I've discussed the value of having an on-campus presence, and described how you can help a university build its own risk management and insurance program with little of its own funding.
But just because you build it, doesn't mean they will come. It's not the Field of Dreams. Universities must actively make students aware of careers in the insurance industry and the educational courses that prepare students for them.
So what attracts students? In short, it's money, networking events, mentorships, internships, and jobs.
Let's start with the money. There are a number of already existing foundations that provide scholarships for students looking to pursue education in risk management and insurance (RMI). The CPCU-Loman Education Foundation provides matching funds with CPCU Society Chapters to pay for college students studying insurance. Work with any of the local CPCU chapters who can help make this happen, as the local chapters actually apply for matching funds from the CPCU-Loman Education Foundation. See here for more information.
In addition, the Institute's President's CPCU Scholarship covers the costs of the CPCU textbooks, course guides, SMART study aids, and national exams. This is helpful when faculty adopt one of the CPCU texts for the course text book. See here for details. Scholarship amounts vary, but $2,000 is not unusual.
Another well-known foundation is the Spencer Education Foundation. It has given out nearly $4 million in merit-based scholarships and grants to outstanding students who wish to join the risk management profession. Some students receive scholarships of up to $5,000.
Related: Read More James R. Jones Blog Posts at Back to School
You or your organization should also consider offering a $1,000 scholarship each year to a RMI student to build awareness for the program. A $1,000 scholarship means a lot to student who has to work nearly 200 hours at a typical college job to net that amount. This is time that could be spent studying for exams or attending industry events. The scholarship is great exposure for your company and you will meet some great students who receive your award. You can influence the type of student who gets your scholarship by setting the criteria.
Also, invite the students to industry events. There are a number of industry organizations that have chapters. RIMS, CPCU Society, LOMA and others have chapters across the country and offer chapter and regional events. Students like a mix of educational and social events, but the key should be getting them to network. These networking events can help students find local mentors in the industry.
What really makes a program sustainable and gives it traction is having internship and job opportunities. Internships can be part-time during the school year or full-time in the summer. They can involve working with a local insurance agency, working in customer service, or doing some kind of back-office job. Summers — especially for students who are juniors — are a great time for students to get even more in-depth internships. Although most internships are paid, a few may not be if they provide exceptional training or other opportunities.
Jobs are the most effective way to attract students. In the end, this is what students want (or at least the students that you are looking for want). The problem is that the students and even faculty often do not know what jobs are available locally. Career fairs are always a good way to get the word out, but make sure and work with your contact at the university to ensure they get the word out. Your contacts might be administration, staff in the career center, student advisors, faculty, or others.
So that your positions don't get lost in sea of job postings, it is helpful to try and work with the college to carve out a special way to communicate insurance jobs in the industry. This can be done through a listserve that goes out to students who have taken RMI classes, or a special area carved out on a college web site, or it can be through an RMI faculty member's classroom management software (like Blackboard).
Meet-the-Firm pizza nights are a great way to attract students and get the word out, too. Some companies will offer to do mock interviews as a service for students. This will attract students who may not have considered careers in insurance. While on campus, you can let students know about job openings or just career information in general.
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