Course Overview

Why is insurance risk management important?

Risk touches every facet of an organisation. The impact of risk is not restricted to some expected confines; one incident is enough to affect or alter various aspects of an organisation, thus, generating a chain of reactions beyond the immediate consequence. The pervading, inherent, and complex nature of risk presents formidable challenges to managers.

One of the most important is the coordination of risk management across areas within the organisation. It deals with: the nature and direction of pure risks, insurance, and reinsurance; risk concepts, classification of risks, management of pure risks through various risk handling tools, industrial safety, general principles of insurance, and significant classes of insurance, reinsurance, and development & regulation of the insurance industry.

What is the best risk management qualification?

This Zoe training course will give you the complete skill set to become a successful Insurance Risk Manager. The course covers all critical aspects of insurance risk management, risk exposure, risk reduction, appropriate tools, and many more, thereby providing you the necessary expertise and confidence to undertake responsibilities in these areas.

Through this Zoe course, you will have the additional opportunity to display your talents and potential, as well as encourage different growth options across a variety of firms.

Course Objectives

This training aims to empower professionals in the field of Insurance Risk Management with the requisite knowledge and appropriate tools to handle risk and serve in advisory roles where they can implement the expertise they garner. This course seeks to ensure trainees are equipped with:

• Understanding the fundamental concept of risk
• Having a good grasp of the basic categories of risk
• Obtaining the knowledge behind the principles of insurance
• Having an extensive understanding of the insurance Industry
• Honing the ability to translate the nature and application of reinsurance effectively
• Possessing the ability to identify and measure business risk and exposures
• Understanding how to choose between the leading tools of risk management
• Knowledge on how to mitigate or eliminate exposures to risk and its variants
• Analysing the different categories of insurance contracts

Training Methodology

All of Zoe Talent Solutions’ courses are adaptable to the training audience. As a result, the information is extensively examined before each session to ensure that no modifications have occurred. The training is then delivered by an experienced professional from the relevant domain. Group exercises, projects, role-plays, and other activities encourage two-way participation in the curriculum. The training includes both experiential learning and situational analysis.

This diverse and unique approach to training by Zoe Talent Solutions is called the Do–Review–Learn–Apply Model.

Organisational Benefits

With professionals undertaking this training course, their organisations will benefit in the following ways:

• Lessen business liability by cutting back on the risk of long legal action. Thus, making the organisation attractive to stockholders and regulators
• An enhanced mechanism in identifying and providing a broad perception of types and classes of risks
• Providing consultative assistance to the Board and top management committees responsible for managing risk
• Gain credit for cooperation. Regulators view this type of training and certification as measures put in place to prevent system breakdown.
• Render extensive insight toward insurance, indemnity, and liability matters and enable the organisation to concentrate and organise its inquest

Personal Benefits

Upon completing this training, the program will equip the participants with competent knowledge and tools to thrive in this industry. Some of the benefits include:

• Increase in the range of potential opportunities
• Salary increase
• Career advancement and increase in your chances of getting to a top management position
• Easy identification of risks and ways to manage them
• Reduction in negative consequences and increase in gains
• Reduction in performance variability
• Improvement in resource deployment
• Demonstrating professional commitment to your career growth
• Develop analytical skills to determine the effect of risk and mitigation techniques

Who Should Attend?

• Insurance distributors: brokers, agents, managing general agents, wholesalers
• Underwriters in risk analysis roles
• Loss/fraud prevention personnel
• Operational risk management insurance personnel
• Senior management members of an organisation
• Any other professional desiring certification as a risk manager in the Insurance industry

Course Outline

The following topics are covered in the course to help you become a qualified Insurance Risk Manager:

Module 1: Risk and Related Topics

• Definition of Risk
• Classes of Risk
• Risk and Uncertainty
• Risk and Probability
• Risk, Perils, Hazards and explain the adverse effect of risk on economic activity

Module 2: Risk Management

• Introduction to Risk Management
• Objectives
• Stages of Risk Management Process
• Risk Identification
• Risk Measurement
• Risk Identification

Module 3: Insurance

• Introduction to Insurance
• Attributes of Insurance
• Essential of Insurable Risk
• Comparison: Gambling and Insurance
• Comparison: Speculation and Insurance
• Benefits and Costs of Insurance

Module 4: Legal Principle of Insurance Contract

• Principle of Indemnity
• Principle of Insurable interest
• Principle of Subrogation
• Principle of Utmost Good Faith
• Principle of Contribution
• The doctrine of Proximate Cause

Module 5: Health and Life Insurance

• Financing Life Insurance
• Classes of Life Insurance Plans
• Determination of Premium
• Employees Compensation Insurance
• Accident Insurance

Module 6: Other Non-Life Insurance

• Liability Insurance
• Burglary Insurance
• Fire Insurance
• Vehicle Insurance
• Aviation Insurance
• Marine Insurance
• Engineering Insurance
• Fidelity Guarantee Insurance
• Fiscal/Capital Insurance

Module 7: Corporate Risk Insurance

• Identify, Analyse, and Manage business exposure to risks
• Selection and application of risk control and risk-financing techniques
• Insurance and non-insurance transfer methods

Module 8: Insurance and Regulations

• Regulation
• Insurance Distribution Systems
• Property and Liability Insurance Underwriting,
• Loss control
• Premium Auditing
• Ratemaking Principles and processes
• Insurer Financial Management
• Property and Liability Claims Adjustments

Module 9: Insurance Claims

• Claims; claim handling process, claim investigation techniques, good-faith claim handling, ethics, negotiation, and managing litigation.
• Persons/Property Insured
• Loss; Causes of Loss, Loss Adjusting Process and Procedures
• Insurance Frau
• Insurance claims for:
• Residential Construction
• Preparing Estimates
• Merchandise/Time Element Loss
• Auto Physical Damage
• Contractor’s Equipment

Module 10: Reinsurance and Surplus

• Surplus Lines Insurance
• Introduction to Reinsurance
• Why you should consider reinsurance
• Classification of Reinsurance