Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, insurance company, insurance carrier or underwriter. A person or entity who buys insurance is known as an insured or as a policyholder. The insurance transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms, and usually involves something in which the insured has an insurable interest established by ownership, possession, or pre-existing relationship.

Harendra Mahapatra (born on 23rd August, 1972 in Bhuvaneshwar Urisa) took his MBA and PhD in Risk Management and Health Insurance. He began his career as a Management consultant in Bhuvaneshwar Odisha. After this he owned his own consulting company and did major process redesign projects with clients. He has attended and presented numerous papers at national and international conferences. He has been actively involved in corporate training in marketing and business communication in renowned companies.