insurance & risk management

Fisher College of BusinessThe Ohio State University

Office of Career Services150 Gerlach Hall 2108 Neil Avenue614-292-8616 fisher.osu.edu/career

Insurance & Risk Management

Fisher College of Business Undergraduate Specialization



Overview

• What is Insurance & Risk Management (IRM)?• Preparation• IRM at The Fisher College of Business• IRM Job Titles and Companies• IRM Internships• Professional Certifications• IRM Salaries and Outlook• Student and Professional Organizations• Study Abroad• IRM (Finance) Department Contact Information



What is IRM?

• The art of providing protection against financial loss from various hazards

• Insurance is the financial coverage/security due to financial losses as result of death, natural disaster, traffic accidents, health problems, etc

• Risk Management helps businesses control risks and losses while maintaining the highest production levels possible



More on IRM

• The fields of Risk Management and Insurance are recognized as important by many corporations, hospitals and governmental units

• The insurance industry is a large employer of individuals with university-level education

• In other industries, college graduates are employed in positions requiring an understanding of issues related to insurance (e.g. risk managers and employee benefit managers)

• The field of Financial Planning offers other opportunities for individuals with university-level training in Risk Management and Insurance combined with a Finance background



IRM at Fisher

• The Risk Management and Insurance specialization is designed to provide students a firm foundation in general business principles as well as a familiarity with methods used by organizations and individuals to manage risk-- i.e., measures taken to reduce the risk of damage to physical assets, exposure to legal liability, or injury to employees or customers

• Issues related to management of employee benefits also are studied

• Within the framework of the specialization the student is provided an opportunity to choose from additional courses suited to an area of specialization

• For example, a student who wishes to pursue a career in financial planning may use two investment courses as part of the major



• A familiarity with risk management and insurance should prove useful for students who pursue careers in related areas such as health care, law, engineering and other fields in Business Administration

• A bachelor’s degree is required for entry into many careers within the insurance industry

• Outside the insurance industry, knowledge from the fields of Risk Management and Insurance is needed by Employee Benefit Managers, Financial Planners, Consultants, and Risk Managers. Increasingly, continued education after leaving the university is essential for promotion in these careers

• Students wishing to pursue a Risk Management and Insurance specialization should have a firm grasp of business principles as well as an interest in applying principles from Law, Finance, and Quantitative Methods

• Those planning to pursue careers relating to marketing insurance and financial products should have an interest in working with the public as well

General Preparation



IRM at Fisher

Undergraduate Ranking• 12th Nationally - U.S. News and World Report

(2004)



Insurance and Risk Mgt. Curriculum

Specific information about the Insurance and Risk Management Specialization can be found on the Fisher website under:

Current UndergraduatesAcademics and Advising

Courses and SpecializationsThere you will find a complete list of GEC,

core, and specialization requirements as a downloadable pdf



Competitive Admissions

Information concerning application to the Insurance and Risk Management specialization is also available on the web under:

Admission to Specialization

Admission to specializations largely depends on space availability



Honors Options

• Honors Program• Business Administration Honors Cohort

Program• Individualized Business Administration

Honors Contract Program• More information go to

fisher.osu.edu/honors/



Top Positions in IRM for Recent College Graduates

Specific career opportunities within the insurance industry include underwriters, claims administrators, information systems experts, investment managers, brokers, and sales agents.

1. Underwriter2. Programmer/Analyst3. Accountant4. Claims Adjuster5. Actuary13. Sales Representative



Insurance Careers

Underwriters review applications for insurance and the level of risk involved in agreeing to issue a policy and what premiums should be paid

Sales Managers sell insurance products, assist clients with policy questions, supervise sales staff

Risk Managers develop policies the insurance company follows when making decisions regarding claims



Career Path for an Underwriter

Underwriters

Appraise and make decisions on applications submitted for insurance – they determine if the risk is acceptable by company standards

Director ofUnderw riting

Underw riting Supervisor

Sr. Underw riter

Underw riter

Underw riting Analyst

Underw riting Specialist

Underw ritingM anager



Career Path for Claims Adjuster

Claims AdjusterInvestigate, negotiate, and settle claims when policy holders suffer a loss; are in constant contact with policy holders and their goal is to settle claims fairly

P rop erty C la im s M g r.

S ta ff P rop erty S p ec ia lis t

C la im s Tra in ee

O ffice A d ju s te r

F ie ld A d jsu te r

S a tff L iab ility S p ec ia lis t

B ran ch C la im s S u p erviso r

B ran ch C la im s M g r. L iab ility C la im s M g r.



