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).
Insurance and Risk Management professionals typically find themselves working in office locations throughout the world. There are numerous opportunities in Malta and major countries, as well as in smaller field offices located in more rural towns. Some positions also offer flexible telecommuting options. Insurance is a global business as well, presenting the opportunity to work almost anywhere in the world. Some risk and insurance positions require the professional to be 'in the field' meeting clients, examining facilities, and leading projects.
Entry-level salaries can grow with experience. Claims Adjusters, Loss Control Reps earnings can rise into the €60,000s; Underwriting managers and directors can earn up to €150,000; Risk Managers rise into the €100,000s, and Agents owning their own business may eventually sell their agency business for seven-figures.
Claims Investigator, Loss Prevention Field Representative, Risk Manager/Analyst, Sales Agent/Broker, Underwriter (Risk Selection), Marketing Representative, Customer Service Representative, Information Technology, Product Development, Finance/Accounting, Management Executive, Actuary Assistant.
There are numerous professional organisations associated with specific disciplines within the industry. For example, The Chartered Insurance Institute (ACII), Institute of Risk Management (IRM), Federation of European Risk Managers (FERMA), Public Risk Management Organisation (PRIMO), The Professional Risk Managers' International Association (PRIMIA), The Global Association of Risk Professionals (GARP), The Open Compliance and Ethics Group (OCEG), Information Systems Audit and Control Association (ISACA) the Society of Chartered Property and Casualty Underwriters, the specialty 'Lloyd’s of London' type of insurance business etc... to mention a few.
Perhaps the most meaningful aspect of the education process is the opportunity to apply knowledge learned in the classroom to real-world situations. This is one of the primary objectives of internships, which afford students the opportunity to work for a risk/insurance organisation where the student is exposed to real-world business activities, projects, and challenges. Student interns are able to gain professional experience, make valuable network connections, and usually receive wages for their effort – all while cementing and enhancing their understanding of the concepts they first learned in the classroom. In fact, many internships ultimately lead to permanent employment offers upon graduation. Because of the incredible value, that an internship experience provides this degree also promotes an internship as part of the degree requirements.