Insurance Process Flow


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Risk Management Techniques

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Four basic risk management techniques are Avoidance -  Whenever an organization/individual does not posses the capacity to handle the risk while ensuring a high degree of safety, it should choose avoidance as a risk management technique. Loss Control/Risk Reduction-  Loss Prevention &  Loss Reduction Ø Retention -  This is used when either the organization/individual possesses the capacity to face the consequences of risk or has no other option to mitigate risk. Risk Transfer-   Risk sharing involves sharing risk with another organization through a contract.  Guess what type of risk management technique is insurance!!! „
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Insurance Glossary

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