Course Introduction

Today, all people and businesses face a vast number of risks and threats that affect well being and surviving.   The continuous and rapid change of the business environment (environmental, climate, technological, economic, social, demographic, etc.) constantly create new and complex risks that need continuous and professional handling and management skills in general. This requires further learning and training of professionals in effective risk management applications, and the selection of the most suitable insurance plans.

Insurance is a way of transferring risk, and it is used as the risk reducing way for People and Corporates to achieve financial protection.  Nobody owns and drives a car without motor insurance, and while your liability as a private or professional body may not require that you have indemnity protection, would you really consider leaving these risks unprotected?  Would you risk your family’s well-being in case of an unexpected tragic event? Insurance is largely untroubled by economic downturns since many insurance products are a necessary part of our multi-risk lives. Insurance is no different from any other business opportunity. But it also comes with some unique considerations. 

This Insurance and Risk Management training course will highlight:

• The ways of handling risks based on willingness to tolerate risks
• Risk management into the business decision-making process
• The process of risk management
• The usefulness of Insurance for People and Corporations
• Concepts, principles, and legal issues of insurance
• The various types of Insurance Products and their usefulness

Objectives

At the end of this Insurance and Risk Management training course, you will learn to:

• Apply concepts of insurance
• Analyze and assess business risks
• Handle risks and implement protective measures
• Explain various types of insurance
• Design a risk management framework

Training Methodology

The 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

Organisational Impact

Attending this Insurance and Risk Management training course, the organization will benefit the most by:

• Protecting their businesses or organizations from exposure to various types of risks
• Implementing risk management procedures to help identify possible threats
• Selecting the most appropriate insurance plans as risk transfer for the organisation
• Applying assessment techniques to control risk and insurance plans
• Designing business continuity models

Personal Impact

This Insurance and Risk Management training course will provide trainees with the skills and techniques in insurance and risk management issues and in particular:

• Build a skillful Insurance and Risk assessment framework
• Handle the sources of risk in the business
• Decide options on various risks and insurance plans
• Define the purpose, framework, and criteria for risk management
• Apply risk and insurance methods to business reality

Who Should Attend?

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

Course Outline

DAY 1:

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 2:

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 3:

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 4:

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 5:

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