Take cover in risk management
Manish Kumar Singal

Risk management or insurance management is a career that youngsters are increasingly opting for nowadays. It is a field whose scope is widening and it promises big bucks too.

Earlier, only a limited number of companies were offering insurance cover to the common man. But with globalisation, more and more insurance companies are setting up shop in India, opening up more vistas in risk management.

Risk management is not confined to insurance. Rather, these professionals are hired by companies not only to examine the risks related to fire, thefts, accidents, sabotage, etc but also
to give advice about financial matters.

Risk managers play a vital role in a organisation as they assess the risk involved in making financial investments, undertaking new projects and also matters related to the government policies. Professionals with a good background in commerce or finance are preferred for these jobs.

Job profile

Says Deepak Chabaria, a insurance manager in a corporate house, "It is a fast growing profession owing to the rapid globalisation of the insurance and related sectors. Owing to widespread fluctuations in every field, companies need risk managers to assess the risk involved in any transaction or proposed business moves. It is a paying field."

Rajiv Minglani, another professional in the insurance sector, says, "The role of a risk management professional is to take decisions relating to financing, insurance and control of risks for a company."

These professionals work in various capacities such as risk management adviser, manager (risk management), risk specialists etc.

To be effective in this field, one has to be a good communicator, besides possessing sound knowledge of insurance matters.

The other jobs in the insurance sector are those of insurance agents, development officers, assistant administrative officers (AAOs), etc.

A risk/insurance management professional can get a minimum start of Rs 8,000 to Rs 10,000 per month plus perks. The remuneration goes up with experience in the field.

The commission of insurance agent's is linked to their performance, while development officers generally get a package of more than Rs 10,000 per month plus commission.

The minimum eligibility to become a risk manager is graduation followed by a PG diploma in insurance. There are a number of institutes that are now offering short and long-term courses in insurance management or risk management.