Professionals in Insurance Flashcards
Underwriters
Task of UW is to manage the common pool in order to make a profit, asseses risks coming into the pool and calculates premiums.
Claims personnel
Deal with claims, assess fraud, reserve and settle in the most effective way.
Loss Adjusters
Acts for the insurer as an expert in processing claims. Ivestigates circumstances around claims, faciliates any emergency measures like AA and makes recomendations to the insurer re settlement, suppliers etc.
Loss Assessors
Acts for the customer (i.e. customer appoints them to deal with the claim on their behalf).
Surveyors and those providing forensic services
Surveyors carry out a range of functions relating to risk assessment.
Forensic investigators help investigate causes of claims and gather evidence.
Actuaries
Use stats to analyse risk, forecast future events and look at the probability of loss. Play a key role in meeting a companies solvency requirements (i.e. ensuring we don’t go bust!).
Risk Managers
Responsible for managing risk within the business, may are members of AIRMIC.
Compliance Officers
Compliance Officers are a regulatory requirement (FCA & PRA) and must report to the board of directors (UKET). Main role is to ensure the company abides by the rules set out by regulators.
Internal Auditors
Work within companies to monitor/evaluate how well risks are being managed. Unlike external auditors they look beyond fiancial risks and consider wider issues regarding the companies repuation. Also play a key part in solvency by assessing the reliability of financial reporting etc.
