According to U.S. Census data, millennials outnumber baby boomers and are expected to make up half of the global workforce by 2020.
However, the insurance industry needs to find a way to make itself attractive and leverage this talent.
The good news is that four out of five millennials are "optimistic" or "very optimistic" that the insurance industry will evolve to attract the next generation of insurance talent, because of productivity and efficiency gains from technology adoption, according to Vertafore's second annual "Millennial Revolution" study.
Related: The Chalkboard: Millennial Mindset
Year-over-year comparisons show that work/life balance is the No. 1 reason why millennials stay in this industry, according to Vertafore. Millennials also name compensation and enjoyment of work as reasons for staying in the industry. They value decision-making, with three-quarters identifying it is "important" or "very important" to influence change in their companies. Nine out of 10 millennials also identify their company's use of technology, particularly mobile and social media, as key elements contributing toward job satisfaction.
Sourcing new talent is often a pain point for insurance companies. However, the best and brightest may be found attending U.S. News & World Report's top 10 insurance and risk management schools. For the 2015-2016 school year, the publication named its top 12 insurance and risk management schools.
Coming in tied for the No. 12 spots are Pennsylvania State University, University Park and Illinois State University. Ranked No. 11 is the University of South Carolina.
On the following pages is U.S. News & World Report's top 10 insurance and risk management schools:
10. University of Texas, Austin
In-state tuition and fees: $9,830.
Out-of-state tuition and fees: $34,836.
2014 rank: 9 (tie).
In the McCombs School of Business, the Center for Risk Management and Insurance is a premier independent research resource for public policy decision-makers within Texas in regard to issues related to risk.
Research topics include analysis and public policy implications of credit scoring in insurance; environmental risks and their handling; and social, ethical and financial implications of genetic testing for risk and insurance underwriting.
The Center sponsors and edits the Journal of Risk and Insurance, the flagship publication of the American Risk and Insurance Association. Professional programs — ARM, CSP and CPCU — also are offered at the center.
For an academic degree, the Department of Information, Risk and Operations Management offers three disciplines: information management, operations management and risk. The Department of Mathematics also offers a a degree in actuarial science.
9. University of Illinois, Urbana-Champaign
In-state tuition and fees: $15,626.
Out-of-state tuition and fees: $30,786.
2014 rank: 8.
Students can earn a degree in finance with an emphasis in insurance and risk management.
The RMI program includes traditional classroom lectures and hands-on projects, and students are exposed to industry and government leaders in the field through guest lectures and internships at companies, including Allstate, A.J. Gallagher, Northwestern Mutual and State Farm.
Students also are involved with the University's Office of Risk Management and Insurance Research, wich allows corporate partners to help identify and design the dreiction of critical issues.
8. New York University
New York City
Tuition and fees: $46,170.
2014 rank: 6 (tie).
Students can earn an undergraduate degree in actuarial science at the university's Stern School of Business.
Students take courses in probability, statistics, financial mathematics, actuarial mathematics, finance, marketing, accounting, management and information technology.
The program at Stern prepares students to take the first three examinations jointly offered by the Society of Actuaries and the Casualty Actuarial Society, and satisfy the three validation by educational experience areas of economics, finance and applied statistical methods.
The Stern School of Business has a student-run Actuarial Society, which offers seminars and meetings. Graduate students can obtain a certficiate in Enterprise Risk Management as part of the School of Professional Studies.
7. Florida State University
In-state tuition and fees: $6,507.
Out-of-state tuition and fees: $21,673.
2014 rank: 6 (tie).
The undergraduate major in Risk Management and Insurance was established at Florida State University in the 1940s, as part of the Department of Risk Management/Insurance, Real Estate and Legal Studies.
The department holds "Insurance Days," its own two-day placement program for RMI majors focusing on internships and full-time jobs. Students also can “fast-track” many training programs in their degree, and can join the Florida State Insurance Society for the opportunity to interact with faculty and business leaders outside of the classroom.
Famous alumni include Dr. William T. Hold, a 1963 graduate who went on to found the National Alliance for Insurance Education & Research.
6. Georgia State University
In-state tuition and fees: $10,686.
Out-of-state tuition and fees: $28,896.
2014 rank: 5.
U.S. News & World Report has ranked the school's undergraduate insurance program among the nation’s top 10 since 1999.
The Department of Risk Management & Insurance takes a broad look at the industry, offering a curriculum that includes financial concepts in all markets where risk trades.
The program has one of the largest full-time research faculties in the world devoted to the subject, who publish more than 20 articles annually in trade journals. Faculty and students are aided in their studies with the school’s two research centers: the Center for Risk Management and Insurance Research and the Center for Economic Analysis of Risk.
5. Temple University
In-state tuition and fees: $15,096.
Out-of-state tuition and fees: $25,122.
2014 rank: 4.
The Fox School of Business’s Department of Risk, Insurance & Healthcare Management offers degrees in risk management and insurance, actuarial science and healthcare management, and has about 300 undergraduate and graduate students. Students are active in the Sigma chapter of Gamma Iota Sigma.
4. University of Wisconsin, Madison
In-state tuition and fees: $10,415.
Out-of-state tuition and fees: $29,665.
2014 rank: 3.
In the school of business, the department of Actuarial Science, Risk Managment & Insurance offers undergraduate degrees in both actuarial science and risk management and insurance, and an MBA in risk management and insurance.
Founded in 1938, the RMI program is the second oldest of its kind in the United States. Each fall, the department hosts a career fair that attracts nearly 50 companies, where both full-time and internships are offered.
The school’s Risk Management and Insurance Society is the oldest collegiate risk management society in the country, and its RMI network has more than 2,200 alumni. The program graduates about 60 students a year.
The school is a nationally recognized Center of Actuarial Excellence, and has received grants to support industry-related research topics.
3. St. Joseph’s University
Tuition and fees: $42,180.
2014 rank: 9 (tie).
Making the largest gain in rank than any other school, the Risk Management and Insurance major at St. Joseph's gives finance students an understanding of policies, pricing and underwriting.
Students also can obtain a bachelor's degree of Business Administration in Risk Management and Insurance through the Haub Degree Completion program. Students can join the college’s chapter of Gamma Iota Sigma to connect with educators, students and representatives in the industry.
2. University of Georgia
In-state tuition and fees: $11,622.
Out-of-state tuition and fees: $29,832.
2014 rank: 1.
The Terry College’s Risk Management-Insurance program traces its beginnings to 1965.
In order to be accepted into the program, students must take a standardized, multiple-choice assessment of acadmeic skills, maintain grades in certain economics, accounting and risk management courses, and write a statement of purpose.
The program’s annual Risk and Insurance Careers Day attracts more than 50 employers. The curriculum includes commercial property and liability insurance, employee benefits, insurer operations and policy, corporate risk management, life insurance and other courses.
1. University of Pennsylvania
Tuition and fees: $49,536.
2014 rank: 2.
The Wharton School at the University of Pennsylvania offers an undergraduate Insurance & Risk Management concentration and also an actuarial science concentration as part of its Business Economics and Public Policy program, where students examine the techniques useful to corporations, organizations and individuals in minimizing the potential financial losses arising from risk exposures. The program covers global risk management, regulation, estate planning and related public policy initiatives.