Solving the Insurance Industry Talent Crisis by Investing in Risk Management

and Insurance Graduates

®

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InsightsInsurance and Risk Management Perspectives Available Only from IRMI

Solving the Insurance Industry Talent Crisis by Investing in Risk Management

and Insurance GraduatesBy Brenda Wells, Ph.D., CPCU, AAI, CRIS August 2019

About the Author

Dr. Brenda Wells, CPCU, AAI, CRIS, is theRobert F. Bird Distinguished Professor of Riskand Insurance at East Carolina University. Sheis a consultant to the industry and a sought-after public speaker. She holds a Ph.D. andB.B.A. in risk management and insurance fromUniversity of Georgia and has taught risk man-agement and insurance for over 30 years. Anaccomplished researcher, she has been pub-lished in Journal of Risk and Insurance, Journalof Insurance Issues, CPCU Journal, Risk Man-agement and Insurance Review, and others.She also writes the Higher Education Scenecolumn for IRMI.

Thetalentcrisisintheriskmanagementandinsurance(RMI)industryiswelldocumented,1caused largely by impending baby boomerretirements,andwasdescribed in the firstedi-tionofthispaper,publishedbyIRMIin2009,aswellasthesecond,publishedin2015.Howbigis thecrisis?Thenumberof employeesaged55andolderhas increasedbyabout75per-centinthelast15yearsandisnearly30per-cent higher than the rest of the economy.Meanwhile, only about 25 percent of theinsuranceworkforce is under the age of 35.Withalargechunkoftheworkforceretiringinthenext5to10years, it isarguablymoreofatalent“cliff”thanjustamere“crisis.”Insur-ers, agencies, and brokerages continue to1Muchattentiontothiscrisishassincebeenpaidinaca-demic and practitioner literature, including McKinseyandCompany(2010),ColeandMcCullough(2012),andKarlandWells(2015).Theseauthorsnotethreepress-ing issues forour industry: (1) the insurance industrysuffersfromapoorreputation,(2)highschoolandcol-legestudentspossessalimitedunderstandingofcareeropportunitiesintheinsuranceindustry,and(3)alimitedpooloftalenthassufficienttraining.

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search for solutions to this scarcity ofemployeesinthe25-to-40-yearagerange.Historically,theRMIindustryusedgeneralcol-lege recruiting programs in which theyattempt to persuade students from all disci-plines toconsideracareer in the industry. Inthe last 10 years, however, my peers and Ihave noted a marked increase in more

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targeted recruiting efforts aimed at findinggraduateswhoarededicatedtotheinsuranceindustry.Moreandmoreemployers,fromthevery large to the very small, are hiring fromcollegiateRMIprogramsacrossthecountry.Thisarticleexploreswhythereisvalueinhir-ing RMImajors versus other degree holders,the curriculum typically taught by the bestprograms,howtoselectaqualityRMIunder-graduateprogram fromwhich to recruit, andhow you can become involved in supportingRMIeducationtohelpbothyourcompanyandyourindustry.WhyHireRMIMajors?TherearethreecompellingreasonsthatmakerecruitingcollegegraduateswithanRMIedu-cationagoodinvestment.First,thesestudentshave already been sold on the RMI industry.Youdon’tneedtoconvincethemof itsmerits.Yousimplyneedtoshowthemthatyourcom-pany and the opportunity you offer is supe-riortotheotherinsuranceorganizationstheymaybeconsidering.HiringeagerRMImajors

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is an investment in young people who havededicated a significant portion of their colle-giate studies, and thus their tuition dollars, tolearningaboutinsurance.Itisasafeassumptionthat they have a strong underlying interest intheinsuranceindustry.Second, their dedication to the insuranceindustrytranslatesintoabottom-linewindfallfor the company through reduced turnover.Some companies spend asmuch as $100,000onanewhirethefirstyear,withsalary,bene-fits,andtraining.Giventhatfigure,investinginsomeone who has already committed to theRMI profession simply makes good businesssense. After taking as many as six to eightinsuranceandriskmanagementcourses,theyaremuchlesslikelytodecidetheydisliketheindustry than someonewho has never takenevenone.Third,studentsfromanRMIprogramshowupfor their first day of workwith at least someknowledge of what the organization, its busi-ness partners, and its clients do, and theyunderstandbasicinsuranceconceptsandmuchoftheterminology.Thismakesthemeasiertotrainandallowsforfasterandsmootherinte-grationintotheexistingworkforce.Asaresult,theywillbecomeproductivemembersofyourorganizationmuchsoonerthanthosewithoutanRMIeducation.Curriculum:WhatDoRMIMajorsLearn?Most RMI programs reside in businessschools that have core business curriculumrequirements (e.g., accounting, economics,finance,management, andmarketing). Thus,RMImajors shouldhave a goodunderstand-ing of fundamental business concepts with

