Tallahassee, FL, February 16, 2023 — Florida has witnessed a proliferation of educational initiatives that support the growth of the risk management and insurance (RMI) profession.
The surplus line market has more than doubled in the past two decades, with estimates showing continued growth. Attracting diverse talent is essential for tackling critical risk management challenges that demand innovative solutions. As the Florida Surplus Lines Association (FSLA), we are proud to witness and actively contribute to the growing opportunities for the future of our profession.
The University of South Florida’s (USF) risk management and insurance program began as a minor at its Sarasota-Manatee campus in 2015 and expanded to a bachelor’s degree program in 2017 after employers asked campus leaders to help addressing the industry-shortage of qualified risk management and insurance professionals.
The Muma College of Business created the School of Risk Management and Insurance when USF consolidated its campuses in 2020 – the program now has about 25 active students and is focused on developing professionals ready to industry. Through a $30,000 endowment, FSLA helped establish the program’s first endowment scholarship dedicated to RMI students — awarding $1,000 annually to an undergraduate student pursuing an RMI major or minor. Our inaugural scholarship recipient, Ryan Schiavone, embodies the dedication and promise of these students.
Our industry is growing but also aging. About three-fourths of today’s insurance professionals are 55 or older, and according to the Bureau of Labor and Statistics, 50 percent of the insurance workforce will retire by 2028, with 25 percent leaving the workforce in the next three years. Fortunately, many students like Ryan Schiavone are able to fill the gap.
“When I talk to people, sometimes they are surprised when I tell them about my interest in risk management and underwriting, but I know that this is the career for me and that this program will position me well in a young age to serve the industry,” Schiavone told us. “I am fortunate to have great teachers, including Dr. Wang at USF. The Muma College of Business provides a great platform for students , and I am grateful for Associate Professor Steve Miller’s leadership in continuing this. This scholarship opportunity will allow me to work fewer hours so that I can devote more time to my risk management studies and club activities. and internships.
FSLA is also actively involved with Florida State University (FSU) and its RMI program, participating in annual events such as “Insurance Days” career fairs and speaking opportunities at student. These events are some of the most rewarding and fun for our members, who often find amazing student interns who become full-time employees.
FSU consistently ranks among the nation’s top programs, and in 2012, its Risk Management/Insurance Program was named the Dr. William T. Hold/The National Alliance Program in Risk Management and Insurance. Both FSU and USF have chapters of Gamma Iota Sigma, a student-led organization focused on development for emerging risk professionals.
We are also excited about the University of Central Florida (UCF), where a new RMI program is taking root. This effort promises to be an invaluable resource for students and a driving force for the future of our profession. Training for all occupations related to the profession — beyond sales, underwriting and claims — will be part of the evolution of education in our industry. There is continued demand for expertise in accounting, finance, actuarial science, HR, investment services, legal, loss prevention and marketing. According to WSIA, IT/tech-minded students with a focus on analytics and storytelling are in high demand as the industry assesses risks using data visually.
In 2023, excess lines, a cornerstone of Florida’s economy, provided significant support through total premiums of $15.4 billion, marking a 27.83% increase from last year. As our industry evolves, the importance of education and development cannot be overstated. We applaud the prioritization of the insurance industry within the State University system and celebrate the expanding footprint of universities investing in the future of our profession.
In our dynamic industry, the pursuit of knowledge and the recruitment of forward-thinking problem solvers must continue. And we encourage our peers in our profession to engage in student programs that foster an environment where learning and innovation thrive.
To find out more about the Florida Surplus Lines Association and our initiatives, visit www.myFSLA.com. As a strong advocate for the excess lines industry, FSLA continues to be a driving force in shaping its future, ensuring a strong and prosperous insurance landscape going forward. years.
David DeMott, CPCU, AMIM, ASLI AU, ARM, ARe, of GridIron Insurance Underwriters, is president of the Florida Surplus Lines Association and serves on the advisory board for the USF School of Risk Management.
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Florida Trends Training Development Risk Management
