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?

The following qualifications may be required for a career as a loss control specialist. Do these statements describe you?

A college diploma, or university degree, is an asset (For some positions, a technical degree is required)
Ability to communicate with others from various backgrounds and levels within the organization
Self-motivated, outgoing, open-minded and open to learning
Attention to detail and adaptable in a variety of situations
Analytical, with excellent report writing skills
Computer proficiency

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 variety of skills sets are necessary within the Loss Control Specialist profession. Your experience in one of the fields listed can lead you to a successful career in the insurance industry.

Manufacturing:

Your intimate knowledge of the manufacturing industry and its processes and risks, make you an excellent fit for this career. Some additional technical education may be required and an increased knowledge of insurance fundamentals can help you to succeed in this role - set a goal to take the General Insurance Education (GIE) certificate, Risk Management Certificate, or the Chartered Insurance Professional (CIP) designation offered by the Insurance Institute while you are working in the industry.

Environmental Science:

Your experience working in the environmental science industry allows you to properly identify the environmental risks to which companies may be exposed. Your investigation and research skills suggest that you are thorough and you have experience preparing and delivering reports. A greater understanding of insurance fundamentals will also help you to excel in this role - set a goal to take the General Insurance Education (GIE) certificate, Risk Management Certificate or the Chartered Insurance Professional (CIP) designation offered by the Insurance Institute while you are working in the industry.

Civil Engineering:

Your knowledge of planning, design and building of infrastructure, buildings and homes allows you to see the risks inherent in each. This may make you an excellent candidate for a role as a Loss Control Specialist.A greater understanding of insurance fundamentals will also help you to excel in this role - set a goal to take the General Insurance Education (GIE) certificate, Risk Management Certificate or the Chartered Insurance Professional (CIP) designation offered by the Insurance Institute while you are working in the industry.

Mechanical Engineering:

You have detailed knowledge of manufacturing and can identify the risks within the operating processes, which may make you an excellent fit for the role of Loss Control Specialist. A greater understanding of insurance fundamentals will also help you to excel in this role - set a goal to take the General Insurance Education (GIE) certificate or the Chartered Insurance Professional (CIP) designation offered by the Insurance Institute while you are working in the industry.

Chemical Engineering:

Your knowledge of the manufacturing, chemical, energy and environmental industries, along with the risks inherent in each, can make you a great candidate for the role of Loss Control Specialist. A greater understanding of insurance fundamentals will also help you to excel in this role - set a goal to take the General Insurance Education (GIE) certificate, Risk Management Certificate, or the Chartered Insurance Professional (CIP) designation offered by the Insurance Institute while you are working in the industry.

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.