Butler University’s programs for risk management and insurance professionals have been recognized by Business Insurance magazine as one of the top-10 in the nation for the most graduates in 2019.
The magazine tabbed Butler No. 9 for most Actuarial Science and Risk Management and Insurance graduates. The ranking combines the two related programs–Butler’s Davey Risk Management and Insurance (RMI) and Actuarial Science majors–that assess risk for insurance purposes from qualitative and quantitative sides of the risk management coin.
“These rankings recognize the collaborative efforts of the Davey Risk and Insurance Program and the Actuarial Science program at Butler University to recruit the future leaders of the RMI industry,” says Dr. Victor Puleo, Associate Professor and Davey Chair of Risk Management and Insurance. “I am very pleased to see Butler University listed alongside the other universities and colleges that share in this mission.”
The national ranking released in December 2019 is the first top-10 national honor for the Andre B. Lacy School of Business.
The Davey Risk Management and Insurance program was established in the Lacy School of Business in 2012. It graduated 34 students in the 2018-19 school year, which was combined with Actuarial Science’s 20 graduates for that top-10 ranking. Business Insurance also listed Butler at No. 13 for the largest “risk management program” overall based on student enrollment.
“We’re probably the smallest university on the list,” says Zach Finn, Clinical Professor of Risk Management and Insurance, “but the Lacy School of Business has an efficacy for recruiting. We’re retaining students all the way to graduation while maintaining a high rate of growth.”
According to Risk Management magazine, job growth in the risk management and insurance industry is up 60 percent since 2013. These positions include risk management analysts, underwriters, and brokers for companies like Aon, Liberty Mutual Insurance, Northwestern Mutual, and State Farm Insurance. A 16 percent job rate increase is still expected by 2028, according to the Bureau of Labor Statistics.
As the industry grows, a wave of insurance underwriters and brokers are nearing retirement age, which will open thousands more positions for young, expertly trained professionals like Butler graduates, Finn says.
The Lacy School of Business recently launched a Master of Science in Risk and Insurance (MSRI) online degree program, which is further evidence of the University’s commitment to be a national leader in risk management and insurance. Part of the buzz around the industry includes the insurance of new business concepts. From electric scooter rental services to pizza-delivering drones, there is an insurance side to every game-changing business venture. Professionals trained in risk management are needed now more than ever to establish what kind and how much insurance policies should be, Finn says.
Senior Kyle Niemiec just wrapped up his third internship. A Finance major, his experience at Encova Insurance in Naperville, Illinois, made him change his focus to risk management.
“No business can run without insurance,” Niemiec says. “It’s also helping people. I’ve fully invested myself into insurance as a whole. I was in financial planning, but getting to see behind the scenes aspects, I knew I wanted to do insurance.”
Businesses have noticed Butler’s strength in risk management. MJ Insurance helped fund the first student-run captive insurance company at Butler. Students benefit from experiential learning by taking on real risks and real underwriting, while also gaining insight into starting and running a business.
“MJ Insurance had the confidence that our students were up to the task in deploying those funds,” says Finn, “and that gift helped put us on the map.”
As chair of the Department of Mathematics, Statistics, and Actuarial Science, Associate Professor Chris Wilson has led a student experience for Actuarial Science students. Undergrads are given opportunities to take four Society of Actuaries credentialing exams before graduation. The more exams completed, the more actuarial job opportunities become available to the students in the risk management field.
“We’ve had examples where a student has gotten a job, passed an exam, and gotten a raise before they even started work,” says Wilson, who has seen the number of Actuarial Science graduates quadruple since he joined Butler in 2007. “It’s people who are aware they are high-achieving students and they’re ready for a challenging major. They want to do something to develop their quantitative skills and enjoy problem solving.”
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