PROGRAM REVIEW FOR
CENTERS AND INSTITUTES
Center/Institute: Center for Insurance Studies
Director/Administrator: Weili Lu
College/Academic unit: Department of Finance, College of Business and Economics
Contact Information: Weili Lu, 714 278-3679
Date: March 23, 2009
Name of primary authors if different
From Director/Administrator: Mary Ellen Nossaman, Assistant to Dr. Lu
Self-Study
1. Mission
The mission should be more definitive. For example, rather than saying the Center seeks to
provide a more definitive statement would be the Center provides traditional and non-traditional
students with high quality business education emphasizing the speaking, writing, technological
and interpersonal skills and sound business practices that will allow them to succeed in a rapidly
growing and changing insurance industry. Link the mission to the university and college goals.
2. Goals and Activities
According to the self-study the goal of the Center for Insurance Studies (CIS) is to create an
organization that attracts and educates talented individuals who are committed to professional
careers in the insurance/financial services industry. Emphasis is placed on careers in actuarial
analysis, claims, financial planning, risk management, portfolio management, sales, technology
and underwriting.
CSI activities are directed at raising the level of awareness on campus of career opportunities in
the insurance industry. The center sponsors conferences and member company symposiums,
panel discussions, forums and seminars e.g. Insurance Marketing Symposium, Financial
Planning Symposium and Risk Management Week. In addition, CIS offers direct classroom
involvement and campus recruiting opportunities for members, and also internships, scholarships
and job opportunities for undergraduates and graduate students.
3. Resources and Sustainability
CSI is funded by the insurance industry (100%) and related individuals. In 1999 industry
contributions totaled 94,200 in 2007 the number was 256,800. The center staff consists of a
director, an assistant to the director, two graduate assistants and two research assistants. In
addition, there are ten faculty who teach related courses including Actuary Program instructors.
The center is housed in a suite in Mihaylo Hall which consists of a library (funded by the Auto
Club). The center began an endowment campaign two years ago, the five year goal of the
campaign is $5 million as of this date almost $1.25 million has been secured in the endowment.
The endowment will be used to hire faculty to join the insurance and risk management program.
The center feels that the insurance industry is to some degree recession proof.
4. Organizational Structure and Governance
The Center has a Director and is governed by a Board of Directors and an Advisory Board. The
Board of Directors meets annually with the President of the university and the Advisory Board
meets quarterly to discuss ways to continue to build a strong insurance program.
The self-study should briefly describe the roles of the two boards.
5. Highlights and Accomplishments
The Center touts as a most recent accomplishment the Asian Insurance Competency Project. The
project created large database with information about all available insurance companies in ten
Asian countries. The data will be used for the ranking of Asian insurance companies as well as
for academic research. It is a major project that will impact on the center and the university.
The Center has brought to campus for speeches major figures in the field including the California
Insurance Commissioner, the President of the Auto Club and other notables. CIS hosted the
Brokers and Bankers Forum, which brought together executives from both industries to
participate in a panel discussion with students and executives.
6. Planning and Strategic Outlook
The self-study indicates that the Center has a strategic planning process based primarily on
several objectives. These objectives include efforts to revise and update the insurance
curriculum; to create and publicize opportunities for industry employees and re-entry
individuals; to develop a program aimed at attracting individuals to careers in insurance/financial
services and to provide an interface with the industry that will place graduates and nontraditional financial service/insurance students of the university on career paths that can be
rewarding. The objectives are discussed and updated with the advice of the Advisory Board.
7. Viability
The leadership of CIS feels that the Center is on the right course and that its programs and
activities have been successful. Moreover, the center asserts its member companies understand
the importance of insurance education and the significance it holds for both students and
employers.
8. Appendices
Members of Board of Directors and Advisory Board
Financial Statements
Student Data
Summary and Recommendation(s)
Established in 1998 the Center for Insurance Studies (CIS) is dedicated to providing a business
education emphasizing speaking, writing, technological and interpersonal skills and sound
business practices that will allow recipients to succeed in a rapidly growing and changing
insurance industry. Emphasis is placed on careers in actuarial analysis, claims, financial
planning, risk management, portfolio management, sales, technology and underwriting. CIS
offers classroom involvement, campus recruiting opportunities for members also internships,
scholarships and job opportunities for both graduate and undergraduate students. The Center
convenes a number of conferences, symposiums, forums and the like in the execution of its
goals. Also, it conducts research one such project is the Asian Insurance Competency Project,
cited as a major undertaking data collected will be used for the ranking of Asian insurance
companies in ten Asian countries.
CIS has a director an assistant to the director and graduate and undergraduate student workers. It
has a governance structure that includes both a Board of Directors and an Advisory Board. The
self-study does not clearly detail the role of the Board of Directors.
CIS demonstrates financial stability and sustainability all its funds come from industry and
related individuals its industry contributions in 1998 totaled 94,200 by 2007 such contributions
had risen to 256,800. An endowment effort is now underway targeted at 5million over five years
to date the center has raised 1.25 million towards the endowment.
The center is planning for its future has clear vision of what is to be accomplished and despite
the economic down turn feels that the industry which supports it is basically recession- proof.
Reviewed by Dean’s Council
April 1, 2009
Status: Continuation