In recent years, IASA has conducted an outreach program with a variety of charitable organizations, which were highlighted at the annual conference. But this year the organization decided to focus its charitable contributions on young people looking to earn a degree in an insurance-related course of study.
"We decided to get back to a linkage with our education roots," says Joe Pomilia, executive director of IASA. "Supporting the education of talented and worthy college students is at the heart of what IASA is all about."
Pomilia believes the outreach charitable program of the last few years has been a success, and he doesn't discount the possibility of it returning, but IASA felt it was important to put its resources into a scholarship program this year.
"These are going to be for students who are in a financial/accounting type program with a focus on insurance– things that are closely affiliated with the insurance industry," he says.
So, a scholarship program wasput in place, and three $2,000 scholarships have been awarded to students currently in their second or third year studying an insurance-related field at a four-year college or university.
The winners of the Insurance Industry Collegiate Scholarship program for 2010 are:
- Gabriel Cossio, a student at the University of South Carolina in Columbia, S.C., who is pursuing a degree in risk management/ entrepreneurial management.
- Joey Li, a student at St. Thomas University in St. Paul, Minn., who is pursuing a degree in actuarial science.
- Aaron Schneider, a student at Northwood University in Midland, Mich., who is pursuing dual degrees in accounting and management.
The scholarship program is targeted to aid students whose course of study includes working toward a degree in information technology, actuarial science, accounting, or risk management, according to Karen Furtado, a partner with the research and consulting firm SMA Strategy Meets Action. She served as co-chair of the scholarship committee along with Wendy Gibson, vice president business of development with Oracle.
Lots of Talent
The scholarship committee worked through IASA's industry relations committee.
"We were overwhelmed by the talent of the student submissions for the scholarship and their achievements so far in pursuing a career in insurance," says Pomilia. "Our three recipients have proven to be dedicated not only to academic excellence but to the betterment of themselves, their campuses, and communities through service and leadership."
The scholarship winners will be recognized during the opening ceremonies of the 2010 IASA Annual Educational Conference and Business Show. At the same time, IASA also will present its Technology Innovation Award, which this year goes to Access Insurance Co. (For more on this award, see p. 18.)
IASA was in touch with universities that offer scholarship-related coursework to help promote the creation of the scholarship program, explains Pomilia. Information on the scholarships also was disseminated through the various IASA chapters.
"From a personal standpoint, having gone through all the applications and letters of reference, we had a hard time picking the winners," says Pomilia.
The job likely will become even more difficult next year. "We expect to triple or quadruple the number of candidates next year as word gets out to more universities," says Furtado. "I think IASA is well positioned for this discussion. The more people we have applying, the more interest there is to come into the insurance industry, whether they are afforded the opportunity [for a scholarship] or not. Maybe they'll become interested in the industry, and we can join them with companies looking for young people. I feel it's a win-win situation. It's nice to be able to help young people get into the industry."
Great Stories, Great Need
Pomilia was impressed with the applicants and knows the cost of higher education is challenging. "There are so many kids out there with financial needs who also have a great story," he says. "You'd love to help them all. Eventually, we hope some of our members would want to participate in this and we can continue to expand it. I hope next year we can give more scholarships."
Pomilia is hoping to open the program to more IT students, considering the organization's dual interests in the financial and technology sides of the insurance industry. Furtado explains it was not until shortly before the application process closed that the committee was able to identify college IT programs with a focus on the insurance industry.
"We definitely want to get an IT person next year, and now that we have universities that have that program, we can approach them to send over some candidates next year," she says. "We're also hoping companies offering internships recognize this as a possibility for someone who is pursuing an IT degree."
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