Insurance and Risk Management
Does the management of risk and probability of occurrence of disasters fascinate you? Do you have an eye for complexity, and a head for figures? Are you analytical, focused, with good attention to detail? Are you a good communicator with excellent people skills? If so, this field may be for you.
Wits is unique in offering professional development in this field outside of actuarial science studies. There is a high demand for graduates with this knowledge in senior management positions within this industry. As financial service organisations broaden their products and services in the market, demand for this specialisation is spreading into other industries such as banking and medical aid.
Insurance is the way that companies and individuals protect themselves against the risk of loss, and loss itself. The loss may involve property, life, health or income. Risk management refers to the way that risks are identified, assessed and prioritised, and the means used to minimize, monitor and control the threat that unfortunate events can pose.
There are many specialised roles within insurance and risk management. Insurance brokers guide their customers (individuals or companies) to identify the type and level of insurance they need, and buy the most suitable policy. Other roles include: underwriting - evaluation of risk to price types of insurance (property, health, professional and life); claims adjustment and actuarial science.
There is a high level of specialisation in this field, leading to a number of career options including insurance broker, appraiser, asset manager, actuary, claims adjustor, compliance officer, customer service representative, financial advisor, insurance analyst, sales representative, underwriter and more. IRM professionals work for insurance companies, general organisations, banks or freelance.