The Insurance Times 2023, The Insurance Times July 2023

Risk Management and Insurance – The Future career scope

This RM&I industry will exists until businesses exists. The importance of it has a place in economy as it organizations live in an unstable environment. It is therefore true that risk management is the need of the day to live in a world that challenges businesses on every juncture of growth path. To thoroughly evaluate risk and suggest adequate risk management measures to either eliminate the risk or reduce the negative financial impact of the risk to a substantial extent is the need of the day.
Businesses have changed dramatically after the COVID 19 phase, forcing organizations to take a relook at their business strategies, including how they manage their prosperities, making firms to engage in more risky business and investments. It has required many businesses to undergo a severe reality check, and learn new ways to adapt to the new reality and ensure business continuity. This new phase is unconceivable without insurance cover, because without such financial cover, businesses would not be able to bring new ideas and products to market.
In Pre- Covid era, the risks that arose were common and foreseeable, mostly related to cost, performance, processes and schedules, or they were external risks such as altering market conditions or political uncertainties etc. Nevertheless, the pandemic has brought to the fore an entirely new set of challenges for managers. In such a development, a unified approach toward risk management is critical to identify potential risks, and tackle the uncertainties associated with the business at all levels.
The risk management occupation, and especially the RM&I industry, ensure persons and businesses’ economic success by effectively & efficiently managing their risks. All sections of this industry are seeking talented people to fill the channels. The reason, this career take advantage of talents, offers variety, flexibility, above average growth prospects.
According to a recent survey published by, U.S. Bureau of Labour Statistics, majority of insurance experts are 55+ years of age and are planning to retire soon. One-third of insurance C suit jobholders are between the ages of 55 and 64 and that 50% of the insurance workforce will retire by 2028. Businesses are looking for young talent. The RM&I industry provides employment to more than 2.3 million people in America – more than Google, Facebook, Apple, Twitter and Yahoo collective. India is no behind. There is an average growth of 1.31% in the employment of risk managers (Source: Recruiters Inc.). resulting in over 50,000 new risk management jobs by 2029. The insurance industry is looking towards young talent – the generation of digital savvy techies – to creatively use technology to solve problems and deliver risk solutions As risk and insurance professional, peoples Job titles may include Risk Surveyor, Risk Management Adviser, Risk Analyst, Insurer, Senior Risk Advisor, Claims Adjuster, Examiners, and Investigators, Loss Control Specialist, Risk Analyst, Underwriter etc. Apart from this, Risk and insurance accomplishments include a number of other activities that are common to many industries, such as data analytics, accounting, information technology, marketing, customer service, and more. The industry employs many people in a variety of functional jobs. There is something for everyone in the risk and insurance industry. Some typical to this domain include careers in Actuary, Claims adjuster, Loss control consultant, Financial risk manager etc. The work settings for these professionals typically are working in office locations throughout the domain. Some jobs also offer flexible homeworking options. Some functionalities require the professional to be “in the field” meeting clients, inspecting facilities, and leading live projects. The remuneration is appealing good, compared to other opportunities and comes with the promise of smooth career progression. While RM&I occupations span across all businesses and sectorial brands, there are some skill sets and experiences that will help these career seekers to be effective in their occupations. Any post graduate, with competence to tangibly analyse data and information to form a big-picture view, having In-depth knowledge of the industry, and who can summarize comprehensive information to visualize
trends and propensities and communicate effectively at a policy making level are in demand. The aptitude to be responsive and respond to rapid changing market environs are added advantage. Finally, to say the coronavirus pandemic has hurled the RM&I field into prominence almost overnight and spurred boards to seek young experts.

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