"By having professional designation credits transfer into degree programs, students achieve their academic goals more quickly and the industry reduces its education expenses," he said.

Consortium members include Philadelphia's Drexel University; the continuing and professional education divisions of New York University; the University of Maryland University College; and University of California, Berkeley.

All insurance industry designations conferred by AICPCU/IIA and LOMA will be recognized for credit transfer within the Consortium.

NECF, a Boston-based degree-granting institution, will deliver an Associate's Degree; Drexel and UMUC will accept appropriate designation credits into several bachelor's degree programs and their M.B.A. programs. NYU's School of Continuing and Professional Studies will deliver an M.S. degree in Management and Systems with a concentration in insurance and risk management. NECF and UC Berkeley Extension are finalizing a new Accelerated Program in Financial Services with concentrations in insurance as well as banking and investment management, the consortium said.

NECF said it is inviting other institutions of higher learning to participate in the program.

"One of the biggest challenges faced by working professionals today is access to quality education," stated Robert A. Regan, NECF president and chief executive officer. "As members of the prestigious Alfred P. Sloan Consortium, NECF, NYU, UMUC and UC Berkeley Extension have been recognized for the quality of their online programs. We can now provide anytime, anywhere access for financial services personnel throughout the U.S. and, indeed, worldwide."

Many of these programs will also be available on-campus for employees who prefer a more traditional, face-to-face learning experience, said the Consortium.

"The Insurance Industry Educational Consortium is critical," noted Thomas P. Donaldson, LOMA president and CEO, based in Atlanta.

Mr. Donaldson said, "As the financial services industry becomes increasingly global and complex, we've realized the need to enhance the content, delivery and benefits of our outstanding industry professional designation programs in different ways.

"By creating the Consortium and involving NECF and these other outstanding providers of online education, we will be enriching the value of our industry programs, reducing costs to the individual employee and company, and providing universal access to higher education to all employees regardless of location."

To maintain its industry-driven focus, the Consortium will be governed by an advisory board consisting of the three founding institutions and executives from major insurance companies within their membership ranks. The member companies will include representatives from Liberty Mutual, Chubb, The Hartford, AIG, John Hancock, Sun Life, Amica and other prominent insurance companies throughout the U.S. and abroad.