risk management saving undue claims

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PostPosted: Thu Mar 05, 2009 12:24 pm   Post subject: risk management saving undue claims  

It is assumed that the the risk management in the business is always reviewed by an insurance expert, besides history and the nature of occupation. This form a useful part of claims in case of injury, as the companies do not want to to fund the risks due to careless issues. Can anyone elaborate on what is the procedure in a generic way, to review the risk management undertaken by the company? e.g. safety records, recognition of property damage, property loss etc. in view of the insurer agency.

VIJAYRAJ
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PostPosted: Fri Mar 06, 2009 8:57 am   Post subject:   

Hey, isn't risk management synonymous to underwriting in insurance business? The underwriters are the professionals who decide about the worth of undertaking certain risk. The underwriters would prevent the insurance company from insuring bad businesses.


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PostPosted: Fri Mar 06, 2009 12:16 pm   Post subject:   

this risk evaluation is part of the business viability process. i won't think any special attention from insurance expert is needed when it comes to finance or start a new business.



Surely in case of insurance companies there is lot of jargon which is subject matter of actuarial science.They deal with this kinda subject in a good manner. Wink



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PostPosted: Fri Mar 06, 2009 1:35 pm   Post subject:   

Quote:
The underwriters would prevent the insurance company from insuring bad businesses.


I guess the underwriters today have electronic soft wares wherein they put the financial data associated with the prospect. These soft wares are fast, accurate and ensure data security. Such information really helps them ascertain the risks associated with their prospective clients' business operations.

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