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Table 1EAST CAROLINA UNIVERSITY’S RMI

CURRICULUM

B.S.B.A. in Risk Management and Insurance

Required courses

✦ PrinciplesofRiskManagementandInsurance✦ CommercialLiabilityInsurance✦ CommercialPropertyInsurance✦ RiskManagementI✦ AdvancedInsuranceTopicsStudents then choose one of the following

✦ RiskManagementII✦ Investments✦ InsuranceMarketOperations✦ TopicsinFinance✦ ServicesMarketing

Table 2FLORIDA STATE UNIVERSITY’S RMI

CURRICULUM

B.S. in Risk Management and Insurance

Required courses

✦ RiskManagementandInsurance✦ LifeandHealthInsuranceProducts✦ PropertyandCasualtyInsuranceProducts✦ PropertyandCasualtyInsuranceOperations✦ CommercialRiskManagementStudents then choose two of the following courses

✦ EmployeeBenefitPlans✦ AdvancedPropertyandCasualtyInsurance✦ WealthManagement✦ LegalAspectsofInsurance✦ RiskManagement/InsuranceInternship

concentrated knowledge in RMI. From there,programsvaryintermsofthedegreeoffered.Someofferabachelorofscience(B.S.),abach-elor of business administration (B.B.A.), or abachelorofscienceinbusinessadministration(B.S.B.A.).ThebreadthanddepthoftheRMIcurriculumvaries considerably from school to schooldependingonthenumberofstudentsandfac-ulty involvedwith the program. Smaller RMIprograms will generally require students totakefourorfivecoursesthatdealdirectlywithtopics in RMI, while larger programs mayrequiresixtoeight.

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AllRMIstudentswilltakeaprinciplesofinsur-anceclass that focusesonbasicconcepts.Thisincludes topics such as elements of insurablerisk,thetypesofinsurance(e.g.,lifeandhealthversus property and casualty), how and whyinsuranceisregulated,thefunctionsofinsurers(e.g., ratemaking, underwriting, and claimsadjustment), the risk management process,basic insurance lawprinciples,andhowinsur-anceismarketedandsold.Fromthere,theywilltypically take a selection ofmore specific anddetailed courses covering property, casualty,

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Table 3UNIVERSITY OF GEORGIA’S RMI

CURRICULUM

B.B.A. in Risk Management and Insurance

Required courses

✦ RiskManagementandInsurance✦ CommercialPropertyandLiabilityInsurance✦ EmployeeBenefits✦ CorporateRiskManagementStudents then choose one of the following courses

✦ TheTheoryofInterest✦ LifeInsurance✦ AdvancedPropertyInsurance✦ AdvancedLiabilityInsurance✦ InsurerOperationsandPolicy

life,andhealth insurance, thequalityofwhichwillvaryfromschooltoschool.Manyalsoofferoneormoreriskmanagementcourses.Some schools offer a senior-level capstonecoursethatrequiresstudentstoanalyzeacasesituation involving either a hypothetical or arealbusiness.Thewrittenprojectsproducedintheseclassescanrange from10pages toover50,dependingupontheprofessorandthestu-dent.ThreeexamplesofcurriculumsfromEastCar-olinaUniversity,FloridaStateUniversity, andUniversityofGeorgiaareshowninTables1,2,and3,respectively.

