The insurance industry is based on a number of intangible factors, one of the primary ones being risk. Consumers and companies employ insurance institutions to protect themselves or their organizations against many different kinds of risks that come along in life: major financial loss, poor investments, sudden or gradual declines in health, natural disasters, equipment failure, accidents, and more. Through an insurance company, we may be able to protect ourselves from these expected and unexpected risks. The insurance company must assess these potential risks in order to know how to best provide their services. The factors that can influence a risk change dependent on the industry.
As a risk management consultant, MBA grads may have the opportunity to apply techniques from grad school to advise business owners on everything from employee benefits to liability insurance recommendations. Banking, investment, and other financial institutions might employ risk management specialists to analyze the kind of risk involved in corporate transactions and operations. And naturally, the insurance industry utilizes the expertise of MBA risk management specialists to conduct a number of different objectives within the sector. Job responsibilities might include management positions, overseeing field inspectors, or could involve risk assessment in the form of client analysis and reporting.
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