What does a risk and insurance consultant do?
A risk and insurance consultant is a person whose job is to advise organizations and companies on what might happen in the future and how to deal with it. They advise the management on the next steps and possible outcomes. A risk and insurance consultant does research and calculations and uses that to predict or solve financial or risk issues.
Risk and insurance consultant responsibilities
Here are examples of responsibilities from real risk and insurance consultant resumes:
- Manage litigation through appropriate selection of counsel, developing strategic action plans a while monitoring an active trial calendar.
- Implement the forecasting models in SAS.
- Monitor business line compliance to credit policy, exceptions to policy, underwriting standards and portfolio management.
- Identify and capture risk factors, including idiosyncratic and macroeconomic to support capital assessment, portfolio management and business decisions.
- Define and document a new application architecture which load client databases with properly format data using in-house develop Java ETL applications.
- Process subpoenas, arrange depositions, process statutory requests for medical records and review medical records prior to depositions.
Risk and insurance consultant skills and personality traits
We calculated that 7% of Risk And Insurance Consultants are proficient in Financial Services, Risk Assessments, and Portfolio. They’re also known for soft skills such as Interpersonal skills, Time-management skills, and Problem-solving skills.
We break down the percentage of Risk And Insurance Consultants that have these skills listed on their resume here:
- Financial Services, 7%
Supported a range of financial services clients in the New York City region.
- Risk Assessments, 7%
Performed objective risk assessments over key processes and provided recommendations to assist the business with improving internal controls.
- Portfolio, 6%
Identified and captured risk factors, including idiosyncratic and macroeconomic to support capital assessment, portfolio management and business decisions.
- PowerPoint, 6%
Created PowerPoint presentation for the Board of Directors on Risk and Gap Analysis findings.
- Internal Audit, 4%
Provided internal audit support focused on a technology firm's financial reporting processes in a post-merger environment.
- SAS, 4%
Used MS Excel, SAS, SPSS and XL-STAT to design, maintain and update project data management systems.
"financial services," "risk assessments," and "portfolio" are among the most common skills that risk and insurance consultants use at work. You can find even more risk and insurance consultant responsibilities below, including:
Interpersonal skills. The most essential soft skill for a risk and insurance consultant to carry out their responsibilities is interpersonal skills. This skill is important for the role because "management analysts work with managers and other employees of the organizations for which they provide consulting services." Additionally, a risk and insurance consultant resume shows how their duties depend on interpersonal skills: "risk presentations and safety training regulatory compliance, including osha compliance interpersonal communication skills and ability to interact consultations. "
Time-management skills. Another soft skill that's essential for fulfilling risk and insurance consultant duties is time-management skills. The role rewards competence in this skill because "management analysts often work under tight deadlines and must use their time efficiently to complete projects on schedule." According to a risk and insurance consultant resume, here's how risk and insurance consultants can utilize time-management skills in their job responsibilities: "designed a sharepoint page detailing project information to help leads and teams track deadlines and risks. "
Problem-solving skills. risk and insurance consultants are also known for problem-solving skills, which are critical to their duties. You can see how this skill relates to risk and insurance consultant responsibilities, because "management analysts must be able to think creatively to solve clients’ problems." A risk and insurance consultant resume example shows how problem-solving skills is used in the workplace: "serve on a team of experienced advisors responsible for providing financial risk management solutions to large financial institutions. "
Analytical skills. For certain risk and insurance consultant responsibilities to be completed, the job requires competence in "analytical skills." The day-to-day duties of a risk and insurance consultant rely on this skill, as "management analysts must be able to interpret information and use their findings to make proposals." For example, this snippet was taken directly from a resume about how this skill applies to what risk and insurance consultants do: "created safety programs, conducted loss analysis, delivered employee safety training, identified hazards, and performed accident investigations. "
Communication skills. Another common skill required for risk and insurance consultant responsibilities is "communication skills." This skill comes up in the duties of risk and insurance consultants all the time, as "management analysts must be able to convey information clearly in both writing and speaking." An excerpt from a real risk and insurance consultant resume shows how this skill is central to what a risk and insurance consultant does: "utilize key business analysis and risk management principles while directing client in establishing risk management platform within telecommunications industry. "
The three companies that hire the most risk and insurance consultants are:
- FTI Consulting2 risk and insurance consultants jobs
- Federated Life Insurance Company2 risk and insurance consultants jobs
- U.S. Bank1 risk and insurance consultants jobs
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Compare different risk and insurance consultants
Risk and insurance consultant vs. Adjuster
An adjuster is responsible for evaluating the extent of loss in the company by calculating the damage costs, determining the settlement payment to the client, and managing the reputation of the company for claims accountability. Adjusters must have extensive knowledge of the insurance principles and processes, following the state and federal regulations to protect clients and the business from insurance fraud. They collect documents from different organizations, perform field research, and interview witnesses to verify the accuracy of claims statement.
