Risk Management & Insurance

Fisher College of Business Undergraduate Specialization

Office of Career Management150 Gerlach Hall 2108 Neil Avenue614-292-6024 fisher.osu.edu/career

Overview

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

Office of Career Management150 Gerlach Hall 2108 Neil Avenue614-292-6024 fisher.osu.edu/career

What is RMI?

• 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

Office of Career Management150 Gerlach Hall 2108 Neil Avenue614-292-6024 fisher.osu.edu/career

More on RMI

• 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

Office of Career Management150 Gerlach Hall 2108 Neil Avenue614-292-6024 fisher.osu.edu/career

RMI 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

Office of Career Management150 Gerlach Hall 2108 Neil Avenue614-292-6024 fisher.osu.edu/career

Competitive Admissions

• Information concerning application to the Risk Management & Insurance specialization is available on the web:

•http://fisher.osu.edu/undergraduate/admissions/

• Admission to specializations largely depends on space availability

Office of Career Management150 Gerlach Hall 2108 Neil Avenue614-292-6024 fisher.osu.edu/career

RMI Curriculum

• Specific information about the Risk Management & Insurance Specialization can be found on the Fisher website at:

• http://fisher.osu.edu/undergraduate/academics/specializations/

•• There you will find a complete list of GEC,

core, and specialization requirements

Office of Career Management150 Gerlach Hall 2108 Neil Avenue614-292-6024 fisher.osu.edu/career

Top Positions in RMI 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. Underwriter• 2. Programmer/Analyst• 3. Accountant• 4. Claims Adjuster• 5. Actuary13. Sales Representative

Office of Career Management150 Gerlach Hall 2108 Neil Avenue614-292-6024 fisher.osu.edu/career

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

Office of Career Management150 Gerlach Hall 2108 Neil Avenue614-292-6024 fisher.osu.edu/career

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

Office of Career Management150 Gerlach Hall 2108 Neil Avenue614-292-6024 fisher.osu.edu/career

Career Path for Claims Adjuster

•Claims Adjuster•Investigate, 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.

Office of Career Management150 Gerlach Hall 2108 Neil Avenue614-292-6024 fisher.osu.edu/career

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

Office of Career Management150 Gerlach Hall 2108 Neil Avenue614-292-6024 fisher.osu.edu/career

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

Office of Career Management150 Gerlach Hall 2108 Neil Avenue614-292-6024 fisher.osu.edu/career

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

Office of Career Management150 Gerlach Hall 2108 Neil Avenue614-292-6024 fisher.osu.edu/career

Insurance Training

• Most positions require a bachelor’s degree• Actuaries 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

Office of Career Management150 Gerlach Hall 2108 Neil Avenue614-292-6024 fisher.osu.edu/career

Companies Hiring RMI Students•Progressive Insurance•Prudential•Amica Mutual Insurance Co.•Travelers Insurance•Oswald Companies•CareFusion•United Health Group•JPMorganChase•Nationwide

• Great American Insurance Company

• Great-West Life & Annuity• Liberty Mutual• Mass Mutual Financial

Group• MetLife Financial Services• Motorists Insurance

Company• New York Life• Abbott Laboratories

Office of Career Management150 Gerlach Hall 2108 Neil Avenue614-292-6024 fisher.osu.edu/career

RMI Certifications

• Professional designations often appear after the names of risk managers, employee benefit managers, and executives in the insurance industry

• 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 Planner

Office of Career Management150 Gerlach Hall 2108 Neil Avenue614-292-6024 fisher.osu.edu/career

RMI Salaries

• Fisher College of Business (2010-11 year)– Full-time $40,250

• NACE* Salary Survey (Spring 2011)– Insurance Claims $35,200– Insurance Underwriter $37,667

*National Association of Colleges & Employers

Office of Career Management150 Gerlach Hall 2108 Neil Avenue614-292-6024 fisher.osu.edu/career

General RMI Outlook

• Projections of overall employment of adjusters, investigators, sales and collectors can be found in the Occupational Outlook Handbook: http://www.bls.gov/OCO/

Office of Career Management150 Gerlach Hall 2108 Neil Avenue614-292-6024 fisher.osu.edu/career

Student Organizations

• Undergraduate Finance Association (UFA)

• https://groups.cob.ohio-state.edu/ufa/

• Buckeye Capital Investors• https://groups.cob.ohio-state.edu/bci/

• Additional Fisher Student Organizations• http://fisher.osu.edu/student-groups/undergraduate

Office of Career Management150 Gerlach Hall 2108 Neil Avenue614-292-6024 fisher.osu.edu/career

Professional Organizations

•American Finance Association•http://www.afajof.org/•Association of Finance & Insurance Professionals•www.afip.com•Financial Management Association International•www.fma.org

Office of Career Management150 Gerlach Hall 2108 Neil Avenue614-292-6024 fisher.osu.edu/career

Study Abroad & Exchange Contacts

• Fisher International Programs Office• http://fisher.osu.edu/international/

OSU Office of International Affairs– http://oia.osu.edu/– OIA has many other opportunities for business

and non-business opportunities to supplement the Fisher curriculum

Office of Career Management150 Gerlach Hall 2108 Neil Avenue614-292-6024 fisher.osu.edu/career

Max M. Fisher College of Business

• Academic Department: Finance• The Ohio State University• 700 Fisher Hall• 2100 Neil Ave• Columbus, OH 43210-1144• (614) 292-5026• http://fisher.osu.edu/fin

Office of Career Management150 Gerlach Hall 2108 Neil Avenue614-292-6024 fisher.osu.edu/career

Office of Career Services150 Gerlach Hall 2108 Neil Avenue614-292-6024 fisher.osu.edu/career

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