Insurance and Risk Management
What is Insurance and Risk Management?
The insurance industry and the risk management profession help people and businesses flourish by managing the risks that stifle business and personal growth. Without insurance markets and risk managers, firms cannot bring new ideas and products to market and individuals can have one-time random events adversely alter the trajectory of their own and their family members' lives.
The program provides students with the skills and techniques necessary to identify, quantify, and manage the ever-evolving risks faced by individuals and businesses. The program also provides strong connections to industry partners, which allows students to gain personal perspective and insight into the variety of fulfilling and rewarding career paths available.
Review the program outline or contact the Lindner College of Business Undergraduate Office at 513-556-7030 for more information.
Selected co-ops and internships include:
- Great American Insurance Group
- Western and Southern Financial Services
- Mitsui Sumitomo Insurance Group
- The Cincinnati Insurance Companies
- Arthur J. Gallagher
- Northwestern Mutual
The Insurance industry employs many people in a variety of functional jobs, including those in accounting, finance, information systems, advertising, sales and sales management, 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, health care, entertainment, manufacturing, and construction.
The specific types of careers in the insurance industry that support risk management activities include:
- Actuary: Uses data and quantitative measures of risk to determine the cost of risk.
- 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.
- Product Development: Determines all aspects of specific insurance products, from regulatory controls to marketing, sales, distribution, and profitability.
- Claims Adjuster: Determines the monetary extent of any insured loss incurred by a customer.
- Loss Control: Works with customers (personal and commercial) to minimize potential risks that can hamper growth and productivity.
- Sales and Distribution (Agency and/or Brokerage): Relationship-focused distribution of insurance products to current and potential clients given the client's needs.
- Enterprise Risk Management (ERM) Consultant: Consults with businesses to determine all of 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).
Employers in related fields include:
- Great American Insurance Group
- Risk Source Clark-Theders
- Liberty Mutual
- Dimensional Fund Advisors