Office of Career Management

1
Risk Management Insurance

• Fisher College of Business Undergraduate
  Specialization

2
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

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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

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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

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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 bachelors 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

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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

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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

8
RMI Curriculum

• Specific information about the Risk Management
  Insurance Specialization can be found on the
  Fisher website under
• Current Students
• Undergraduate Students
• Academics
• There you will find a complete list of GEC, core,
  and specialization requirements as a downloadable
  pdf

9
Honors Options

• Honors Program
• Business Administration Honors Cohort Program
• Individualized Business Administration Honors
  Contract Program
• More information go to fisher.osu.edu/honors
  /

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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

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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

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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

13
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

14
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

15
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

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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

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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

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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

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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

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RMI Salaries

• Fisher College of Business (2008-2009)
• Full-time 45,833
• Intern (Finance) 2,626/month
• NACE Salary Survey (Summer 2009)
• Insurance Claims 40,967
• Insurance Underwriter 43,091

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General RMI Outlook

• Overall employment of adjusters, investigators,
  and collectors is expected to grow as fast as the
  average for all occupations over the 2006-2016
  period
• Most job openings, however, will result from the
  need to replace workers who transfer to other
  occupations or leave the labor force
• See the Occupational Outlook Handbook for
  additional information http//www.bls.gov/OCO/

22
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
  

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Professional Organizations

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

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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

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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

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Max M. Fisher College of Business

• Academic Department Finance
• The Ohio State University
• 700 Fisher Hall
• 2100 Neil Ave
• Columbus, OH 43210-1144
• [phone]
• http//fisher.osu.edu/fin

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Fisher logo

• fisher.osu.edu

http//fisher.osu.edu