The Council of Insurance Agents & Brokers (the Council) set up the FAME (Foundation for Agency Management Excellence) scholarship five years ago to help college students get an education in the insurance industry, explains Julia Kramer, senior vice president of leadership and management resources for the Council and director of FAME.
During that period, the program has administered close to 100 scholarships of $5,000 each. The program is close to issuing 32 scholarships per year with a goal of getting to 50 a year, says Kramer.
The scholarships are awarded to individuals at four-year public universities who either major or minor in programs leading to a degree in risk management and insurance; maintain a grade-point average of 3.2 or higher; and are financially needy.
FAME partners with existing education programs and does not seek to develop programs at other schools.
The FAME aim is not just to create “a ready labor pool for insurance brokers,” says Kramer, but also to increase the pool of career candidates for the entire industry “and influence this huge labor pool that we feel is not yet represented in the insurance industry.”