As the cost-of-living crisis continues to hit both individual consumers and businesses, it’s more important than ever for insurance brokers to understand the potential risks their clients could face and the appropriate insurance policies for them to be taking out.

“Insurance professionals can often focus purely on insurance products to manage risk,” says Lisa Caton, learning specialist at ANZIIF.

“Risk management is not only about what insurance products will be right for clients, it’s also about understanding that risk is natural and manageable. Not all risk is bad when an organisation has a risk mindset.”

Deniz Bekir, principal engineer and building consultant at Silver Wolf Projects adds that as a business, you don’t buy insurance to make money. “You buy insurance to save you money at that time of loss,” Bekir says.

The skills of risk management

Bekir and Caton were both involved in the development of a real world-based case study for ANZIIF’s pilot Insurance Risk Management Study Course run last year.

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