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

Competitive Admissions Information concerning application to the Risk Management & Insurance specialization is available on the web: ons/ ons/ Admission to specializations largely depends on space availability Office of Career Management 150 Gerlach Hall 2108 Neil Avenue fisher.osu.edu/career

RMI Curriculum Specific information about the Risk Management & Insurance Specialization can be found on the Fisher website at: mics/specializations/ 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 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. 1.Underwriter 2.Programmer/Analyst 3.Accountant 4.Claims Adjuster 5.Actuary 13.Sales Representative Office of Career Management 150 Gerlach Hall 2108 Neil Avenue 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 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 Office of Career Management 150 Gerlach Hall 2108 Neil Avenue 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 Office of Career Management 150 Gerlach Hall 2108 Neil Avenue 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 Office of Career Management 150 Gerlach Hall 2108 Neil Avenue 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 Office of Career Management 150 Gerlach Hall 2108 Neil Avenue 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 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 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 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 fisher.osu.edu/career

RMI Salaries Fisher College of Business ( year) –Full-time $40,250 NACE* Salary Survey (Spring 2011) –Insurance Claims$35,200 –Insurance Underwriter$37,667 *National Association of Colleges & Employers Office of Career Management 150 Gerlach Hall 2108 Neil Avenue 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: Office of Career Management 150 Gerlach Hall 2108 Neil Avenue fisher.osu.edu/career

Student Organizations Undergraduate Finance Association (UFA) Buckeye Capital Investors Additional Fisher Student Organizations Office of Career Management 150 Gerlach Hall 2108 Neil Avenue fisher.osu.edu/career

Professional Organizations American Finance Association Association of Finance & Insurance Professionals Financial Management Association International Office of Career Management 150 Gerlach Hall 2108 Neil Avenue fisher.osu.edu/career

Study Abroad & Exchange Contacts Fisher International Programs Office OSU Office of International Affairs – –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 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 (614) Office of Career Management 150 Gerlach Hall 2108 Neil Avenue fisher.osu.edu/career

Office of Career Services 150 Gerlach Hall 2108 Neil Avenue fisher.osu.edu/career fisher.osu.edu Fisher logo