One of the major services provided by insurance companies is mainly the restoration of an insuredThe insured is the party (ies) (person or firm) having property covered against risk. They are covered by an insurance policy. to his original position if there is a loss.
Other services rendered are:
1. They reduce the exposure of individuals and businesses to particular risks.
2. They assist their clients to yield interest by helping them invest.
3. They provide financial advisory services, like how to save and invest for the future, to the public and their clients.
4. Statistical, actuarial, and claims data.
5. Development of standardized insurance policy language.
6. Fraud identification.
7. Marketing across control and premium audit.
8. Catastrophe modelling system: The process uses computer-assisted calculations to estimate the losses that could be sustained due to a catastrophic event, such as a hurricane or earthquake.
9. Employment screening: An insurance background check includes finding out whether a candidate has been involved in any car accidents, or has been stopped for drunk driving. This is necessary for positions that require an employee to drive company-owned vehicles.
10. Real estate.