Risk and Insurance management
Socio-Economic turbulence has been a part of the Indian society for as long as the country itself has existed. And for all reasons and purposes, that is a very normal thing to occur- but this doesn’t mean that the turbulence itself won’t cause harm to the various businesses and industries that dwell in India. The risk needs to be managed well and this is a job for a professional that has gone through a Risk and Insurance Management course. Of course, it does. It is a very sensitive position to be in- determining the next least risky step or taking the gamble depending on the payoff against the risk? While there is always some level of chance attached to risks, this is a highly calculative and well-organized job and its sheer existence in our country is due to the numerous opportunities that present themselves before the people along with the risk involved with them.
So what are these risks that we speak of? Hazards, threats to information security, actual physical trespassing, terrorism, crime and everything in between- these are the external threats to a company but there are several internal risks that manifest in front of the company as well, such as risky business deals, investments and major changes in strategy and mode of operation of the company. Risk and Insurance management courses prepare the prospective future managers in this field for facing and resolving these threats and risks with appropriate and optimized measures that are often both preventive and controlling in nature, keeping all options open. The insurance aspect of the job is merely for safety against risks that don’t pay off and might incur some losses.
Courses and Eligibility
An MBA in risk management and Insurance will prepare you to apply critical thinking and strategic methods to fail-safe some company policies and plan to some extent by means of insurances and back-ups and efficiently gauge the risk involved in prevailing practices and future decisions that might affect business.
In order to equip yourself with all the skills and technical knowledge pertaining to risk management and insurance, an MBA is the best choice. To qualify for an MBA some pre-requisite knowledge is required in the form of a bachelor’s degree with at least 60% aggregate marks and even before that, a 10+2 with at least 50-60% marks (depending on your choice of Institute for bachelor’s) is needed.
To actually get accepted in a B-School for an MBA in risk and insurance management one must first clear a national entrance examination such as CAT, MAT, XAT, CMAT, GMAT, SNAP and NMAT. There are both traditional on-campus courses and distance learning courses available for this degree and there are certain advantages and disadvantages among them which you should consider before choosing one, such as the need for a definite career halt for a traditional course and lack of practicals and lower exposure in the distance learning course. The average tuition for this course is between 30 thousand rupees to 10-12 lakhs depending on your choice of the B-School.
Jobs, Career Prospects and Salary
Auditors, Accountants, Insurance underwriters, Claims handlers, Brokers and Client managers, Banking and financial services professionals, etc. all have the required skillset to handle risk and insurance management to some extent and people in these fields can further their career by switching streams to risk and insurance management easily.
The major job profiles that a person can land in this domain are Performance and Risk Manager, Risk Surveyor, Risk Management Adviser, Risk Analyst, Insurer, Senior Risk Advisor, etc. with a starting salary of 3-5 LPA that comes with the promise of smooth career progression and a mid-career salary of 7-8 LPA and late-career salary in the vicinity of 20LPA.
Banking enterprises, Non-Banking Finance Companies, Investment Firms, Construction companies, MNCs, Broker Firms, Finance Advisory Firms are all major hirer in this field and even the government sector is constantly in need of risk management professionals for effective strategic decision making.
The prospects of landing a job in risk management are great in India considering the fact that there is an onrush of new businesses and start-up in India right now, the particulars of investment into them and their own endeavors that require financial and technical analysis of the risks involved calls for more employment opportunities in this field.
