An insurance company risk assessment is a document which outlines the conclusions formed by the investigations of a committee specifically set up to analyse the potential risk factors related to an insurance company. The insurance company risk assessment is conducted by a team or panel of senior insurance consultants and is comprised of exhaustive surveys done to assess the potential risk factors of a certain insurance company.
This is a crucial document and must be carefully compiled. The report must be well represented and tabulated, and all the necessary data must be provided. The insurance company risk assessment must be thorough and comprehensive and care should be taken to avoid errors or mistakes of assimilation.
Sample Insurance Company Risk Assessment
Date: 19th June 2012
This is an insurance company risk assessment conducted by Gensen Pvt. Ltd., under the leadership of Matthew Hayward, Senior Insurance Consultant after the collapse of a major American insurance company due to a crash of customer database.
The following results have been obtained from the insurance company risk assessment represented as an extract:
- The breakdown in the computer data system, which was the result of a technological overhaul, resulted in loss of major data and information. This has led to a complete collapse of the insurance company’s daily operations, creating confusion and irrecoverable loss of patronage.
- This can be combated by creating data backup, which can be resorted to in case of emergencies. The primary job of the customer management department or HR department of the insurance company should thus be the creation of a data base which is sufficiently backed up to protect it from all contingencies.
- The insurance coverage rates of a standard American insurance company should be in conformity with those of the competitors. Exorbitant rates can lead to loss of customers as was seen in the case of the company mentioned above which collapsed.