Department of Insurance & Risk Management

The profession in this field

The profession in this field

As an Insurance and Risk Management professional, one’s life will be far from boring and the type of work that one can do is extremely varied.

Insurance agents and customer service representatives are the front line in the business of risk management. Their objective is to match proper insurance products to the risks and needs of their clients. This requires getting to know and understanding the unique risks of each client, learning their business, and building a helpful and trusted relationship.

Risk analysts and risk managers spend their time identifying and analyzing potential risks, and working with others both inside and outside of their organisation to treat the risks. Risk treatment may include creative approaches to control, prevent, and reduce the losses that can result from various risks, which may or may not include risk transfer arrangements such as insurance.

Underwriters spend their time evaluating insurance applications, analyzing the risks that their insurance company is being asked to assume, determining an appropriate scope of coverage and price, and building relationships with their agency partners. Underwriting analysis must strike a balance between meeting the insurance needs of the marketplace and maintaining a profitable insurance operation.

Claims professionals investigate the circumstances of incidents, determine insurance coverage, and settle claims to help people and businesses rebuild and get back to normal after a negative event. They are directly responsible for making the insured whole again. Whereas this is one of the most challenging careers you may ever have, it will also be the most rewarding.

Loss prevention activities help people and businesses to reduce the likelihood of negative events and losses by inspecting their property and practices, making recommendations, and coaching them toward safer operations.

Risk and insurance activities include a number of other activities that are common to many industries, such as data analytics, accounting, information technology, marketing, customer service, and more. There is something for everyone in the risk and insurance industry.

The goal is to prepare professionals for the risk and insurance industry in both the private and public sectors, by offering insights into today’s challenging and complex world, by formal education (i.e. quality teaching aimed at developing quality graduates who provide tangible contributions to the organisations that employ them) and informal education (internships, field trips and Simulation games).


https://www.um.edu.mt/fema/insuranceriskmanagement/aboutus/profession/