Risk
Management
& Insurance
Fisher College of Business
Undergraduate Specialization
Office of Career Management
150 Gerlach Hall 2108 Neil Avenue
614-292-6024 fisher.osu.edu/career
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
Office of Career Management
150 Gerlach Hall 2108 Neil Avenue
614-292-6024 fisher.osu.edu/career
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
Office of Career Management
150 Gerlach Hall 2108 Neil Avenue
614-292-6024 fisher.osu.edu/career
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
Office of Career Management
150 Gerlach Hall 2108 Neil Avenue
614-292-6024 fisher.osu.edu/career
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
Office of Career Management
150 Gerlach Hall 2108 Neil Avenue
614-292-6024 fisher.osu.edu/career
Competitive Admissions
• Information concerning application to the Risk
Management & Insurance specialization is
available on the web:
•
http://fisher.osu.edu/undergraduate/admissi
ons/
• Admission to specializations largely depends
on space availability
Office of Career Management
150 Gerlach Hall 2108 Neil Avenue
614-292-6024 fisher.osu.edu/career
RMI Curriculum
• Specific information about the Risk
Management & Insurance Specialization
can be found on the Fisher website at:
• http://fisher.osu.edu/undergraduate/acade
mics/specializations/
•
• There you will find a complete list of GEC,
core, and specialization requirements
Office of Career Management
150 Gerlach Hall 2108 Neil Avenue
614-292-6024 fisher.osu.edu/career
Top Positions in RMI for Recent College Graduates
•
Specific career opportunities within the insurance
industry include underwriters, claims administrators,
information systems experts, investment managers,
brokers, and sales agents.
•
•
•
•
•
13.
1. Underwriter
2. Programmer/Analyst
3. Accountant
4. Claims Adjuster
5. Actuary
Sales Representative
Office of Career Management
150 Gerlach Hall 2108 Neil Avenue
614-292-6024 fisher.osu.edu/career
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 Management
150 Gerlach Hall 2108 Neil Avenue
614-292-6024 fisher.osu.edu/career
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
Director of
Underwriting
Underwriting
Manager
Underwriting Specialist
Underwriting Supervisor
Underwriting Analyst
Sr. Underwriter
Underwriter
Office of Career Management
150 Gerlach Hall 2108 Neil Avenue
614-292-6024 fisher.osu.edu/career
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
Property Claims Mgr.
Branch Claims Mgr.
Liability Claims Mgr.
Branch Claims Supervisor
Staff Property Specialist
Satff Liability Specialist
Field Adjsuter
Office Adjuster
Claims Trainee
Office of Career Management
150 Gerlach Hall 2108 Neil Avenue
614-292-6024 fisher.osu.edu/career
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
Director of Sales
Regional Sales Mgr.
Field Sales Representative
Sales Trainee
Office of Career Management
150 Gerlach Hall 2108 Neil Avenue
614-292-6024 fisher.osu.edu/career
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
Vice President
HR Director
Finance Director
HR Manager
Finance Manager
Risk Manager
Office of Career Management
150 Gerlach Hall 2108 Neil Avenue
614-292-6024 fisher.osu.edu/career
Types of Organizations
•
In general, there are two types of
insurance companies:
1. Agency companies – use independent
insurance agents to sell their products
•
Example: Golden Rule Company
2. Direct writers – sell directly to the public
through their own employees or agents
•
Example: Progressive Insurance, State Farm
Office of Career Management
150 Gerlach Hall 2108 Neil Avenue
614-292-6024 fisher.osu.edu/career
Insurance Training
• Most positions require a bachelor’s 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 Management
150 Gerlach Hall 2108 Neil Avenue
614-292-6024 fisher.osu.edu/career
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
Office of Career Management
150 Gerlach Hall 2108 Neil Avenue
614-292-6024 fisher.osu.edu/career
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
Office of Career Management
150 Gerlach Hall 2108 Neil Avenue
614-292-6024 fisher.osu.edu/career
RMI Salaries
• Fisher College of Business (2010-11 year)
– Full-time
$40,250
• NACE* Salary Survey (Spring 2011)
– Insurance Claims
– Insurance Underwriter
$35,200
$37,667
*National Association of Colleges & Employers
Office of Career Management
150 Gerlach Hall 2108 Neil Avenue
614-292-6024 fisher.osu.edu/career
General RMI Outlook
• Projections of overall employment of adjusters,
investigators, sales and collectors can be found in
the Occupational Outlook Handbook:
http://www.bls.gov/OCO/
Office of Career Management
150 Gerlach Hall 2108 Neil Avenue
614-292-6024 fisher.osu.edu/career
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
Office of Career Management
150 Gerlach Hall 2108 Neil Avenue
614-292-6024 fisher.osu.edu/career
Professional Organizations
•American Finance
Association
•http://www.afajof.org/
•Association of Finance &
Insurance Professionals
•www.afip.com
•Financial Management
Association International
•www.fma.org
Office of Career Management
150 Gerlach Hall 2108 Neil Avenue
614-292-6024 fisher.osu.edu/career
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
Office of Career Management
150 Gerlach Hall 2108 Neil Avenue
614-292-6024 fisher.osu.edu/career
Max M. Fisher College of Business
•
•
•
•
•
•
•
Academic Department: Finance
The Ohio State University
700 Fisher Hall
2100 Neil Ave
Columbus, OH 43210-1144
(614) 292-5026
http://fisher.osu.edu/fin
Office of Career Management
150 Gerlach Hall 2108 Neil Avenue
614-292-6024 fisher.osu.edu/career
Fisher logo
• fisher.osu.edu
http://fisher.osu.edu
Office of Career Services
150 Gerlach Hall 2108 Neil Avenue
614-292-6024 fisher.osu.edu/career