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Programs offered by The Institutes and theNational Alliance for Insurance Education &Researchalsomakeitpossibleforstudentstograduatewithcreditforoneormorepartsofa professional designation series such asCharteredPropertyandCasualtyUnderwriter(CPCU) or Certified Insurance Counselor(CIC). Some professors even provide gradeincentivesorstudysessionstohelpstudentsprepare for such exams. Industry support isalsoavailableinsomeareastoprovideschol-arships that cover exam fees and books forprofessionaldesignations.Asaresult,itisnotuncommonforstudentstograduatewithtwoor more parts of the CPCU or CIC programbehind them. Additionally, the general busi-nesscoursestheytakepreparethemforaddi-tional CPCU courses, and you are wise toencourage recent RMI graduates you hire totake them early—while the knowledge isfresh.EnsuringtheBestHireRMIprofessors engagedwith and interestedin the welfare of their students can predict,with considerable accuracy, which RMImajors will succeed and which are likely todropoutoftheindustry.Theirinsightscanbeinvaluable.Thekeyistofindthoseprofessorsand maintain communication with thembefore making any job offers to candidates.Some of the biggest hiring mistakes resultfrom employers not checking with the RMIfacultybeforehiring.Many years ago, a young man came into myclassroomwithconsiderablebounceinhisstepandwhatcanonlybedescribedasanextremelycocky edge to his demeanor. He was full ofhimself that day because he had just beenoffered a job with First Fidelity Mutual Auto

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InsuranceCompany.2 I knew the student andwasfamiliarwiththeinsurer,andIalsoknewtheyweredefinitelynotagoodmatch.Thefactthatthecompanyhiredhimwassomewhatofasurprisetome.Ittookjust3months,rumorsofpossiblesex-ualharassment,andthethreatofalawsuitforthecompany to learnwhat I couldhave toldtheminthebeginning:thatparticularstudentlackedthematurityandattributesrequiredtosucceedintheinsurer’scorporateculture.EventhelargestRMIprogramsinthecountryarestillsmallenoughthatmostfacultyknowtheirstudentsprettywell.Educatethosefac-ulty abit aboutwhatyou’re looking for, andodds are there’s a professor who can pointyou in the rightdirection.Theywant to findthe perfect match for students, not onlybecause that’sessential for thestudent’s suc-cess, but they also want you to come backagainandagaintohiremoreofthem.WhereAretheRMIPrograms?Somecollegesanduniversitiesoffer insuranceor risk management courses as part of theirbusiness education curriculums. At most ofthese schools, one or two courses might beoffered that allow a student majoring inaccountingorfinance,forexample,togainsomeexposuretoriskand insurancetopics.Amuchsmaller number of schools actually offer adegree, aminor, or a fullmajor in RMI. Obvi-ously,thosestudentswhoactuallymajorinRMIwillbetheonesmostcommittedtotheindustryandwiththemostknowledgeofinsuranceandriskmanagementconceptsandterminology.

2Companynamechangedtoprotecttheinnocent.

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IRMIpublishesadetailedDirectoryofRMIPro-gramsatU.S.CollegesandUniversities, includ-inginformationonhowtocontactthem.Ifyouhave suggestions for additions, deletions, orcorrectionstothelist,pleasecontactIRMI,andtheywillbeconsideredforafutureupdateofthedirectory.Affiliation with any of these academic pro-grams can provide first access to the besttrained talent available in terms of collegegraduates.It’sagreatinvestmentfromahiringstandpoint with the extra benefit of buildingyourcompany’sbrandwithallthosestudentsand professors (all of whom buy or will buyinsuranceinthenearfutureforthemselvesorpossiblyeventheiremployers).

AssessingtheQualityofanRMIProgramThere isnomagicmeasureofqualitywhen itcomes to any college degree program. Thereare some published rankings of programs inRMI, but they have some limitations. Some-times they even include RMI programs thathaven’t been actively producing undergradu-ate majors for years in their “nationallyranked” program! This begs the question,“What is really important in assessing thequalityofacollegiateprogram?”Thequalityofaneducationisdifficulttomeasureuntilafterthe fact, but certain factors will provide anindicationofaprogram’squality.

AccreditedCollegeorUniversityAtaminimum,anyschoolunderconsiderationshouldatleastberegionallyaccredited.Thereare several regional accrediting bodies thatoverseeuniversities forquality andacademicrigor.Thereisalsoaninternationalaccrediting

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bodythattypicallyhasmorerigorousaccredi-tationstandards.TheinternationalaccreditingorganizationforbusinessschoolsistheAssoci-ation to Advance Collegiate Schools of Busi-ness.AlistofregionalandnationalaccreditingagenciesisavailableontheU.S.DepartmentofEducation’swebsite.Long-TermCareerSuccessofGraduatesThebestsourceofinformationaboutthequal-ity of a program is the graduates who havebeen through it.Anassessmentof careersuc-cessat5,10,and15yearsaftergraduationwillgive some indication of how well trained thestudentswere in the beginning. Also, taking alookathowstudentsspeakabouttheireduca-tionandrateitcanprovideinvaluableinsightsinto a program’s quality. Most any reputableprogramshouldbe able toprovide thenamesand contact information of a few alumni whocanspeakabouttheprogramanditsmerits.QualityofFacultyAs every practitioner knows, no amount ofdegreesordesignationsmakesyoureal-worldsavvyorensuresanabilitytoprovideasolid,

