The insurance industry has been an important sector of the economy for many years. Businesses depend on expert risk management to survive, and graduates who excel in this field may look forward to top-tier positions. Risk management is attempting to identify and then manage threats that could severely impact or injure the organization. Generally, this involves reviewing operations of the organization, identifying potential threats to the organization and the likelihood of their occurrence, and then taking appropriate actions to address the most likely threats.
Traditionally, risk management was thought of as mostly a matter of procuring the correct insurance policy and coverage amounts. Insurance coverage usually came in rather standard packages, so people tended to not take risk management seriously. However, this impression of risk management has changed dramatically. With increasingly complex rules and regulations, employee-related lawsuits and reliance on scarce resources, risk management is becoming an essential aspect of well-managed organizations.
Online Training and Career Prospects in Insurance and Risk Management
Risk management specialists may work as financial analysts or with insurance companies as actuaries. Students trained in risk management may also work as insurance sales agents either through direct mail, phone, or Web sales operations.
The specialized career training you find in an online insurance or risk management degree program may be attractive to potential employers. With an online degree program in business or certification in risk management, you may work as a consultant or as a management analyst in corporate departments dedicated to risk management, loss prevention, operations, and accounting in a large number of different industries and sectors, both public and private.
Insurance and Risk Management Salary Outlook
The U.S. Bureau of Labor Statistics reports that the median income of financial analysts working in risk management and insurance matters, including bonuses, was $66,590 in 2006. Weekly earnings of general non-supervisory workers in the insurance industry averaged $798, while median annual earnings of actuaries were $82,800. Median annual earnings of insurance sales agents were $43,870.
An evolving business landscape has ushered in a new appreciation for the specialty of risk management education from organizations in both the public private sectors. Increasingly, organizations are realizing that they need trained specialists who can oversee a holistic approach to risk management. This increased demand will continue to drive the need for well-educated insurance and risk management specialists.