Career Path for Sales

Field (Sales) Representative

Works as a liaison between the company and its agency force; communicate changes and other developments to agents

S a les Tra in ee

F ie ld S a les R ep resen ta tive

R eg ion a l S a les M g r.

D irec to r o f S a les



Career path for Risk Management

Risk Manager

Works to protect people, property and inventory in five general categories: damage to property, loss of income from property damage, injury to others, fraud or criminal acts, and death or injury of employees

R isk M an ag er

H R M an ag er

H R D irec to r

F in an ce M an ag er

F in an ce D irec to r

V ice P res id en t



Types of Organizations

In general, there are two types of insurance companies:

1. Agency companies – use independent insurance agents to sell their products– Example: Golden Rule Company

2. Direct writers – sell directly to the public through their own employees or agents – Example: Progressive Insurance, State Farm



Insurance Training

Most positions require a bachelors degreeActuaries must pass a series of exams over a

period of 5 to 10 years to become fully qualified

Special training is provided by the insurance company

People are typically promoted from within the organization



The Outlook for Insurance Careers

Overall slow growth due to downsizing of large companies, computerization, and a trend of more direct mail and telephone sales campaigns

Bright spot – financial services and products sales



IRM Hiring Companies

Council of Insurance Agents & BrokersGreat American Insurance CompanyGreat-West Life & AnnuityLiberty MutualMass Mutual Financial GroupMetLife Financial ServicesMotorists Insurance CompanyNationwideNew York LifeProgressive Insurance



Companies Offering Internships

Abbott LaboratoriesAgora, Inc.AIESECAndy Warhol MuseumAnheuser- BuschArthur AndersonBaltimore ZooBechtelBertelsmann Music GroupBoston University

CARECarter CenterCentral Intelligence AgencyChicago Children’s MuseumCitizen’s Network for foreign AffairsCity of New York/Parks & RecreationCongressional Research ServiceCoro Foundation



IRM Certifications

Professional designations such as • AUA – Associate of Institute Actuaries• ARM – Associate in Risk Management• CLU – Chartered Life Underwriter• CPCU – Certified Public Casualty Underwriter• CIC – Certified Insurance Counselor• CFP – Certified Financial Planneroften appear after the names of risk managers,

employee benefit managers, and executives in the insurance industry



IRM Salaries

Fisher College of Business (2002-2003)• Full-time (Finance) $38,872• Intern (Finance) $2,199/month

NACE Salary Survey (Spring 2004)• Insurance Claims $30,741• Insurance Underwriter $31,714



General IRM Outlook

Overall employment of adjusters, investigators, and collectors is expected to grow faster than the average for all occupations over the 1998-2008 period

Most job openings, however, will result from the need to replace workers who transfer to other occupations or leave the labor force



Student Organizations

Undergraduate Finance Association (UFA) • http://student.cob.ohio-state.edu/ufa/index.htm

Buckeye Capital Investors• http://student.cob.ohio-state.edu/bci/index.htm

Undergraduate Business Student Forum• http://student.cob.ohio-state.edu/ubsf/



What Does the Undergraduate Finance Association Do?

• Helps students in learning about job opportunities in the field of Finance

• Students can meet professionals in a casual and relaxed environment

• Provide the opportunity to post resumes• Get the recruiters and other speakers talk to the

students at various occasions



Professional Organizations

American Finance Association

www.blackwellpub.com

Association of Finance & Insurance Professionals

www.afip.com

Financial Management Association

www.fma.org



Study Abroad & Exchange Contacts

CIBER (Center for International Business and Research)• http://fisher.osu.edu/international/ciber/index.ht

ml

Office of International Education (OSU)• http://oie.osu.edu/• OIE has many other opportunities for business

and non-business opportunities to supplement the Fisher curriculum



Study Abroad & Exchange Programs (CIBER)

• Copenhagen Business School, Denmark• Technische Universitat Dresden, Germany• Nantes Summer School, France• Trinity College, Dublin, Ireland• Quinn School of Business, Dublin, Ireland• London School of Economics, England• Instituto Technologico y de Estudios Superiores de

Monterrey, Mexico• Hong Kong University of Science and Technology • Singapore Management University• Curtin School of Business, Perth, Australia



Max M. Fisher College of Business

Academic Department: FinanceOhio State University700 Fisher Hall2100 Neil AveColumbus, OH 43210-1144(614) 292-5026http://fisher.osu.edu/fin/IRM.html



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insurance & risk management

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