Risk and insurance managers analyse possible risk factors within corporate programmes, supervise loss control and claims processing and communicate insurance issues to the staff responsible for these areas. They meet with underwriters and brokers to set out insurance strategies, discuss underwriting submissions, set terms and conditions for coverage and participate in negotiations and policy renewals. They are responsible for analysing potential risk factors and maintaining maximum protection of the organisation's assets at the most economical rates.
Specifically, risk management analysts participate in the risk identification process and in the auditing of insurance programmes and claims to ensure compliance with corporate philosophy and objectives. They provide management with status reports reflecting claims activity, loss projections, actuarial analysis, insurance coverage and premiums, loss costs, and claim handling fees. In addition, risk and insurance managers are responsible for the development of corporate guidelines for health reporting, training and development.
Risk management is not confined to insurance. Rather, these professionals are hired by companies not only to examine the risks related to fire, thefts, accidents, sabotage and the like but also to give advice about financial matters. Risk managers play a vital role in an organisation as they assess the risk involved in making financial investments; undertaking new projects and also matters related to government policies.
Says Riten Shah, Assistant Manager, Marsh India Limited, a company that works in the area of corporate insurance, "It is a fast growing profession owing to the rapid globalisation of the insurance and related sectors. Due to widespread fluctuations in every field, companies need risk managers to assess the risk involved in any transaction or proposed business move."
ELIGIBILITY
The minimum eligibility to become a risk manager is graduation followed by a post-graduation in insurance and risk management.This course could be a degree, diploma, a certificate course or even an MBA.There are a number of institutes that are now offering short and longterm courses in insurance management and risk management. Ashwin Mehta, who worked in life insurance for several years, before moving to risk management, says, "The role of a risk management professional is to take decisions relating to financing, insurance and control of risks for a company.These are important decisions, and to be effective in this field, one has to be a good communicator, besides possessing sound knowledge of insurance matters."
REMUNERATION
A risk and insurance management professional can get a minimum start of Rs 12,000 to Rs 15,000 per month plus perks. The remuneration goes up with experience in the field. "It is a paying field," claims Shah.
TRAINING
A regular programme in insurance and risk management will focus on: Risk management as a strategic competitive strength The analytical framework for measuring, managing, and monitoring risk The enterprise perspective: culture, governance and relationships with regulators.
"The programme should generally aim at providing a thorough understanding of risks and their management through insurance. It also imparts general management skills," says Prof Sibrata Ray, visiting faculty for insurance at several institutes in Mumbai.
CAREER PROSPECTS
According to industry estimates, presently, the Indian insurance sector employs about five lakh people. In the next two years, an estimated 35,000 people are likely to be employed and a number of new job opportunities are expected to crop up. "With the liberalisation of the insurance sector, the industry is projected to grow at a rate of 15 to 20 per cent annually," says Prof Ray.
INSTITUTES
(indicative listing)
Narsee Monjee Institute of Management Studies (NMIMS): www.nmims.edu
International Institute for Insurance and Finance, Hyderabad: www.iifindia.com
Institute of Insurance and Risk Management: http://www.iirmworld. org.in
ICFAI - www.icfai.org/icpe
Birla Institute of Management Technology, Greater Noida: www.bimtech.ac.in
The West Bengal University of Technology, Kolkata: www.wbut.net
National Insurance Academy, Pune: http://www.niapune.com
Amity School of Insurance and Actuarial Science, New Delhi: www.amity.edu
ICFAI University, Hyderabad: www.icfai.org
The Bharatiya Vidya Bhavan Kendra at different centres in India: www.bhavanis.info/rpimc
Pondicherry University: www.pondiuni.org
Annamalai University: www.annamalaiuniversity. ac.in
The Symbiosis Centre for Distance Learning, Pune: www.scdl.net
Specifically, risk management analysts participate in the risk identification process and in the auditing of insurance programmes and claims to ensure compliance with corporate philosophy and objectives. They provide management with status reports reflecting claims activity, loss projections, actuarial analysis, insurance coverage and premiums, loss costs, and claim handling fees. In addition, risk and insurance managers are responsible for the development of corporate guidelines for health reporting, training and development.
Risk management is not confined to insurance. Rather, these professionals are hired by companies not only to examine the risks related to fire, thefts, accidents, sabotage and the like but also to give advice about financial matters. Risk managers play a vital role in an organisation as they assess the risk involved in making financial investments; undertaking new projects and also matters related to government policies.
Says Riten Shah, Assistant Manager, Marsh India Limited, a company that works in the area of corporate insurance, "It is a fast growing profession owing to the rapid globalisation of the insurance and related sectors. Due to widespread fluctuations in every field, companies need risk managers to assess the risk involved in any transaction or proposed business move."
ELIGIBILITY
The minimum eligibility to become a risk manager is graduation followed by a post-graduation in insurance and risk management.This course could be a degree, diploma, a certificate course or even an MBA.There are a number of institutes that are now offering short and longterm courses in insurance management and risk management. Ashwin Mehta, who worked in life insurance for several years, before moving to risk management, says, "The role of a risk management professional is to take decisions relating to financing, insurance and control of risks for a company.These are important decisions, and to be effective in this field, one has to be a good communicator, besides possessing sound knowledge of insurance matters."
REMUNERATION
A risk and insurance management professional can get a minimum start of Rs 12,000 to Rs 15,000 per month plus perks. The remuneration goes up with experience in the field. "It is a paying field," claims Shah.
TRAINING
A regular programme in insurance and risk management will focus on: Risk management as a strategic competitive strength The analytical framework for measuring, managing, and monitoring risk The enterprise perspective: culture, governance and relationships with regulators.
"The programme should generally aim at providing a thorough understanding of risks and their management through insurance. It also imparts general management skills," says Prof Sibrata Ray, visiting faculty for insurance at several institutes in Mumbai.
CAREER PROSPECTS
According to industry estimates, presently, the Indian insurance sector employs about five lakh people. In the next two years, an estimated 35,000 people are likely to be employed and a number of new job opportunities are expected to crop up. "With the liberalisation of the insurance sector, the industry is projected to grow at a rate of 15 to 20 per cent annually," says Prof Ray.
INSTITUTES
(indicative listing)
Narsee Monjee Institute of Management Studies (NMIMS): www.nmims.edu
International Institute for Insurance and Finance, Hyderabad: www.iifindia.com
Institute of Insurance and Risk Management: http://www.iirmworld. org.in
ICFAI - www.icfai.org/icpe
Birla Institute of Management Technology, Greater Noida: www.bimtech.ac.in
The West Bengal University of Technology, Kolkata: www.wbut.net
National Insurance Academy, Pune: http://www.niapune.com
Amity School of Insurance and Actuarial Science, New Delhi: www.amity.edu
ICFAI University, Hyderabad: www.icfai.org
The Bharatiya Vidya Bhavan Kendra at different centres in India: www.bhavanis.info/rpimc
Pondicherry University: www.pondiuni.org
Annamalai University: www.annamalaiuniversity. ac.in
The Symbiosis Centre for Distance Learning, Pune: www.scdl.net
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