Risk and insurance is a noble profession because you are helping to protect people and property from catastrophic loss. This article delves deeper into your role as a risk professional and why you and your family should be proud of your career choice.
Risk management is a process for keeping bad things from occurring, minimizing the impact of those that do happen, and providing for a financial recovery from them. Boiled down to its essence, risk management is about saving lives, minimizing property damage, and helping people and businesses avoid financial ruin. There is no more noble cause than this!
Risk management is an involved process, and insurance is arguably the most complicated tool used in that process. Thus, it takes a lot of knowledge to do risk management right. In the United States alone, there are over 2.5 million people engaged in the noble cause of risk management (i.e., working in risk management and the property-casualty insurance industry). You are (or soon will be) one of these risk professionals.
Unfortunately, the insurance industry has a less than stellar reputation, largely because the general public doesn't understand insurance and the important role it plays. Without insurance, our economy could not function as it does.
Lenders would be much more cautious about extending loans to build homes or buildings, buy autos, or other purposes without the reassurance that the property—the collateral for the loan—is insured against fire and other perils. Without insurance, businesses, people, and local economies couldn't recover from natural disasters such as floods, hurricanes, tornadoes, earthquakes, and wildfires. Without insurance, businesses wouldn't have the resources to defend themselves when their products or services are accused of injuring others—or the resources to pay the damages when the allegations result in settlements or court awards. Without the no-fault workers compensation system and insurance to fund it, injured workers would have to sue their employers to get help with medical bills and lost wages, and their employers might not have the funds to pay if they lost the suit.
These are just a few examples of the important role insurance plays in our economy and in people's lives. The important point here is that, as a risk professional, you are helping to protect lives and livelihoods. You are helping the economy function smoothly and efficiently. You are doing good work that helps people. You should be very proud of the role you play in our society. Take the time to explain the important role the industry plays to your family and friends. They should be proud of you, too.
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