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qualityeducationtoa20-year-oldcollegestu-dent. Quite frankly, many universities (espe-ciallythetop-tier,“big”schools)don’tencour-age faculty to pursue practical training inbusiness fields.What those schools expect isbasicacademicresearchpublishedinjournalsthat have little or no practical application intheRMIworld.Ithinkthebestwaytogaugethefacultyissim-plytocommunicatewiththem,andevenmeetthem if your schedules permit. Talk aboutwhat’simportanttoyou.Assesstheirphiloso-phyofteaching.Doesthefacultymemberseemexcited about sharing the program informa-tionwithyou?Orweretheytoobusytomeetwithyou,talkonthephone,orat leastcorre-spondwithyoubyemail?Ifthat’sthecase,it’spossibletheyarealsotoobusytoengagewithstudents,andthat’sneveragoodsign.WhoTeachestheClasses?Anotherareaforconsiderationiswhoteachestheclasses.Geta listof therequiredcourses,find out who usually teaches them, and thencheck their credentials. There are typicallythree types of instructors used at the college

e Glossary

anagement Terms on the IRMI websiteore than 3,600 terms, and translationss and abbreviations, it is perhaps the

ary available anywhere.

our department website to make this

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level: full-time faculty, adjunct faculty, andgraduatestudents.✦ Full-timefaculty.Full-timefacultyusuallyhave tenure or are on the track towardachieving tenure and hold a Ph.D. or aD.B.A.3 Some hold advanced professionaldesignations (e.g., CPCU, ARM, CRIS, orCIC),whichisagoodsign.✦ Adjunctfaculty.Thesearepart-timefacul-ty hired to teach a particular course orcourses. At an accredited school, eithertheywillhaveamaster’sdegree,orthey’llhavemanyyearsof relevantpracticalex-perience coupled with some advancedprofessionaldesignations.✦ Graduatestudents.Graduatestudentsaretypically pursuing a Ph.D. and are oftenusedtoteachundergraduateclasses.Manyhavereal-worldexperiencetheycanbringtotheclassroom,andsomehaveobtainedor are working toward advanced profes-sionaldesignations.There is nomagic formula that says X per-centofclassesshouldbetaughtbyfull-timefaculty, and Y percent should be taught byadjunct faculty. A Ph.D. who has neverworkedininsurancemayhavetakenstepstoget educated about the “real world.” Anadjunct lecturer with 20 years of “real-world”experiencemaybeapoorcommuni-catorwhocannot transferhisorherwealthof knowledge to the students. A graduatestudentmaybepursuingaPh.D.forthesolepurpose of becoming a researcher and thusmayhavevery little interest indealingwith3Ph.D.isdoctorofphilosophy,andD.B.A.isdoctorofbusi-nessadministration.

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undergraduates. So, how do you assess thequalityoftheinstruction?Inadditiontotalkingwithformergraduatesoftheprogram, Internetsitesallowcurrentstu-dents to rate their professors. Understandingthatthesesitestendtogeneratethemostposi-tive comments as well as the most negativeones (a student has to feel pretty stronglyaboutsomeonetotaketheextrastepofevalu-atingafacultymemberonline),thesecanpro-vide some valuable information about thequality of the teaching. The most commonlynotedoneisRateMyProfessors.Many professors now put their curriculumvitae online. Peruse those and look for evi-dence of outstanding teaching awards andcommendations.I’malsoabigbelieverinpro-fessional designations in our field. Thosedemonstratean interest inunderstandingthepracticalsideofRMI.Also, lookatanypostedcoursesyllabiandprojectinstructionstogetafeel for the kind of rigor the professor isdemandingfromstudents.Lastly, at many schools, a faculty member’steachingevaluationsareavailableforviewing(theyareusuallysubjecttotheOpenRecordsAct).Itispossibletoasktoseethose.Onefinalnoteaboutratingsandteachingevalu-ations—whenreviewingrecordsofopinionona professor’s teaching, remember that profes-sorswhodemandalotmaytakeaninordinateamountofcriticismfromstudentswhohavenodesiretoworkhardinschool.Thebestwaytojudge evaluations across different classes orsemestersistolookforrecurrentthemesinthecomments. If you constantly see “cares abouther students” or “really knows his stuff, verysmartguy,”that’sfarpreferableto“Whyisthis

