Insurance Benefit Managers (IBM) or Analysts help analyze a set of potential causes that may lead to loss or accident. From there, they advise firms on identification and implementation of preventive measures. They also devise plans to minimize damage and costs in case the firm suffers a loss. This includes insurance purchases.
Insurance Benefit Managers also coordinate loss control systems for businesses and organizations which might span through emergency evacuations and disaster recovery plans. The professionals are also responsible for the purchase of insurance programs.
Claim Management & Loss Control
Insurance managers also help in the management of claims and loss control activities. At times, they might also need to broker deals with third-party insurance providers like insurers and brokers.
In all, IBMs need to pan through a wide range of responsibilities like identifying exposure, recommending solutions, preventing losses and monitoring compliances with insurance procedures alongside the management of risk manuals.
Insurance Benefit Managers might work directly with large organizations or may work as independent consultants to provide insurance benefit as well as risk management services.