General Insurance companies require engineers to assess the risk exposure. Most preferred engineers are those who have already worked in a manufacturing unit and have hands on knowledge of insurance as well, however these requirements don’t meet all the times. The engineers working in the insurance companies are mostly mechanical, chemical, electrical and electronics engineers. Recently the fire engineers have also started showing interest in working for insurance companies.
The job is to visit the plant or any occupancy that the underwriter wants to know the exposure about. The engineer is told the information that he has to collect from theplace where there is an opportunity to insure a property (which is commonly known as risk). The information includes fire fighting details, property details i.e. the type of occupancy, details of flammables and combustibles handled, previous claim details, safety management system, exposure to natural perils etc.
It depends upon the insurance company policies that how much visits the engineer gets in a month. Generally the financial year ending i.e. from January to March, the period is full of inspections for almost every company. There are some companies that require inspection for every risk, while there are some that have a set limit above which they ask the engineer to carry out the inspection.
Abenefit of such job is that a person remains updated and gets to know something of every plant but at the same time his knowledge is always superficial. He knows something of every plant but not everything of a single plant. It has been observed that those who join as risk engineers after 5 or 6 years plan to switch to the profile of an underwriter.
With the age and bigger responsibilities it feels ridiculous to some people at times that whenever there is a call they have to run to some other town at whatever time. The other thing is that the growth in the risk management department is limited to the department head only. It is rare that a person from the risk management becomes a CEO of the company.
There are careers for engineers in general insurance companies but it depends what field they chose. There are engineers handling sales, motor claims, fire claims, underwriting etc. There are limited companies in India at present so the chances to switch the job are also not that much as in the manufacturing sector.