The jobs in risk management are varied, but they all require analytical reasoning, critical thinking and smart decision-making. Some of these jobs are performed in office settings, whereas others may require a mix of office work and fieldwork.
When an accident occurs or a natural disaster strikes, claims adjusters are called upon to assess the damage. They may assess damage to homes, businesses or vehicles. In addition to taking a close look at the damage to the property, claims adjusters may need to interview witnesses, examine police reports and consult other professionals such as medical professionals or construction workers.
After collecting all of the necessary information, claims adjusters develop a report, which is then sent to a claims examiner. If the claims examiner approves the claim, the claims adjuster is responsible for negotiating the settlement with the policyholder and finalizing the claim.
Claims examiners are responsible for reviewing the reports sent to them by claims adjusters. They may also lend a hand to the claims adjusters when a claim is particularly complicated or when a natural disaster skyrockets the number of pending claims.
Some claims examiners work for life insurance companies. There, they assess new applicants for serious illnesses that would pose a high risk to the insurance company. When a covered individual passes away, the claims examiner confirms the cause of death before authorizing the payout.
As the job title suggests, appraisers are responsible for determining the value of an item that is covered by insurance, as well as the cost to repair an insured item that has been damaged. Many professionals in this subfield specialize in auto damage appraisals. Such appraisers must have a thorough knowledge of auto body shop work.
Whereas claims adjusters, examiners and appraisers deal with problems that have already occurred, loss control specialists seek to prevent those problems from occurring at all. Working for insurance companies, loss control specialists inspect insured businesses such as construction firms and manufacturing plants.
These professionals consider possible threats to the business, such as fire, crime or accidents. They identify specific issues, such as malfunctioning fire prevention systems or inadequate safety gear. Then, they advise the business on steps needed to reduce the potential for adverse events. They also advise the insurance company about appropriate premiums to charge the business for insurance.
The job of a risk management specialist is similar to that of a loss control specialist. However, you’ll typically find risk management specialists working for insured businesses. Their job is to identify potential risks within the various areas of the business and take steps to mitigate them.
For example, a risk management specialist may inspect working conditions, negotiate with unions, consider the potential for climate change-related damage and analyze the potential for legal liability. Risk management specialists may also specialize in finance. Within the finance department, these professionals analyze financial reports and cash flow information to check for potentially fraudulent activity.
