Bachelor’s in Risk Management

Bachelor’s in Risk Management

A Bachelor’s in Risk Management is a degree program focusing on the professional development of individuals dealing with the insurance industry. Though students do not necessarily have to be in insurance, the program includes coursework that relates directly to the relationship between insurance and individuals or businesses. Many universities offer this program to students. Graduates emerge with knowledge of claims, risk factors and strategies to manage the risk of their clients.

What is a Bachelor’s in Risk Management?

A Bachelor’s in Risk Management is a degree in which students complete coursework relating to insurance and management of claims. These concepts are essential to the avoidance of unnecessary risk, which is the primary skill imparted through the program. Some examples of classes that you might take include these:

  • Property and Casualty Insurance.
  • Control and Operation of Insurance Policy.
  • Risk Identification and Avoidance.
  • Qualifying and Underwriting Policies.
  • Claims Management and Verification.

These courses all impart essential skills for students hoping to take on careers in the insurance industry. The skills are applicable to a range of positions that are relevant to the degree.

What Are the Benefits of Earning a Bachelor’s in Risk Management?

A Bachelor’s in Risk Management equips students with the professional and practical knowledge necessary to truly understand the insurance industry. This, along with the communication and organizational skills imparted, make the program beneficial to any student aspiring towards a career in, or adjacent to insurance. Some of the other ways in which the program can benefit graduates include:

  • Impart essential communication skills that serve nearly every position and industry.
  • Develop attention to detail from studying claims.
  • Bachelor’s degree may be a prerequisite for licensure as an insurance agent.
  • Studying risk management gives students the skills that are most essential to a successful career in insurance.
  • Participate in opportunities such as internships to further develop job experience prior to entering the job market.

These are some of the most beneficial elements of the degree, though every student will glean their own advantages from their course of study.

What Kind of Career Can You Expect With a Bachelor’s in Risk Management?

A Bachelor’s in Risk Management is tailored to aspiring insurance agents, though there are other positions relevant to its framework too. You may also find work as a claim adjuster, insurance underwriter or risk advisor.

If you pursue a position as an insurance advisor, you can expect some of the job duties to be as follows:

  • Match clients with appropriate insurance products.
  • Advise clients on strategies to minimize and reduce risk.
  • Sell life, home and auto policies to customers.
  • Handle initial interactions following a claim.

An insurance underwriter has similar but different duties that include:

  • Calculate loss potential for clients.
  • Collect premiums from clients.
  • Determine terms of policies.
  • Approve and deny applications for coverage.

There are plenty of other positions in, and related to the insurance business for graduates with a Bachelor’s in Risk Management. If you think this is the field for you, research schools, and find the right one with a risk management program.