Selective Insurance launches collegiate competition to inspire students to pursue insurance industry careers
Selective Insurance Company of America, the lead insurance company of Selective Insurance Group, today commenced a month-long collegiate competition to encourage risk management and insurance students to build industry knowledge and experience. Teams of students from seven universities around the country have begun running virtual insurance agencies in a computer-simulated environment to gain insights into key processes and decisions commonplace in the insurance industry. With support from local independent insurance agents and leaders from Selective, the teams will compete against each other in weekly exercises using high-level learning objectives that will help them build business and financial acumen. The first-place team will present their winning strategy to Selective’s leadership team.
“Today’s risk management and insurance students are tomorrow’s insurance industry leaders, so helping students get acquainted with careers in our industry and on the path to success is something that we at Selective feel is our responsibility to see through,” said Chuck Musilli, Executive Vice President, Chief Human Resources Officer, Selective Insurance. “Selective’s collegiate competition is a fun and engaging introduction to our business and a preview of some of what they can expect in an exciting and fulfilling career in insurance.”
Rewarding careers in the insurance industry continue to be one of the best-kept secrets across college campuses. According to the Insurance Information Institute, the insurance industry is a major U.S. employer, providing some 2.7 million jobs that encompass a wide variety of careers, including engineering and data science, IT, human resources, and financial analysis. Some jobs, such as claims adjusters, actuaries and insurance underwriters, are unique to the insurance industry, but other roles are also needed, such as public relations and innovation professionals, for example.
The academic institutions participating in Selective’s Collegiate Competition include: Appalachian State University, Howard University, Indiana State University, Illinois State University, Middle Tennessee State University, Temple University and University of North Carolina-Charlotte. Each team is comprised of 4-6 students who are in their 3rd year or higher of college studies and maintain a GPA of 3.0 or higher. Each collegiate team is assigned an Agency Mentor (an independent insurance agent located near each school) and a company representative from Selective to guide and advise them as they navigate the challenges of the competition.
“The Selective collegiate competition is a tremendous experience for college students to learn the intricacies of the insurance industry and how to run a business. I’m thrilled to be an Agency Mentor for Appalachian State for the third year and am looking forward to supporting the students, answering questions, and pushing them to ensure they have evaluated all angles and options throughout the simulation exercises,” said Jeffrey Haney, President & Partner, ECM Solutions.
Teams will meet weekly with their assigned Agency Mentors, who will review their progress and provide assistance. The competition simulates the control of foundational business tools with a focus on: strategy, carrier/customer/source management, staffing, sales, and financial management. Every week throughout the month of February, the teams will be challenged to make educated decisions on these key industry topics and try to outperform competitors in a simulated marketplace.
Last year, the competition was a joint initiative of InVEST and the Big “I” Diversity Task Force and is now being sponsored and managed by Selective Insurance. For the third year, PriSim will be running its Agency Challenge computerized business simulation for the competition. InVEST is a school-to-work insurance education and training program that works with high school and college educators to teach insurance curriculum to students and raise awareness about career opportunities in the industry. A 501(c)(3) non-profit arm of the Independent Insurance Agents & Brokers of America, Inc., InVEST educates, prepares, and attracts diverse young people to new exciting opportunities and career paths in the industry. PriSim is an industry leader in customized, computerized business simulation games, management simulation training and offers insurance-specific simulations, including Insurance Challenge and Agency Challenge.
