Analyse insurance risk

Analyse the probability and size of the risk that is to be insured, and estimate the value of movable or immovable property of the client.

perform analysis of insurance risk
analyse insurance risks
analyze insurance risk
gauge insurance risk
evaluate insurance risk

skill/competence

cross-sector

Analyse insurance risk is an essential skill of the following occupations:

Real estate manager: Real estate managers handle and oversee the operational aspects of commercial or residential properties such as private apartments, office buildings and retail stores. They negotiate contracts for lease, identify and plan new real estate projects and construction of new buildings by partnering with a developer to identify the appropriate site for new buildings, coordinate the feasibility study for new constructions and supervise all the administrative and technical aspects involved in expanding the business. They maintain the premises and aim to increase its value. They hire, train and supervise personnel.
Property insurance underwriter: Property insurance underwriters assess and determine the risk and coverage of a client’s property insurance. They analyse and review underwriting policies according to legal regulations.
Insurance risk consultant: Insurance risk consultants prepare reports for insurance underwriters. For this purpose, they undertake surveys in order to determine the potential financial risk for personal products, properties or sites.
Property appraiser: Property appraisers undertake detailed analysis and investigation of properties in order to determine their value for sales, mortgage and insurance purposes. They compare the value of properties taking into account the age, actual state of property, its quality, repairs needed and overall sustainability. Property appraisers make an inventory of fixtures, compose a schedule of condition of property and prepare appraisal reports for both commercial and residential properties.
Title closer: Title closers handle and investigate all documentation needed for a property sale including the contracts, settlement statements, mortgages, title insurance policies, etc. They ensure compliance with legal requirements and review all the fees related to the real estate sales process.
Property acquisitions manager: Property acquisitions managers ensure land or property acquisitions transactions. They liaise with relevant stakeholders concerning financial aspects and risks arising from the acquisition of property. Property acquisitions managers ensure compliance with legal requirements for purchasing property and take care of all documentation and closure techniques needed.

Real estate leasing manager: Real estate leasing managers set up the lease or rental efforts of an apartment community and properties not in co-ownership and also manage the leasing staff. They produce, track and manage file leasing deposits and documents. They also oversee the lease administration and prepare tenancy budgets on an annual and monthly basis. They also actively promote the vacancies available in order to get new residents, show properties to potential tenants and are present to conclude contracts between landlords and tenants when dealing with private property.
Personal property appraiser: Personal property appraisers undertake detailed analysis and investigation of personal items such as books, wine, arts and antiques in order to determine their value for sales and insurance purposes. They assess the value of the items, taking into account the age, current condition, quality and if any repairs are required. Personal property appraisers prepare appraisal reports.

Analyse insurance risk is optional for these occupations. This means knowing this skill may be an asset for career advancement if you are in one of these occupations.

Actuarial consultant: Actuarial consultants analyse, manage and provide guidance on financial impact of risks. They can work in fields related to insurance, pension, investment, banking, healthcare etc. Actuarial consultants apply technical and statistical models and theories to give strategic, commercial, and financial advice.
Actuarial assistant: Actuarial assistants perform statistical data research in order to set premium rates and insurance policies. They review the possibility of accidents, injuries and property damage by using statistical formulas and models.
Insurance rating analyst: Insurance rating analysts analyse information related to insurance markets and their credit rating, prepare rating reports and invoices, compile financial data and present and explain credit rating opinions to stakeholders, clients and external parties. They work for insurance companies and calculate the insurance premium and rates for the company’s clients using both manual and automated methods.
Insurance collector: Insurance collectors collect payment for an overdue insurance bill. They specialise in all areas of insurance such as medical, life, car, travel, etc and recurrently contact individuals to offer payment assistance or to facilitate payment plans according to individual’s financial situation.
Financial manager: Financial managers handle all the matters in reference to the finance and investments of a company. They manage financial operations of companies such as the assets, liabilities, equity and cash flow aiming to maintain the financial health of the company and operative viability. Financial managers evaluate the strategic plans of the company in financial terms, maintain transparent financial operations for taxation and auditing bodies, and create the financial statements of the company at the end of the fiscal year.
Insurance agency manager: Insurance agency managers coordinate and oversee the operations of an institution or a branch of an institution that offers insurance services. They provide clients with advice on insurance products.
Financial risk analyst: Financial risk analysts correctly identify and review potential risk areas threatening the assets or capital of organisations. They specialise in either credit, market, operational or regulatory risk analysis. They use statistical analysis to evaluate risk, make recommendations to reduce and control risk and review documentation for legal compliance.
Insurance claims manager: Insurance claims managers lead the team of insurance claims officers to ensure they handle insurance claims properly and efficiently. They deal with more complex customer complains and assist with fraudulent cases. Insurance claims managers work with insurance brokers, agents, loss adjusters and customers.
Insurance broker: Insurance brokers promote, sell and provide advice on various insurance policies such as life insurance, health insurance, accident insurance and fire insurance to individuals and organisations. They also work as intermediaries between individuals or organisations and insurance companies, and negotiate the best insurance policies for their clients, arranging insurance cover where needed. Insurance brokers engage with new prospective clients, provide them with quotes for their policy needs, assist them in the signing of new insurance contracts and propose specific solutions to their specific problems.
Insurance underwriter: Insurance underwriters assess business risks and liability policies and make decisions about commercial property. They inspect the conditions of businesses’ properties, analyse inspection policies, assist with real estate and rent issues, prepare loan contracts and handle commercial risks in order to align them with business practices. Insurance underwriters analyse various information from prospective customers in order to assess the likelihood that they will report a claim. They work to minimise risk for the insurance company and make sure that the insurance premium aligns with the associated risks. They can be specialists in life insurance, health insurance, reinsurance, commercial insurance, mortgage insurance.
Human resources manager: Human resources managers plan, design and implement processes related to the human capital of companies. They develop programs for recruiting, interviewing, and selecting employees based on a previous assessment of the profile and skills required in the company. Moreover, they manage compensation and development programs for the company’s employees comprising trainings, skill assessment and yearly evaluations, promotion, expat programs, and general assurance of the well-being of the employees in the workplace.

References

1. Analyse insurance risk – ESCO