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Insurance & Risk Management

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

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Insurance & Risk Management

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  1. Insurance & Risk Management Fisher College of Business Undergraduate Specialization Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  2. 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 Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  3. 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 Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  4. 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 Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  5. 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 Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  6. General Preparation • 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 Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  7. IRM at Fisher • Undergraduate Ranking • 12th Nationally - U.S. News and World Report (2004) Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  8. Insurance and Risk Mgt. Curriculum • Specific information about the Insurance and Risk Management Specialization can be found on the Fisher website under: • Current Undergraduates • Academics and Advising • Courses and Specializations • There you will find a complete list of GEC, core, and specialization requirements as a downloadable pdf Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  9. 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 Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  10. Honors Options • Honors Program • Business Administration Honors Cohort Program • Individualized Business Administration Honors Contract Program • More information go to fisher.osu.edu/honors/ Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  11. 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. Underwriter • 2. Programmer/Analyst • 3. Accountant • 4. Claims Adjuster • 5. Actuary • Sales Representative Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  12. 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 Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  13. 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 Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  14. 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 Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  15. 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 Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  16. 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 Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  17. Types of Organizations • In general, there are two types of insurance companies: • Agency companies – use independent insurance agents to sell their products • Example: Golden Rule Company • Direct writers – sell directly to the public through their own employees or agents • Example: Progressive Insurance, State Farm Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  18. Insurance Training • Most positions require a bachelors 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 Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  19. 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 Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  20. IRM Hiring Companies • Council of Insurance Agents & Brokers • Great American Insurance Company • Great-West Life & Annuity • Liberty Mutual • Mass Mutual Financial Group • MetLife Financial Services • Motorists Insurance Company • Nationwide • New York Life • Progressive Insurance Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  21. Abbott Laboratories Agora, Inc. AIESEC Andy Warhol Museum Anheuser- Busch Arthur Anderson Baltimore Zoo Bechtel Bertelsmann Music Group Boston University CARE Carter Center Central Intelligence Agency Chicago Children’s Museum Citizen’s Network for foreign Affairs City of New York/Parks & Recreation Congressional Research Service Coro Foundation Companies Offering Internships Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  22. 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 Planner • often appear after the names of risk managers, employee benefit managers, and executives in the insurance industry Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  23. 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 Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  24. 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 Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  25. 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/ Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  26. 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 Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  27. Professional Organizations • American Finance Association • www.blackwellpub.com • Association of Finance & Insurance Professionals • www.afip.com • Financial Management Association • www.fma.org Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  28. Study Abroad & Exchange Contacts • CIBER (Center for International Business and Research) • http://fisher.osu.edu/international/ciber/index.html • 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 Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  29. 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 Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  30. Max M. Fisher College of Business • Academic Department: Finance • Ohio State University • 700 Fisher Hall • 2100 Neil Ave • Columbus, OH 43210-1144 • (614) 292-5026 • http://fisher.osu.edu/fin/IRM.html Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  31. fisher.osu.edu Fisher logo http://fisher.osu.edu Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

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