An insurance risk manager is responsible for identifying the critical causes of loss and accidents that may result in increased insurance rates or deficiencies in cash flow for insurance companies, agencies, or brokerages. They recommend and implement precautionary measures for loss prevention and damage and associated cost reduction. Their responsibilities include surveying clients; assessing environments for safety infractions or other issues that could lead to litigation; inspecting work conditions; reviewing code requirements; and developing plans to minimize damages. Insurance risk managers compile the information they uncover into readable reports that usually include graphs, data, and statistics to support their findings. Insurance risk managers can work at insurance agencies or brokerages or for individual businesses and organizations, primarily in the financial sector.
Our business is expanding and we’re looking for a metrics-minded insurance risk manager who excels not only in compiling data-driven reports, but also using those findings to develop and implement strategies that successfully minimize loss and collateral damage. Job seekers should feel confident applying advanced analytics to drive results for internal teams; facilitating positive profit-loss ratios for our company. They must also be poised to clearly communicate well-researched findings to groups large and small, and be eager to manage multiple projects simultaneously. If you are a high performer who consistently strives for accuracy, apply today!
Insurance Risk Manager responsibilities
Conduct thorough risk assessments based on data-driven conclusions that identify strategies for addressing threats or issues that may impact financial costs associated with coverage
Help with budgeting, forecasting, performance analysis, financial reports, and measurement
Develop and present recommendations to management and implement process changes and improvements upon approval
Complete insurance expense plans and short- and long-term forecasts to help assess the need for amendments to existing policies or programs
Review limit exhaustions and insurance policy deductibles within the Risk Management Information Systems (RMIS) to develop and distribute metrics-based reports
Communicate risk management programs and philosophies effectively to key stakeholders within the organization
Insurance Risk Manager qualifications
Bachelor’s degree in business finance, accounting, insurance analytics, commerce, risk management, or a related field is necessary; Master’s degree preferred
Solid understanding of insurance company financials to drive clear communication of key findings and related policy requirements
Experience training teams on potential risks, strategic plans, and coverage requirements for various programs preferred
Proficiency using Risk Management Information Systems (RMIS)
Superb decision-making, problem-solving, organizational, project management, analytical, and interpersonal communication skills
Insurance Risk Manager compensation
$111,869 (National Average)
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