Risk Management and Insurance
The Risk Management and Insurance Major provides students with an overview of the insurance industry, a basic understanding of the current academic and practitioner literature on financial risk management, and the technical skills required to succeed in a variety of positions in the Risk Management and Insurance field. In this major, students will explore the functional areas of insurance company management, including investment and financing policies, as well as pricing and underwriting activities. The applied Actuarial Track within this major prepares students to pursue a career as an actuary, while also gaining a broad-based business education. Students will also learn how to measure and manage the range of risks facing financial institutions, corporations, and individuals. The Risk Management and Insurance major prepares students for careers insurance companies as well as banks, large and small business enterprises, securities firms, and pension funds.
Why Risk Management and Insurance?
The financial crisis of 2008 made the importance of risk management abundantly clear. Improving risk management suddenly became a top priority within many leading corporations. The Risk and Insurance Management Society (RIMS) contends that the crisis resulted from a system-wide failure to develop and reward internal risk management competencies and use enterprise risk management to inform both risk-taking and risk-avoiding decisions. RIMS believes better risk management could have identified and mitigated—if not prevented—the major losses many corporations experienced. Companies world-wide recognize that risk management is now more important than ever.
Career Opportunities in Risk Management and Insurance
In addition to acquiring in-depth knowledge about the insurance industry and the risk management function, students in the Risk Management and Insurance major hone their skills in the following areas: leadership, critical thinking, business analytics, decision making, risk forecasting and assessment, oral and written communication, problem solving, attention to detail, interpersonal and cross-cultural relations, organizing and planning, and computer literacy.
Students who choose a path of risk management and insurance are often rewarded with many new skill sets associated with learning RMI. Some of the skills that students leave the program with are: leadership, critical thinking, analytical skills, sound decision making, ability to forecast and assess risk, strong oral and written communication, problem solving skills, attention to detail, interpersonal and cross cultural skills, effective organizing and planning, computer literacy, and many more!
Insurance Industry Support and Engagement
The Risk Management and Insurance program at SJU is supported by the Maguire Academy of Insurance and Risk Management, created by James Maguire ’58, founder of Philadelphia Insurance Company. The Academy supports the RMI program with scholarship aid, recruiting, internships/cooperative education, counseling, and placement. In July 2017, James and Frances Maguire pledged to establish multiple endowed funds in support of SJU’s RMI program, providing critical support for faculty, scholarship opportunities for students, and professional development opportunities for both.