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personevenateacher?”or“refusestohelpstu-dentsunderstandthematerial.”JobPlacementAsk this simple question: “Of the studentswhoareemployable,4howmanyhavejobsatgradua-tion?”Thedemand fornewcollegegraduatesin our field has been at a record high foryears. My peers at other institutions and Iagreethatthere’sanear100percentemploy-ment rate forstudentswhoareemployable.Intoday’smarket,anythinglessthanthatisreallysurprising and should make you question thequalityofaprogramanditsplacementservicesforgraduates.Speakingofthat,youshouldalsofindoutwhatcareerservicesarebeingofferedtostudentsbeforeandaftergraduation.WhatdoImeanby“employable?”Myphiloso-phy is simple—Icannot fix lazy,and I cannotfixaninherentlackofintegrity.Studentswhoexhibit those qualities sometimes have somegrowinguptodo,butonrareoccasions,itissoingrainedthatthereislittlehope.Fortunatelyinmy30-plusyearsof teaching, Ihave foundveryfewof those!This isanotherreasonyouwanttohaveagreatrelationshipwiththefac-ulty members of the RMI program. They seethebestandtheworstineachstudentandcanoftenhelpyouscreenoutcandidateswhoarenotagoodfitforyou.Ihavetwoveryimportantpiecesofadviceforyou in the hiring process. The first is to hireearly. May graduates are often wooed,4Someonewhoisunemployableandwhosesuccessreallyshouldn’t be factored into the school’s placement ratemight be a person with a felony record or who hasdemonstratedarefusaltogrowprofessionallyintermsofethicalbehavior.Thereshouldbeveryfewofthese.

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interviewed, and hired by December of thepreviousyear.Itpaystostartearlyforthebesttalent selection. The other piece of advice Ihaveistofindoutwhatthemarketsalariesarefor the students you are trying to recruit. Iftheirpeersaregettinghiredat$50,000ayear,you’re going to have a hard time recruitingsomeonefor$35,000.Internships

Internships offer a great way to “test-drive”students before offering them full-time

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employment.Youcanputstudentstoworkinyour organization to see how they performand howwell they fit into your culture. Thisalsoallowsstudentstolearnyourorganizationand gaugewhether or not it is a good fit forthem. If they like your organization, youwillhavelittletroublerecruitingthemupongradu-ation. If they don’t fit in, look on the brightside—you have avoided an expensive hiringmistake. Internships offer win-win proposi-tionstobothemployersandstudents.Depending on your area of the country, youshouldpreparetopayanabsoluteminimumof$10anhourforanintern.Mostqualityintern-ship programs are now paying over $16 anhour, andpay canbeashigh as$20–$25perhour.Youalsoshouldconsiderofferinghous-ingorahousingallowance.Andbyallmeans,start recruiting early for interns! If you waituntil April to look for summer intern candi-dates,youwillmissoutonthetopcandidates.WhytheScarcityofRMIPrograms?Giventhesignificantrolethatinsuranceplaysin the economy, doesn’t it seem strange thatthere are relatively few truly dedicated RMIprograms in the United States? Of criticalimportance to the future of our industry andits talent supply is encouraging the ongoingsuccessof theexistingRMIprograms,aswellas encouraging new programs when andwherewecan.Insurance,likerealestateorfinancialservices,is considered a “specialty” program in aca-demia.Sometimesreferredtoasa “boutique”program,RMIprogramsareeasytocutwhenbudget crunches hit. Most public universitieslookatonlythenumberofwarmbodiesinthe

