Who is a Risk and Insurance Manager?
An insurance risk manager plays an important role in any insurance company. They study and analyse data from past trends and claims to make changes to insurance policies and procedures.
They are crucial to the functioning of an insurance agency as they reduce the risk involved in issuing insurance policies to individual clients or organisations. In doing so, they also ensure that the insurance agency doesn’t lose money and continues to make profits.
What is an Insurance Risk Manager’s Job Description?
On a daily basis, an insurance risk manager’s job description can have many duties including:
- Analysing insurance premiums and ensuring they can cover any potential losses.
- Looking at the past data of insurance premiums and claims to make appropriate changes to the rates offered by the insurance firm.
- Maintaining data of individuals and organisations insured by the firm.
- Keeping a track of policy changes and laws that can affect the policies of the insurance firm. Also, ensuring that the insurance policies are in accordance with the law.
What Skills are Needed to be an Insurance Risk Manager?
An insurance risk manager should have certain skills, which include:
- Problem solving skills and the ability to strategise
- Analytical skills involving looking through statistical data
- Good communication skills to work with both clients and management
- Negotiation skills to best come to an understanding with clients
- A calm mind under pressure as an insurance risk manager’s job is about juggling multiple roles
What are the Benefits of Being a Risk and Insurance Manager?
An insurance risk manager’s job, though taxing, comes with many benefits:
- High availability of jobs with upward mobility in the role
- Stable career with job security for the future
- Training opportunities to learn more and expand scope of knowledge
- Flexible work schedules with the options of going freelance
How to Become a Risk and Insurance Manager?
There are two levels at which an aspiring insurance risk manager can specialise to get into the career:
- BBA (Bachelor of Business Administration) in Risk Management
- B.Com (Bachelor of Commerce) in Risk Management
- Postgraduate Diploma in Risk Management
- MBA in Risk Management
- Postgraduate Diploma in Insurance Risk Management
What are the Courses Available to Become a Risk and Insurance Manager?
Here are some of the courses available to become an insurance risk manager:
What are the Entrance Exams Required to Become a Risk and Insurance Manager?
Entrance exams are required for those who want to pursue an MBA degree in insurance risk and management. For an MBA, a candidate must have a score card from a common entrance test such as CAT, XAT, IIFT, NMAT, SNAP, TISSNET, CMAT, MAT, IBSAT and GMAT. These are broadly the most common ones; however some B-schools also have individual entrance exams.
What Specialisation Can One Pursue After a Risk Management Degree?
For those looking to work in a managerial position, it is best to consider an MBA degree. An MBA course can come with many specialisations such as an MBA Finance, MBA Marketing, Business Analytics, and MBA in Risk and Insurance Management, amongst others.
MBA subjects include marketing management, quantitative methods, financial management, and strategic management. An MBA course is two years long and gives an individual an opportunity to climb the corporate ladder.
Some Frequently Asked Questions About Becoming a Risk and Insurance Manager
1. What is the full form of MBA?
The full form of MBA is ‘Master of Business Administration.
2. Which industries need risk and insurance manager jobs?
Industries like insurance agencies, financial firms and risk management firms have openings for risk and insurance manager jobs.
3. What is an MBA Finance salary in India?
An individual’s salary, after completing an MBA in Banking in Finance is ₹6,78,000 on an average, in India.
4. What are some important functions of a risk manager in insurance?
Some of the important functions of a risk manager in insurance include identifying and evaluating risks, gauging the best insurance premiums for an individual or organization, and studying data from past claims and premiums.
What are the Fees of Colleges in India?
Here are the fees for some of the courses to study to become an insurance risk manager, including MBA fees:
Loans for Students
Banks across the country offer students loans for their higher studies with interest rates as low as 7.5%. There are also organisations such as Propelld offering 100% digitised private student loans.