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LOSS CONTROL SPECIALIST

What do Loss Control Specialists do?

Loss control specialists inspect businesses on behalf of insurance companies and provide loss prevention recommendations to reduce the frequency and severity of losses arising from fire, crime and liability. They are usually involved in large commercial and manufacturing risks where there are complex processes and many exposures to loss. Loss control specialists also:
  • Identify potential areas of concern - inspecting a fire prevention   system, recommending the best way to store    materials, developing supplementary computer systems and helping customers to understand their responsibilities for a faulty product.
  • Inspect risks, determining their degree of exposure to fire, crime or liability loss.
  • Report exposures to a variety of audiences and comprehension levels and recommend a course of action to reduce the frequency or severity of loss and eliminate loss exposure.
  • Help insurance companies charge appropriate premiums and reduce the potential for losses that may be caused through injury, criminal activity or physical hazards.
Some examples of roles within this field are: loss prevention engineer, loss prevention specialist, safety consultant, and risk consultant.

 Is this career for me?

Do the following statements accurately describe you?

You have the ability to communicate with others from various backgrounds
You are self-motivated, outgoing, open-minded, and enjoy learning
You are creative and analytical, with strong people skills
You are comfortable using a variety of computer applications and have excellent report writing skills
If you answered yes to these statements, then a career as a loss control specialist might be the perfect fit!

How do I get there?

A combination of the following qualifications would be helpful in gaining employment in the property and casualty insurance industry.

What should I take in high school?
A high school course plan should include grade 12 math, sciences, English and business courses. Other suggested courses of study are law and computer studies.

At a minimum, some organizations will consider a high school diploma and 1-2 years of relevant work experience (ie administrative assistant, data entry, etc) for an entry level position, with the condition that the employee will complete a Chartered Insurance Professional (CIP) or other relevant industry designation. Most, if not all, insurance organizations support their staff's continuing and professional education by providing financial support and time off for studying/writing exams.

College/University
At the post-secondary level, a minimum requirement is a college/university education in a 3-4 year technical school, but more often a degree in any engineering discipline is required. Such an education background provides a wide scope of knowledge to evaluate the physical and operational risks of properties. An applied science degree is also helpful in gaining employment.
Loss Control Specialist Postcard

 

What does the future hold?

Earning potential for this role is dependent upon education, experience, and geographic region. Much weight is given to those with specialized experience in auditing, loss prevention, risk management or other related trade experience. Many employers offer performance-linked bonuses.

Advancement opportunities are many and can entail moving into the underwriting position, becoming an insurance manager for company, or an insurance broker who places the business with insurance companies.