Which of the following is NOT part of the insurance process?

Investment management is indeed not considered a direct part of the core insurance process as defined by the key functions involved in operating an insurance company. The insurance process primarily focuses on assessing and managing risks associated with insuring individuals or entities, which includes various activities like underwriting, premium collection, and risk assessment.

Underwriting refers to the evaluation of the risk of insuring a client and determining the appropriate premium. Premium collection involves gathering the payments from policyholders, which is vital for maintaining the financial stability of the insurance company. Risk assessment is the process of analyzing potential risks and determining how they will be covered by insurance policies. These activities are essential for ensuring that the insurer can offer coverage and manage claims effectively.

While investment management is an important aspect of how insurance companies utilize the premiums collected and manage their reserves to ensure they can meet future claims, it falls outside the direct process of providing insurance coverage. This function typically involves deciding how to invest the funds generated by premiums to maximize returns while minimizing financial risk, but it does not directly involve the insuring process itself.