Are you analytical, resourceful and able to develop solutions to complex problems?
What do they do?
Loss Control Specialists work on behalf of insurance companies to reduce the frequency and severity of policyholder losses. They inspect the operations of those applying for coverage, analyze historical loss and claims data, assess the possibility of future losses, and make recommendations to mitigate potential risks.
Why is it important?
Loss Control Specialists’ recommendations, which are based on comprehensive analysis, can significantly reduce the probability of loss for an insured and therefore the carrier. This is often a service provided by a carrier as a matter of course to their policyholders, as it is in their mutual interest to control and minimize risk.
- Conduct a comprehensive assessment of the insured’s operations, examining existing and potential risks
- Identify and further analyze potential areas of concern and determine the degree of exposure
- Develop a plan of action to mitigate risks
- Report on their findings and recommended actions
- Complex Problem Solving
- Quantitative Analysis
- Good Judgment and Decision Making
- Time Management
Education and Professional Requirements:
- Entry-level: Bachelor’s degree
- Advancement: Bachelor’s degree, many years related work experience, advanced degree
Possible career path: Loss Control Specialist > Loss Control Manager > Loss Control Executive
- IIC Loss Control Specialist Profile
- OII Loss Prevention Specialist Profile
- InVEST Loss Control Specialist Profile
- NAPSLO Loss Control Specialist Overview
- IMUA Loss Control Overview
- Meet a Loss Control Specialist
- Inland Marine Underwriters Association Career Path Video
- NAPSLO Career Video
- The Institutes: Associate in Risk Management (ARM)