our business, we are at risk for our business property, prestige and livelihood. Risk management and insurance are the things that allow our lives and the economy to run smoothly despite the risks and the fact that sometimes “bad things” happen. Risk management and insurance are when things go wrong in our personal and business lives.
As a risk and insurance professional, you will be responsible for keeping life together. From insurance agents, risk managers, underwriters, claims, marketing, IT, human resources to customer service representatives, everyone works together to make the world a better place. As a risk and insurance professional, your life will be far from boring and the work you do can be very different.
Insurance agents and customer service representatives are at the forefront of the risk management business. Their goal is to tailor the appropriate insurance products to the risks and needs of their clients. This requires knowing and understanding each client’s unique risks, learning their business, and building a supportive and trusting relationship. Many insurance agents have their own business and they are very professional.
Risk analysts and risk managers spend their time identifying and analyzing their own risks and working with others inside and outside their own organization to treat the risks. Risk treatment may include creative approaches to controlling, preventing, and minimizing losses resulting from various hazards, which may or may not include risk transfer arrangements such as insurance.
Undertakings rely on them to examine insurance applications, analyze the risks that the insurance company assumes, determine the appropriate scope of coverage and pricing, and establish relationships with its agency partners is called. The written analysis should strike a balance between meeting market insurance needs and maintaining profitable insurance operations.
Claims professionals investigate incident situations, determine insurance coverage, and make claims to help rebuild and rehabilitate people and businesses after a negative event. They are directly responsible for replenishing insurance. Although this is the most challenging career you have ever had, it will also be the most rewarding.
Damage prevention activities help people and businesses reduce the likelihood of adverse events and losses by inspecting their properties and procedures, making recommendations, and training them in safe practices.
Risk and insurance activities include many other activities that are common in many industries, such as data analytics, accounting, information technology, marketing, customer service and more. There is something for everyone in the risk and insurance industry.
Risk and insurance professionals usually find themselves working in office locations around the world. There are countless opportunities in small field offices located in major US cities as well as rural cities. Some positions also offer flexible telecommunications options. Insurance is also a global business, offering the opportunity to work anywhere in the world. Some risk and insurance positions require professionals to meet with clients “in the field”, inspect facilities, and have well-known plans.
Median entry-level salaries excluding benefits and bonuses (Salary.com)
|Loss Control Specialist||$47,800|
- Claims Investigator
- Loss Prevention Field Representative
- Risk Manager/Analyst
- Sales Agent/Broker
- Underwriter (Risk Selection)
- Marketing Representative
- Customer Service Representative
- Information Technology
- Product Development
- Management Executive
Helpful Skills and Preferences
- Decision making
- Desire to help people
Read more: The Best 2021 Most Popular Insurance Schools