Risk Manager in Insurance Industry
Risk managers identifies potential causes of accidents or loss, recommending and implementing preventive measures, and devising plans to minimize costs and damage, including the purchase of insurance. The risk manager has responsibility of loss.
The work of risk manager is following:-
- Examine the use of realistic
and cost-effective opportunities to balance retention programs with commercial
- Prepare risk management and
insurance budgets and allocate claim costs and premiums to departments and
- Establishment and maintenance
of records including insurance policies, claim and loss experience.
- Assist in the review of major
contracts, proposed facilities and new program activities for loss and
- In cooperation with General
Counsel, maintain control over the claims process to assure that claims are
being settled fairly, consistently, and in the best interest of the entity.
Simply The risk manager coordinates loss control systems for organizations and businesses which may include disaster, recovery plans and emergency evacuations. If any product has in condition of damaging, disaster etc. than risk manager will handle it.
Risk management has also employed various financial instruments and contracts to control risks like Insurance, Swaps, Derivatives, Futures contracts and Options contracts.