The ultimate aim of any modern corporate is growth with profit maximization. Growth is the first and foremost characteristic of nature and its products which include modern societies with all their industrial, agricultural and service sectors and above all the research organizations to cater to the needs of primary, secondary and tertiary sectors. Governed by the laws of the universe and nature, societies, markets and above all human life are in the constant churn of development in the realm of creativity and innovativeness.

Concept of risk is hardly taught during our schooling. The closest we come face to face with risk is when we face admonitions for over reaching beyond our capabilities. We grow up without the feel and understanding of risk! Our education orients us to functional capabilities and making a career of it. In our professional life this has the effect of directing attention towards operational issues to the neglect of conscious attention to risk issues. This article confer the risk management practices followed in insurance industry.

I have never let my schooling interfere with my education. The insurance industry in India, in the past, offered contracts on unilateral basis. Standard wordings, universal rates of premium and the last word on claims were all with the insurer alone. Pre-sale service was hardly noted. There was no evaluation of risk factors. Renewals often took place based on sum insured information.

Post sale indifference was manifested when a claim occurred. Need for documents, survey requirements and processing of settlement evidenced the level of customer care or the lack of it. Changes in risk during the policy period often went unattended. These resulted in a mind set of indifference to insurance and risk, reinforced further by absence of any kind of learning about risk.

New Standards in Risk, Retention in Insurance, insurance, capabilities, education, industry, customer, evaluation, admonitions, management, service, Renewals, premium, making, claims, Changes.