Page 33 - Insurance Times May 2020

As we know today, doctors are best risk managers who can Similarly, there are various examples when early sign of
cure his patient with his medicine. This is because doctors disease is available in the economy.
have very high credible percentage of success rate. Not only
that they are making fast progress in the modern medicine, A good risk manager should able to smell the risk and make
dealing with new cases on everyday basis. assessment about its likelihood and severity, because if the
risks are not assessed properly, the patient (Company/
So every risk managers should strive to be like a doctor and economy) can go into coma. The key challenge is the
may be called as 'Risk Doctor" rather than "Risk Managers" symptoms are not properly developed so the risk manager
It is very important to add quickly about the high success is to use his judgment based on past data/information,
rate of doctors is within their education system where they current local, global economic, demographic factors and
understand every human part of the body, various systems expected future. Based on the assessment of risk, the right
and their correlation. medicine is to be prescribed. Past information which is
available is to be converted into a probability form,
If risk managers are to be like doctors, there is a need to assimilate current information and make a good judgment
strengthen the risk management education so that they can like a doctor to prescribe right medicine. This is much easier
identify the correct disease and prescribe right medicine. said than done.

Risk Management Profession In any professional world, judgment plays a key role,
The challenges with the risk managers are higher than those therefore whether it is a lawyer or a doctor they generally
of doctors, this is because when a patient presents his develop into a good professional under an experienced
problem to the doctor, then his disease is in a "present" senior. Judgment can neither be bought nor can be learnt
form, and it is residing in his body. However, for the risk from the text books, it can only be acquired through
managers, risk is always "futuristic" and the symptoms have practical experience and guidance.
not yet fully crystallized for risk managers to fully assess the For risk managers, every practical situation is a new disease,
risk. So information available to the risk managers are far
just like doctors, that he is to address and save the client.
less than the information available to doctors which makes
his job far more challenging. Conclusion

A classic example is in December 2019 when corona virus Every risk manager should strive to be like a doctor. Doctors
just arrived, so minor risk symptoms were available. are best risk managers known till date. T

Premium Rates on Health Insurance

Insurer Plan Name Base policy Total Premium Total Premium a
Premium (`` `` `) (`` `` `) with STU1* (`` `` `) with STU1**
Aditya Birla Capital Active Assure-Diamond 7,938 10,336 8,330
Digit Healthcare Plus Maxima Restore Super 8.861 11,259 9,253
Manipal Cigna Health Insurance ProHealth - Protect 8,979 11,377 9,371
Religare Health Insurance NCB Super Premium 9,092 11,490 9,484
Star Health Insurance Medi Classic 9.661 12.059 10.053
Max Bupa Health Insurance Health Companion 9.862 12.260 10.254
SBI General Insurance Arogya Premier 10.547 12.945 10.93
HDFC Ergo Health Optima Restore 11.024 13.422 11.41
HDFC Ergo My:health Suraksha 13886 16.284 14.27
Gold Smart
Bajaj Allianz Health Infinity 115,576 17,974 15,968
Premiums are for `10 lakh sum insured on base policy and `10 lakh sum insured on super top-up (STU) policies for a 30-
year old male liming in a metro. *STU 1 is Religare Enhance; premium `2,398, **STU 2 is Liberty General Supra Super Topup
(II); premium `392, Source : www.policybazaar.com

The Insurance Times, May 2020 33