RISK MANAGER VS INSURANCE MANAGER

DONE BY, ANCHU ANN THOMAS MOHAMMED SALIH K.B CHANDU SATHYAN AFZAL SHAMS

RISK MANAGER
A risk manager works in finance or insurance. A financial risk manager is responsible for determining what risks are associated with a certain business venture. An insurance risk manager is responsible for determining what risks are associated with insuring individuals, ventures or properties.

Risk Assessment
Risk assessment is the process that a risk manager uses to determine the likelihood of loss that's associated with a particular financial process or individual. The financial risks could include the likelihood that a project might fail, how much money could be lost, how likely the company would be to make money from that venture and other similar processes. Risk managers in the insurance field must measure the risk associated with potential losses. This could include the likelihood that a person will get sick, a determination of how much money the insurance company would have to pay when they get sick, and the types of illnesses that they would be most likely to get.

Budgeting
Budgeting

is a key component of risk management. Risk managers are often assigned a role in budgeting because they are the ones who can best assess what processes and operations are likely to cause financial trouble for the business. Their role is commonly to define the worst case scenario that a budget may need to accommodate.

Benefits
Risk

managers benefit companies by highlighting the liabilities they face on a day to day basis. The ability to see what risks could occur with new ventures is an invaluable tool for managers and business owners who are trying to determine the best path that a business should take. Risk management is also essential in the insurance field because it helps to determine which insurance candidates are high risk and what premiums should be charged to each individual.

Responsibilities

Firstly, he must have an accurate knowledge of the properties and operations of his employer. Secondly, he needs to analyze the hazards that confront those properties and arise out of the operations Third, it is important that he carry out a programme aimed at eliminating hazards to the extent possible Finally he must be able to arrange and administer a programme of insurance or self insurance to prevent heavy financial inroads due to risk he cannot eliminate.

ROLE OF RISK MANAGER

The role of a risk manager can often expand into other responsibilities. In many cases risk managers are brought on to discuss financial processes because they have the ability and training to determine what potential losses and gains can occur from any given process or financial change. It is easy for a risk manager to move into additional financial positions because of their competencies with numbers, formulas and financial assessments. Risk managers in the insurance field can become part of the upper echelons of the corporate world.

It is the Risk Manager's responsibility to assess risk within the

organization and proactively recommend ways to minimize the potential for losses. If a loss occurs, the Risk Manager must work with operating staff, the claims adjuster and the insurance company to effectively settle the loss. Detailed records should be maintained so that appropriate analysis of loss history and trends can be undertaken.

In order to complete these tasks effectively, the Risk Manager must be able to work with all levels within the organization from the Chief Administrative Officer to the front-line staff. This requires effective negotiating skills, clear communication and excellent people skills. The Risk Manager's role is more effective if there is support from all levels within the organization, particularly the functional heads of the various operations. It is critical that the Risk Manager receive "buy in" from both staff and elected officials in order to obtain the necessary resources to implement an effective risk management program.

By communicating the issues, and possible solutions, in a clear, concise manner, the Risk Manager can build a culture that supports Risk Management objectives. Remember, protecting your organization from risk is much more then simply purchasing an insurance policy. There are many types of risks that are simply not insurable, and that is when proactive risk management is key. The Risk Management Department should actively promote their services within the organization. Make yourselves available to assist in problem solving. Know when to say "No" and when to find creative solutions to enable a project to go ahead by implementing reasonable measures to reduce risk. Work to foster a corporate environment in which the risk management department is routinely consulted on operational issues. It is much easier to implement Risk Management strategies early in the planning stages, rather then try to

INSURANCE MANAGER

To stay competitive and to protect the interests of their employees and the business, companies try to make sure that they have minimized the risk of financial loss. This includes keeping an eye on insurance packages of all kinds and related benefits or programs such as flexible spending accounts. Management hires insurance managers to handle the duties related to this objective.

Skills/Abilities
The Bureau of Labor Statistics emphasizes that insurance managers need excellent interpersonal skills because they are team leaders. They also recommend that insurance managers have a broad understanding of the company as a whole so that they have a better idea of what insurance needs the company has, as well as a knowledge of international finance. The Commonwealth of Virginia echoes these sentiments, stating that insurance managers must have the ability to communicate well in both oral and written forms. Both the Bureau of Labor Statistics and the Commonwealth of Virginia state that creative thinking and problem identification and solving are important for insurance managers.

According to the Bureau of Labor Statistics, the primary duty of an insurance manager is to obtain and oversee company insurance or related funds that management uses to cover costs such as disability benefits or lawsuits. The Commonwealth of Virginia describes the responsibilities of insurance managers further, stating that they handle claims, direct information for claimants, supervise claims investigations, review insurance policies, develop insurance procedures and manage insurance data for carriers' reports.

SKILLS
Motivating, developing, and directing people as they work, identifying the best people for the job.

Communicating effectively in writing as appropriate for the needs of the audience.

Talking to others to convey information effectively. Understanding written sentences and paragraphs in work related documents. Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times. Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems. Determining how a system should work and how changes in conditions, operations, and the environment will affect outcomes.

Knowledge
Principles and procedures for personnel recruitment, selection, training, compensation and benefits, labor relations and negotiation, and personnel information systems. Business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources. Structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar. Laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process. Human behavior and performance; individual differences in ability, personality, and interests; learning and motivation; psychological research methods; and the assessment and treatment of behavioral and affective disorders. Investigative and analytical techniques, procedures and

Ability

Read and understand information and ideas presented in writing. Listen to and understand information and ideas presented through spoken words and sentences. Communicate information and ideas in speaking so others will understand. Communicate information and ideas in writing so others will understand. Apply general rules to specific problems to produce answers that make sense. Tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing there is a problem.

Combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
Concentrate on a task over a period of time without being distracted. Identify or detect a known pattern (a figure, object, word, or sound) that is hidden in other distracting material.

Tasks

Administer and direct insurance and self- insurance programs, including the handling of claims. Provide guidance and advise to management on developing, implementing and revising insurance programs and policies and resolving financial and legal issues. Direct preparation and distribution of written and verbal information to inform claimants and others of insurance policies, procedures and practices. Manage the design and development of tools to guide employees and others through making decisions that impact the agency's relations with claimants such as how to handle claims and litigation. Plan and organize special seminars and provide training for supervisors and employees to develop their understanding of caseload management. Supervise investigations of claims in compliance with regulations. Analyze reports submitted by claims supervisors, third party claims administrator, fiscal office and others. Represent the organization in formal meetings with outside organizations on matters dealing with insurance matters.

THANKYOU