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classroomstoday,ratherthanhowquicklyandeasily the students find employment, thepotential forgrowthofanacademicprogram,orwherealumniultimatelyendupworking.Also,tobequiteblunt,thereisalsoabitofaca-demic snobbery that takes place at some uni-versities.Manyyearsago,Iwastoldbyafinancecolleaguethatinsurance“didnotbelong”inthefinancedepartmentandshouldnotbetaughtincollege. “It’s vocational education, not collegematerial.”Ivehementlydisagree!There has been considerable growth in RMIprogramsoverthelast15years.Ibeganwork-ingontheEastCarolinaUniversityprogramin2009, and we have grown to over 150 stu-dents!Aroundthesametime,theUniversityofHoustonDowntown launchedanewprogramthat isalsodoingverywell.TheUniversityofTexas at Dallas launched its new program inthefallof2015,anditisabsolutelythriving!Most schoolscreateanRMIprogrambecausetheinsuranceindustrydemandsit.Theagents,brokers,andinsurersspeakinaunifiedvoiceto say, “We value this; we need it; and we’llsupport it.” East Carolina, for instance, beganitsprogramwith a sizeable endowment fromthe Independent Insurance Agents of NorthCarolinaandcontinuestoenjoygeneroussup-portfromtheagentsaswellastheNorthCaro-lina Surplus Lines Association and severalindividualcontributors.Interestinglyenough,collegiateinsuranceedu-cationhasabenefitother than justsupplyingtalenttotheindustry;italsohasthebenefitofimproving our industry’s image and reputa-tion. Wells, Epermanis, and Gibson (2015)found that just one class in insurance signifi-cantlyandpositively improvesperceptionsofthe property-casualty insurance industry.

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Since many business students will take aninsurance class as an elective, this enhance-ment of the industry’s reputation can causestudentswhoarenotRMImajors tobemoreeasilyrecruitedintotheindustry.KeepingRMIProgramsAlive

TokeepRMIprogramsthriving,yourhelpisverymuchneededandappreciated.HereareseveralwaysyoucansupportandencourageRMIeducation.✦ Find the program in your area, get toknow the faculty, and make sure theyknowwhoyouare.Asktositinonaclasssometimeandmeetsomestudents.Inviteaprofessortogowithyoutoa localpro-fessional association monthly meeting.Evenjustanoccasionalemailornotethatincludesaninterestingarticleabouttrendsin the industry will keep your name intheirminds.✦ Give RMI students first shot at any part-time or temporary jobs for which theymightbequalified.Sendthejobpostingtotheprofessor,andaskhimorhertopostit.Students often need extramoney and arewillingtoperformavarietyoftasks.Ihaveseenstudentsbartendandserveatprivateparties,helpwithmovingahouseoranof-fice, babysit, and even save the daywhenanemergencyreceptionistwasneeded.Youmight become some student’s new hero,andyoumightfindasteadyworkerintheprocess.✦ Whenyouhavefull-timepositionstofill,in-cludetheprofessorsinthosepostings.Theymay know an alumnus who has just theamountof experience you seek.Butdon’t

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sell short an “inexperienced” college stu-dent,either.Youmayfindexceptionalma-turityandrefinedskillswhereyouleastex-pectthem.Evenifyoudon’t findtherightpersonthistime,you’vestilldoneaserviceintermsofpromotingopportunitiesinourindustryandwithyourfirm.Whenstudentssensethereisagoodchanceforrewardingemployment associated with a particularmajor, theywillgravitate toward thatma-jor.Therefore,hiringRMImajors—orevenattempting to—will encourage youngerstudents to considerpursuinganRMIde-gree.✦ Participate in school-sponsored eventsevenwhenyouaren’thiring.Beasvisibleasyoucanonthecampus,sothatadmin-istrators,professors,andstudentsarere-minded there isopportunityand interestintheinsuranceindustryforgreattalent.This provides the added benefit of pro-motingyourbrandwiththeseyoungpeo-ple.

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✦ Volunteeryourtimeandyourcompanyre-sourceswhenyoucan.Thefollowingareafewexamplesofwaystohelp.✧ Offertohostaninternforadayortheentiresummer.✧ Mentorastudentbyinvitinghimorhertolunchonceamonth.✧ Whenlitigatingaclaim,inviteaclassofstudentstositinthecourtroomandob-servehow“real”insurancelawworks.✧ Talktothefacultyandfindoutexactlywhatprojectsandactivitiesneedfund-ing and make that support a regularpartofyourcompany’scharitable,mar-keting,orrecruitingbudget.✧ When you’ve just wowed a group ofemployeesor investorswithapresen-tation, send a copy to the professors.Seeiftheyneedthatsamepresentationgiventoaclass,butdon’tbeoffendediftheydeclineyouroffer.Professorsarebombardedwiththeseoffersandhaveto say no tomost, but sometimes thetopic you can present is exactly whatthecoursecurriculumcallsfor.✧ Share the juicy details of a really bi-zarreclaim(namesexcluded,ofcourse)with aprofessorwho canuse it as anexampleinclass.

