Why is RMI education important?

It is crucial to the survival of the insurance business that is an integral part of the global economy and our society.

Several studies and articles have identified a developing crisis for the insurance business: many insurance professionals are approaching retirement age, and insurers and agencies do not have enough younger people joining their organizations.  Studies by Deloitte, McKinsey, and the Council of Insurance Agents and Brokers.   Articles published by National Underwriter magazine, Risk Management magazine, International Risk Management Institute.

The Griffith Insurance Education Foundation recently hosted an Insurance Education and Career Summit to discuss this issue, bringing together over 100 people representing the insurance business and academic community.  The problem of the talent gap is exacerbated by a lack of interest in a career in insurance.

Collegiate RMI programs are an essential part of the solution.  The colleges and universities have been very creative in attracting young people to the field, and preparing them for rewarding careers in RMI.  Gamma Iota Sigma, the international risk management, insurance, and actuarial science professional fraternity with chapters at colleges and universities throughout the U.S. and Canada, has generated a lot attention for RMI programs at colleges.  As a professor of RMI at a small college, I found our Gamma Iota Sigma chapter and members to be great recruiters of new students through the exciting programs and trips they organize, through the professional networking in conferences at the national and international level, and through direct efforts to recruit from high schools throughout their state.    The Independent Insurance Agents & Brokers of America “Project InVEST” program is also generating interest in many high schools, and the Griffith Insurance Education Foundation Teacher Institutes have shared career opportunities as well as instructional ideas with high school educators.  As the director of the RMI Center at Olivet College, I worked with the school district in our area to create a program to allow high school seniors from a three-county area to take insurance classes for college credit (and get them excited about the business of insurance and risk management).

In future blog posts, I plan to include tips for creating RMI programs at the college level, and other thoughts on RMI educational programs.  I will list some helpful links, once I have permissions to post.  I invite you to make comments and share your ideas, too!