While similarities exist, there are also some differences between risk and insurance consultants and adjuster. For instance, risk and insurance consultant responsibilities require skills such as "financial services," "risk assessments," "portfolio," and "powerpoint." Whereas a adjuster is skilled in "customer service," "strong customer service," "liability claims," and "policy coverage." This is part of what separates the two careers.
Adjusters tend to make the most money working in the insurance industry, where they earn an average salary of $50,894. In contrast, risk and insurance consultants make the biggest average salary, $89,403, in the insurance industry.The education levels that adjusters earn slightly differ from risk and insurance consultants. In particular, adjusters are 15.8% less likely to graduate with a Master's Degree than a risk and insurance consultant. Additionally, they're 1.8% less likely to earn a Doctoral Degree.Risk and insurance consultant vs. Subrogation specialist
As a Total Loss Specialist, your job will involve appraising the damage and determining the salvage value on the total-loss vehicle. You will be tasked with examining the damaged vehicle to ascertain the extent of damage done to its body and structure and other mechanical, electrical, and internal damage. You'd also have to arrange with another appraiser to resolve any disagreement with the shop on the cost of repair after determining the extent of the damage to the vehicle.
In addition to the difference in salary, there are some other key differences worth noting. For example, risk and insurance consultant responsibilities are more likely to require skills like "financial services," "risk assessments," "portfolio," and "powerpoint." Meanwhile, a subrogation specialist has duties that require skills in areas such as "insurance carriers," "arbitration," "subrogation claims," and "workers compensation." These differences highlight just how different the day-to-day in each role looks.
Subrogation specialists earn lower levels of education than risk and insurance consultants in general. They're 16.5% less likely to graduate with a Master's Degree and 1.8% less likely to earn a Doctoral Degree.Risk and insurance consultant vs. Total loss specialist
Typically working for insurance companies, a property adjuster specializes in inspecting property damages to assess and determine a company's financial obligations. Their responsibilities revolve around reaching out to clients through calls and correspondence, arranging appointments, gathering and verifying data, and traveling to different locations to meet with clients. They may also negotiate settlements and authorize payments in adherence to the company's policies and regulations. Furthermore, as a property adjuster, it is essential to have a deep understanding of property costs to ensure the accuracy of claims.
There are many key differences between these two careers, including some of the skills required to perform responsibilities within each role. For example, a risk and insurance consultant is likely to be skilled in "financial services," "risk assessments," "portfolio," and "powerpoint," while a typical total loss specialist is skilled in "customer service," "hr," "inbound calls," and "insurance claims."
When it comes to education, total loss specialists tend to earn lower degree levels compared to risk and insurance consultants. In fact, they're 17.4% less likely to earn a Master's Degree, and 3.0% less likely to graduate with a Doctoral Degree.Risk and insurance consultant vs. Property adjuster
Types of risk and insurance consultant
Updated January 8, 2025