✦ Makeitaperiodichabittowritealettertoone university administrator expressingyoursupportfordedicatedRMIeducationprogramming. Copy the chancellor, thepresident, the provost, or college of busi-ness dean, and even the members of theboardofregents.

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IftheschoolhasanRMIprogram,tellthemhowmuchyouappreciate it. If the schooldoesnothaveone,tellthemhowmuchyouwouldappreciateoneiftheybuiltit.Atthevery least, encourage them tooffer an in-troductory principles of insurance coursetostartteachingstudentsaboutthisfasci-nating industry that offers formidable ca-reeropportunities. Thebenefits of such acourse offering are more informed con-sumers, enhanced industry image, easierrecruiting,andbetterjobcandidates.Whenyou’verunoutofpeopletowritelet-tersorsendemailstoatthelocaluniversi-ties and community colleges, start on thehigh schools. Let their career counselorsknowaboutalltheopportunitiestherearein this industry that the uninformed con-sider “unsexy.”Make yourself available tovisitwithstudentswhomaybegoodcandi-datesforjobsinthefield.Letyourstate’sboardofhighereducationand your state legislators know how im-portant these programs are, too. Eithersendaletterdirectlytothemorcopythemon the letters you send to others. Be

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diligent about this exercise because thesqueakywheelinaneducationbureaucra-cyoftengetsthegrease.✦ Encourage your trade groups and profes-sional organizations to support and pro-moteRMIeducationinyourarea.Whetherit’salocalCPCU,CharteredLifeUnderwriter,CertifiedFinancialPlanner,RiskandInsur-anceManagementSociety,orotherassocia-tion chapter, there is strength in numbers.Invite students to your conferences. Treatstudentstolunchatyourmonthlymeetings.Offer to develop amentoring program forbuddingyoungRMIexpertswhoarestillfin-ishingtheirdegrees.Seeingagroupofpro-fessionalswhoareenthusiasticandenerget-ic about their careers goes a long waytowardencouragingundergraduatestudentstochooseonemajoroveranother.✦ Whenmakingdonationstoacollegeoruni-versity,earmarkyourdonationspecificallyto RMI programs at your chosen school.Universitiesdonotroutedonationstosmallprogramsunlessinstructedtodoso.Ifyour

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chosen school has a large RMI program,youmaywanttogoevenfurthertodeter-minewhichofseveralpossiblescholarshiporproject funds aremost inneedof sup-port,andthendesignateyourcontributionforthatspecificfund.Anddon’tthinkofthisgivingascharity,butinsteadthinkofitaspartofyourrecruitingor advertising budget. The dollars youspend on having name recognition withtomorrow’scollegegraduates,particularlyRMIgraduates,willbeverywellspent.ConclusionOur talent “cliff” still looms ahead, but muchprogress has been made to avert (or at leastreduce)theimpendingdisaster.Moreandmoreindustry professionals are hiring from dedi-cated RMI programs and letting universityadministrators know that RMI programs are

important.SupportforRMIhighereducationis,inmyestimation,ata30-yearhigh.PleasekeepthatmomentumgoingbysupportingyourlocalcollegiateRMIprogram!

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Sources:

Cole, Cassandra R., and Kathleen A.McCullough. “The Insurance Industry’sTal-entGapandWhereWeGoFromHere.”RiskManagementand InsuranceReview15,no.1(2012):107–116.Karl, J.BradleyandBrendaWells. “ImprovingPerceptionsof the Insurance Industry:TheInfluence of Insurance Professionals.” RiskManagementand InsuranceReview19,no.1(2015):147166.

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McKinseyandCompany.2010.BuildingaTal-entMagnet:HowthePropertyandCasualtyIndustryCanSolveItsPeopleNeeds.https://www.griffithfoundation.org/uploads/McKinsey-Talent-white-paper-FINAL.pdf.Wells, Brenda, Karen Epermanis, and Jack P.Gibson. “The Effect of Insurance EducationonConsumerAttitudes:AStudyoftheProp-erty/CasualtyIndustry.”JournalofFinancialEducation(2015):47–65.

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