In today's world, both individuals and businesses face numerous risks and threats that can impact their well-being and survival. The rapid and constant changes in the business environment—such as environmental, climate, technological, economic, social, and demographic factors—generate new and complex risks that require ongoing and professional management. This highlights the need for continuous learning and training in effective risk management strategies, as well as the selection of appropriate insurance plans.
Insurance is a means of transferring risk and serves as a crucial tool for people and businesses to safeguard their financial security. Just as you wouldn’t drive a car without motor insurance, it’s important to consider whether leaving risks unprotected—whether personal or professional—is a wise decision. Insurance remains largely unaffected by economic downturns, as many insurance products are essential to managing life’s uncertainties. Though insurance is like any other business opportunity, it comes with its own unique considerations.
This Insurance and Risk Management training course will focus on:
- Approaches to handling risks based on the willingness to tolerate them
- Incorporating risk management into business decision-making
- Understanding the risk management process
- The role of insurance in protecting individuals and corporations
- Key concepts, principles, and legal aspects of insurance
- Different types of insurance products and their benefits
By the end of this Insurance and Risk Management training course, you will be able to:
- Apply key insurance concepts effectively
- Analyze and assess business risks accurately
- Manage risks and implement appropriate protective measures
- Understand and explain the different types of insurance
- Design and implement a comprehensive risk management framework
The Energy training method is face-to-face training, since the nature of the program requires the physical presence of the trainer to engage trainees in understanding, practicing, and discussing how to explain the topics. This training course will use, Lecture with explanations and discussion, case study on the practical application of the knowledge gained, exercises and group work for better understanding
By attending this Insurance and Risk Management training course, the organization will benefit by:
- Safeguarding the business from various types of risks
- Establishing effective risk management procedures to identify potential threats
- Selecting the most suitable insurance plans for risk transfer
- Using assessment techniques to control risk and optimize insurance coverage
- Developing business continuity models to ensure resilience during disruptions
This Insurance and Risk Management training course will equip participants with the essential skills and techniques to address insurance and risk management challenges, including:
- Developing a robust insurance and risk assessment framework
- Managing various sources of risk within the business
- Evaluating options for different risks and selecting appropriate insurance plans
- Defining the purpose, structure, and criteria for effective risk management
- Applying risk management and insurance strategies to real-world business situations
Insurance and Risk Management are technical based sciences, and both need specific professional techniques to be understood and implemented.
This Insurance and Risk Management training course is suitable to a wide range of professionals but will greatly benefit:
- Insurance and risk employees working in risk, underwriting and claims departments
- Supervisors and managers of business departments dealing with risk and insurance for their organisations
- Insurance employees dealing with reinsurance
- Those interested in acquiring insurance knowledge and skills as a complementary job to their main activity
Day One: Risk in our lives
- Purpose framework and criteria of risk analysis
- Types of Risk
- The meaning of uncertainty and risk
- The risk assessment
- Identification of risks
- Risk analysis and classification
Day Two: Insurance Perils and Hazards
- Definition and objectives of insurance
- Suppliers and intermediaries: other channels of insurance distribution
- The common fund – functions of insurance
- The terms “peril” and “hazard” and the insurability
- The policy contract, the proposal, and other insurance documents
- Underwriting procedures, claims handling, and indemnification
Day Three: Risk Management Standards
- Principles of risk management
- The risk management process
- Avoidance - elimination - reduction and acceptance of risks
- Transfer of risk – insurable and uninsurable risks
- Recording and reporting - communication and consultation
- Monitoring – review - evaluation
Day Four: Operations and Regulations of Risk and insurance
- Reinsurance and coinsurance
- The principles of utmost good faith: insurable interest and the proximate cause
- The insurance law, licensing, and intermediary registers
- Solvency and capital requirements
- The code of ethics of insurance
- Information obligations of insurance
Day Five: Insurance Needs and Products
- How does insurance work?
- Insurance needs for holistic plans
- Life and savings sector
- Property and casualty sector
- General liability sector
- Personal insurance sector – accidents and health