Loss Control Specialist

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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 are currently enrolled in a mathematics, computer science or engineering program at the post-secondary level
Your studies require you to use your investigative skills, read complex plans and documents while also developing your interpersonal and communication skills
You have the ability to communicate with others from various backgrounds and levels within an organization
You are self-motivated, outgoing, open-minded, and enjoy learning
You are creative and analytical, with strong customer service 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.

College/University

At the post-secondary level, a minimum educational requirement graduation from a college or university in a 3-4 year technical program, but more often a degree (PEng) 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.

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.