Definition of Insurance Management

Insurance management is a non-technical term used to describe insurance brokers and providers and the insurance products they offer buyers. Insurance providers sell various insurance solutions to business and consumer buyers.

Insurance products are available to protect consumers and businesses seeking risk management benefits. Businesses buy insurance to protect their businesses from business loss and customer claims. Consumers buy insurance to cover losses of valuable items like homes, cars, boats, jewelry and many more.

Three types of providers exist within the insurance management sector according to Wise Geek. They are "insurance brokers or consultants, dedicated insurance firms and financial institution insurance." Each performs specific insurance management functions.

Brokers have the most contact with consumers and help connect buyers with insurance firms that specialize in certain products or sectors. Financial institution insurance companies do not provide insurance for public purchase. Their services are more related to risk management, debts and assets.