What They Do:
Loss control specialists plan and direct policies, procedures, or systems to prevent the loss of assets. In addition, they also determine risk exposure or potential liability, and develop risk control measures.
Why It's Important:
Loss control specialists are important because they are the individuals that go in and implement actions or procedures in order to help lower the chance of risk. By lowering the chance of risk, they are sometimes able to get consumers a better price for their premium and they help protect the insurance company from losses that can be avoided or lessened.
Identify potential for loss and develop strategies to eliminate it.
Advise managers on compliance with applicable codes, laws, regulations, or standards.
Administer systems and programs to reduce loss, maintain inventory control, or increase safety.
Train loss prevention staff, retail managers, or store employees on loss control and prevention measures.
Assess security needs across locations to ensure proper deployment of loss prevention resources, such as staff and technology
Communication/Active Listening skills
Quality control analysis
Complex problem solving
The median annual wage: $82,952
The lowest 10% ~ $67,105
The highest 10% ~ $100,862
ALCM – Associate in Loss Control Management
CRA – Certified Risk Analyst
CSP – Certified Safety Professional
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Education and Professional Requirements:
Entry-level: Bachelor’s degree
Advancement: Bachelor’s degree, many years related work experience, advanced degree
Possible career path: Loss Control Specialist > Loss Control Manager > Loss Control Executive
IIC Loss Control Specialist Profile
OII Loss Prevention Specialist Profile
InVEST Loss Control Specialist Profile
IMUA Loss Control Overview
Meet a Loss Control Specialist
Inland Marine Underwriters Association Career Path Video