Social Insurance and Risk Management

Introduction

Understanding the nature / costs of risk, the purpose and scope of social insurance, the point at which private insurance takes over and the balance between protecting disadvantaged people, affordability, fairness to taxpayers, incentives to save, the elimination, mitigation, transfer of risks, the needs of business, wealth creation and insurance product design, is essential.

Within the spectrum of risks there are those which because of their contingent and unpredictable nature cannot be insured against and there are others which because of cost make it difficult for many to afford the premiums, (57% of Americans do not earn enough to even pay income tax and many others in the UK and Europe also  earn very little). This is where social insurance comes into play.

Individuals, insurance professionals and other professionals involved on tax, pensions, health & unemployment provisions, actuaries and risk consultants, all need to consider the appropriate balance  of private and public sector social insurance provision that delivers inter-generational fairness, fairness to taxpayers, mitigation of hardship for the disadvantaged whilst preserving incentives to work, business and saving.

Sensible financial and risk planning, social insurance policy-making calls for the reliance on privately funded provision to be greatest within the groups most able to afford it with social insurance taking up a bigger proportion of protection for those genuinely unable to provide for themselves. Understanding where one set of provision stops, income distribution / savings ratios and demographic trends determines the nature of private insurance provision and its design whilst risks determine underwriting and claims policies.

This GLOMACS Social Insurance and Risk Management training course on the role of  will highlight:

• How and Why Social Insurance Came Into Being, It’s Nature, Purpose and Limitations
• The Main Social Insurance Programmes and Their Benefits and Trends
• Where Purchased Insurance Provision Comes In
• Risk / Risk Management By Individuals
• Risks To Businesses / Other Organisations / Risk Management Processes and Frameworks
• Government’s Role Within Risk Management / Social Insurance Design / Political Considerations to Consider
• Emerging Risks / Opportunities For Insurers
• Prudent Financial / Risk Planning for Different Classes of Individuals

Objectives

At the end of this GLOMACS Social Insurance and Risk Management training course, you will learn to:

• Understand Different Types of Risk, How to Mitigate Them and Where Social Insurance Fits into The Puzzle
• Identify the Main Programmes Under Social Insurance (Their Scope and Limitations)
• Long Term Social Insurance
• Emerging Trends and Threats
• Understand The Political, Sociological and Financial Drivers Behind Social Insurance
• Know Which Insurance Products To Create, Market and Sell to Which Markets (B2C / B2B / B2Other)
• Understand Which Insurance Products Have Most Traction in Completing Risk

Training Methodology

A  mixture of narratives, charts, diagrams, matrices in colour and black and white will be used along with NLP style hypnotic language patterns, case study examples, practical exercises and dialogue / discussion with the instructor.

Each topic will have a bullet-pointed summary at the end and for those wishing to compliment learning beyond the course there will be self- administered test, where applicable and practicable.

Organisational Impact

This Social Insurance and Risk Management training course on Social Insurance and Risk Management will deliver the following:

• Enhanced organisation wide understanding of risk and social insurance
• Improved and more relevant and precisely targeted  private insurance marketing
• Optimised underwriting and claims processes
• Greater profitability and more funds under management
• Better employee engagement and productivity
• Improved organisational reputation, image, brand value and corporate value

Personal Impact

Course participants on this Social Insurance and Risk Management training course will:

• Gain highly marketable knowledge about social insurance, private insurance and risk
• Hone their existing skills in risk, niche marketing of insurance products and intangibles
• Develop new decision making / policy making skills relevant to social insurance
• Sharpen critical thinking abilities around ambiguity / complexity / finely balanced initiatives
• Become more useful, trusted and valuable employees with better judgement
• Learn how to think strategically and interact with a broader range of people