When looking for a job in the insurance industry, which position would you chose as a safety professional?What is the difference between risk management and loss control in the insurance industry?
As a safety professional - you want loss control.
Risk management is all about identifying the risks, and deciding how to manage them - whether avoiding them, trying to transfer the risk to a business associate or insurance company, or assuming the risk.
Loss control is the whole safety thing - that is, you already have the exposure, you just need to try to minimize potential losses. Loss control is more ';hands on'; than the risk management, IMO.What is the difference between risk management and loss control in the insurance industry?
Risk management is the process of measuring, or assessing, risk and developing strategies to manage it. Strategies include transferring the risk to another party, avoiding the risk, reducing the negative effect of the risk, and accepting some or all of the consequences of a particular risk. Traditional risk management focuses on risks stemming from physical or legal causes (e.g. natural disasters or fires, accidents, death, and lawsuits). Financial risk management, on the other hand, focuses on risks that can be managed using traded financial instruments.
Loss control is actions that an insured person or company takes at the instigation of an insurance company in order to prevent accidents or losses.
When looking for a job, you want to look for Risk Management jobs, or possibly Safety Engineer, if you have the qualifications for it.
I think both of the above are fine, but I'm not sure anyone explained that loss control is a subset of risk management.
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