5 colleges, universities for aspiring insurance professionals

August 10, 2023 6:40 AM

Insurance is poised to welcome the next generation of professionals from Gen Z, as a majority of the workforce is nearing retirement. Insurers are tapping into educational opportunities to create a direct talent pipeline.

Digital Insurance curated a few examples of colleges and universities that are starting to offer specialized insurance programs or majors to equip aspiring professionals with the knowledge, skills and hands-on experience needed for a career in insurance.

Butler University’s risk management and insurance curriculum

The Davey Risk Management and Insurance courses offered at Butler University leverage partnerships with professional insurance and financial associations to create opportunities for students, including internships and scholarships, and networking events like conferences and industry trade shows. The program offers students the ability to pursue insurance certifications and licenses, join the international insurance fraternity Gamma Iota Sigma and participate in a student-run captive insurance group.

In January 2023, Butler's business students received a $750,000 donation from the MJ Insurance Charitable Foundation for scholarships that will support multicultural students seeking an insurance career.

"Students majoring in Risk & Insurance will benefit from financial support that improves access, reduces student debt, and helps provide the insurance industry with a talented and diverse workforce. This is another example of an organization that has not only supported our development to this point, but also supports our current strategy and future," said Craig Caldwell, dean of Lacy school of Business at Butler University.

University of Mississippi and the Council of Insurance Agents and Brokers (CIAB)

The University of Mississippi is introducing a new insurance certificate program to provide students from historically Black colleges and universities in Mississippi with professional networking and training opportunities. The program will receive funding and paid internship opportunities from insurance firms and the Council of Insurance Agents and Brokers, with the goal to diversify the insurance workforce. The initiative, set to commence in fall of 2023, is a 10-week online certificate course within the university's Center for Insurance Transformation and the School of Business Administration risk management and insurance program.

"Our risk management and insurance program has rightly earned a strong reputation for developing a pipeline of future industry leaders," said Glenn Boyce, University of Mississippi chancellor, in a news release. "We now are focusing on our new Center for Insurance Transformation to produce solutions that address the growing talent shortage in this vital industry while introducing excellent career opportunities to HBCU students."

University of Connecticut (UConn) Insurtech Initiative and Student-led Venture Fund

Managed by the Connecticut Center for Entrepreneurship and Innovation (CCEI) at UConn and the Barney School of Business at the University of Hartford (UHart), the Insurtech Initiative is dedicated to fostering entrepreneurship and innovation in the insurance and insurtech spaces. By equipping students with insights into the industry and disruptive technologies, the program empowers them to contribute to industry growth and innovation through partnerships with startups and established insurance companies while gaining hands-on experience in testing and implementing new technologies. Full-time students of UConn or UHart may attend the Insurtech Venturing course, which teaches the foundations of the insurtech industry, entrepreneurial skills and case study analysis. Students that complete the course may also enroll in the Insurtech Fellow Program, which offers the opportunity for students to apply their knowledge and skills by working with startups and industry professionals.

UConn also boasts a student-led venture fund, where business students of the Hillside Ventures program can manage investment portfolios in insurtech, edtech or sustainability startups. Since 2020 when the fund was started, Hillside Ventures has invested $225,000 into 10 startups as of March.

"I was craving an environment where I could be with other students who were passionate about business, because I was passionate about business," said Aria Penna, a second-year student at UConn, in a news release. "We are working with companies in a real-world setting."

University of Wisconsin’s Insurance and Risk Management Program

The University of Wisconsin's insurance and risk management program teaches students seeking a career in insurance the fundamentals of the industry, including insights into business operations and property and casualty products. The program, which offers minors in insurance and risk management or actuarial science, enables students to form professional connections with regional partners through university visits, career fairs and networking events. Partners of the insurance and risk management program include Church Mutual Insurance Company, Jewelers Mutual Insurance Company, SECURA Insurance Companies and Sentry Insurance.

In May 2023, the University of Wisconsin won the Spencer-RIMS Risk Management Challenge, an eight-month-long competition for university students to develop and present a risk management program based off of a company case study.

"Each year, the student Risk Management Challenge showcases the bright future of risk management and insurance," said Spencer's Executive Director, Megan Miller, who announced the University of Wisconsin student team as the winners, in a press release statement. "Spencer is so proud to support these talented students and provide them with opportunities for growth and development. We are grateful to our dedicated judges and we sincerely congratulate the University of Wisconsin-Madison and all of our competing teams."

St. John’s University Risk Management and Insurance degree program

The Risk Management and Insurance bachelors of science degree program at St. John's University equips students with the skills to navigate a career in corporate risk management and teaches financial, legal and economic theories. Students will learn risk analysis while also developing problem-solving and communication skills.

The university utilizes its location in New York to work alongside local financial institutions and insurance organizations to develop internship and mentorship opportunities with risk management alumni. The program also offers apprenticeships, job placement, and course discounts offered by the Center for Professional Education.