Insurance and Risk Management
The risk management profession, and especially the (re)insurance industry, ensure individuals’ and firms’ economic success by effectively managing their risks. Insurance is a major driver of prosperity since it enables individuals and firms to engage in more risky business and investments than would be possible without insurance. How would a world without insurance look like? Not so good! Because without such financial protection, firms would not be able to bring new ideas and products to market. Similarly, individuals may have one-time random events adversely alter the trajectory of their lives and lives of loved ones.
The insurance and risk management major at the University of Cincinnati’s Carl H. Lindner III Center for Insurance and Risk Management equips students for careers in the (re)insurance and risk management industry. The program provides students with important skills and techniques to identify, quantify and manage the ever-evolving risks faced by individuals and businesses in an interconnected world.
Students will learn the economics of risk transfer, including the role of reinsurers and captive insurance companies; they will study the legal and regulatory environment that governs risk transfer in the United States and in the world; they will develop skills to perform risk analytics and statistical analysis; they will develop an understanding of the challenges and opportunities when engaging in the strategic and operational management of insurance and financial companies.
In addition to the formal education, the program offers students a strong network to engage with prominent industry partners. This allows students to gain personal perspective and insight into the variety of fulfilling and rewarding career paths available in this industry. The Center supports students through personalized career advising and maintains an active and strong alumni network with regular networking events and speaker panels. The Center also hosts regular research seminars for students interested in an academic career.
Review the program outline or contact the Lindner College of Business Undergraduate Office at 513-556-7030 for more information.
Career Possibilities & Real-World Experience
The insurance industry employs many people in a variety of functional jobs, including opportunities in accounting, finance, information systems, advertising, sales and marketing, human resources, law and operations. Risk management is conducted by specially trained professionals who identify and strategically manage the risks inherent in doing business in a variety of different industries, including financial services, healthcare, entertainment, manufacturing and construction.
Specific types of careers in the risk management and (re)insurance industry include:
- Actuary: Uses data and quantitative measures of risk to determine the cost of risk.
- Claims adjuster: Determines the monetary extent of any insured loss incurred by a customer.
- Enterprise risk management (ERM) consultant: Consults with businesses to determine the risks present in the whole enterprise (e.g., firm or organization) to develop a holistic plan to reduce or transfer risks at an effective cost.
- Financial risk manager: Works for financial institutions (e.g., banks, insurance companies, mutual funds), specializing in quantifying and managing the risks inherent in the products and services provided by such institutions (e.g., interest rate risk, default/credit risk).
- Loss control consultant: Works with customers (personal and commercial) to minimize potential risks that can hamper growth and productivity.
- Product development specialist: Determines all aspects of specific insurance products, from regulatory controls to marketing, sales, distribution and profitability.
- Sales and distribution (agent and/or broker): Relationship-focused distribution of insurance products to current and potential clients given the client's needs.
- Underwriter: In conjunction with the actuarial department, determines whether the risk of a specific customer can be transferred to the insurance company at suitable terms.
Our insurance industry partners — companies that have a history of hiring our students for either internships or full-time hire — include:
- Acuity Insurance Co.
- American Modern Insurance Group
- Arthur Gallagher
- Assured Partners
- Auto Owners
- Cincinnati Insurance Companies
- Great American Insurance Group
- Horan & Associates
- Lloyds of London
- McGohan Brabdender
- Munich Re
- Northwestern Mutual
- Ohio National
- Liberty Mutual
- Lloyds of London
- Protective Life
- State Farm
- Swiss Re
- Western & Southern Financial Group