Insurance Engineering – What’s it all about?
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A Q&A with Jelena Colovic
What does an insurance engineer do?
Engineers in the insurance industry support the organization’s need for technical knowledge. Our main internal clients are primarily colleagues in underwriting and claims departments. Engineers support them in their efforts to provide quality products and services to their clients. This entails a deep understanding of risks, detailed risk evaluations and preventative recommendations. Beyond supporting the underwriting and claims teams, engineers spend time developing their knowledge base by exploring new opportunities in different industries, getting involved in a variety of projects that require technical knowledge, and sharing their knowledge with others.
How does an engineer help with risk management?
Through experience and understanding of the risk, engineers evaluate the insured’s operations and suggest preventative measures that can be implemented to best manage risk.
How can I be a good partner with an engineer?
Communication! Reach out, ask questions, and provide an opportunity for sharing experiences, ideas and knowledge. This is what engineering is all about. Engaging and keeping every party involved allows us to come up with solutions that otherwise may not have been found.
The theme for National Engineering Month 2022 is lifelong learning. What does the concept of lifelong learning mean to you?
Lifelong learning means understanding and actively participating in the ever-evolving world around us. We develop and grow thanks to our ability to learn. Lifelong learning recognizes that not all of our learning comes from the formal education we did in school. Early in my career, I came to realize that what I had learned in the classroom was only a small fraction of what I needed to know when I started my first job, and throughout my career. It was my ability to adapt and learn from all my experiences that has enabled me to continue to grow as an engineer and a person.
How has the engineering profession changed over the past five or ten years and how is HSB capitalizing on those changes?
Engineering is becoming more data-driven. As we explore new technologies such as the internet of things, we can see the important role that data plays. HSB is steadily getting involved in projects and products that explore new technologies and approaches to existing systems.
How can we apply engineering knowledge to everyday practices?
Engineering plays a crucial part in everyday life and very often we don’t realize that we are applying engineering principles to everything around us. Most products, gadgets and, systems that we use are designed by engineers. When we think about how something works, we are understanding the engineering approach to a problem and, knowing the solution, we understand how the design came about. While design and application are important aspects of engineering, safety and risk evaluation are also key.