Difference between risk management and insurance?
Risk management is a proactive process that involves identifying and planning for different types of risks, including financial losses, reputational damage, and operational disruption. This can be compared to insuring against future damages or losses by taking preventive measures now.
Comparatively, insurance is a contract between two parties in which one party agrees to pay for damages resulting from specified events below certain thresholds at predetermined intervals in exchange for periodic payments from the other party.
Importance of Risk Management in the Insurance Industry […]
A web-based Insurance Agency Management System or AMS is a Software as a Service (SaaS) tool that can optimize the existing agency business processes and run, and help the operations effectively. It tracks details of the policy, improves agent productivity, and provides instant access to client data. It also helps in managing claims for purchasers and handling commissions for the agents. It automates multiple processes, making the agency operations quick and efficient. The agency management system allows storing a huge amount of information under a single umbrella. As a result, the agents don’t need to use multiple applications […]