Page 43 - Insurance Times July 2023

Risk Management

and Insurance –

The Future career

scope Dr C. Madhavi Prasad

Associate Professor,
OB & HR Areas,
Institute of Insurance & Risk Management,

The risk management occupation, and especially the RM&I industry, ensure persons and
businesses’ economic success by effectively & efficiently managing their risks. All sections of this
industry are seeking talented people to fill the channels. The reason, this career take advantage
of talents, offers variety, flexibility, above average growth prospects.

his RM&I industry will exists until businesses exists. market conditions or political uncertainties etc. Nevertheless,
T The importance of it has a place in economy as it the pandemic has brought to the fore an entirely new set of
organizations live in an unstable environment. It
challenges for managers. In such a development, a unified
approach toward risk management is critical to identify
is therefore true that risk management is the need
of the day to live in a world that challenges businesses on potential risks, and tackle the uncertainties associated with
every juncture of growth path. To thoroughly evaluate risk the business at all levels.
and suggest adequate risk management measures to either
eliminate the risk or reduce the negative financial impact of The risk management occupation, and especially the RM&I
the risk to a substantial extent is the need of the day. industry, ensure persons and businesses’ economic success
by effectively & efficiently managing their risks. All sections
Businesses have changed dramatically after the COVID 19 of this industry are seeking talented people to fill the channels.
phase, forcing organizations to take a relook at their business The reason, this career take advantage of talents, offers
strategies, including how they manage their prosperities, variety, flexibility, above average growth prospects.
making firms to engage in more risky business and
investments. It has required many businesses to undergo a According to a recent survey published by, U.S. Bureau of
severe reality check, and learn new ways to adapt to the Labour Statistics, majority of insurance experts are 55+ years
new reality and ensure business continuity. This new phase is of age and are planning to retire soon. One-third of insurance
unconceivable without insurance cover, because without such C suit jobholders are between the ages of 55 and 64 and that
financial cover, businesses would not be able to bring new 50% of the insurance workforce will retire by 2028. Businesses
ideas and products to market. are looking for young talent. The RM&I industry provides
employment to more than 2.3 million people in America –
In Pre- Covid era, the risks that arose were common and more than Google, Facebook, Apple, Twitter and Yahoo
foreseeable, mostly related to cost, performance, processes collective. India is no behind. There is an average growth of
and schedules, or they were external risks such as altering 1.31% in the employment of risk managers (Source:

38 July 2023 The Insurance Times