The Captive Insurance Companies Association (CICA) has named the three finalist teams in its essay contest for college risk management and insurance students, which is sponsored by Strategic Risk Solutions (SRS).
Finalists for the “Using Captive Insurance to Better Manage Risk, Improve Your Bottom Line” essay contest, are: Ashley Martin and Maxwell Bernstein from Saint Joseph’s University (college student housing); Joseph Simmons and Jake Smedley from Temple University (classic auto sales and collision centres); Natalie Kojababian and Terra-Lynn Tokiwa, University of Southern California (college student housing).
The three finalist teams will now work with a mentor from SRS to revise and enhance their essays, which will be judged again to determine first, second and third place.
CICA selected the case study topics for the 2020 to 2021 essay contest for college insurance and risk management students in September last year.
The case studies included college student housing, classic auto sales and collision centres and State Dental Association.
For the CICA Essay Contest, two-person teams were asked to describe how and why a captive insurance company could be used as a cost-effective means of alternative risk financing.
CICA received essay entries from students studying accounting, business administration, finance, insurance and risk management.
Dan Towle, CICA president, says the captive industry draws on skills from many disciplines and the contest helps students see how their skills can be applied to solving real risk management challenges with captive insurance solutions.
“Students are forward looking, not only regarding where they’re going to work when they graduate, but where the jobs will be during their careers. As they develop their captive solutions for the essay contest, they are seeing first-hand the increasing opportunities for using captive insurance and for careers that will grow as the captive industry grows,” Towle states.
Finalist teams will present their essays, and winners will be announced, at an upcoming CICA webinar hosted by contest sponsor Strategic Risk Solutions.
Essay contest winners will receive cash prizes and publication of their essays in Captive Insurance Times.
Towle explains: “Normally the students present at the CICA Conference and we want to continue providing the opportunity for them to showcase their talent and creative ideas by having them present on a webinar.”
Brady Young, CEO of Strategic Risk Solutions, comments: “It’s great to see that our case studies, which are based on real client engagements, are resonating with the students. This year the college student housing category was very popular which was based on an actual feasibility study for a major state university.”
“Attracting interest to the captive industry is important not only to generate the next generation of talent to our industry but to raise awareness at an earlier stage for those that may go into risk management, brokerage or insurance industry positions. Based on the teams participating and the quality of the submissions going up we are pleased with the results that the contest is generating,” he adds.
The 2019 to 2020 student essay contest winners were named as University of Southern California students Megan Moore and Natalie Kojababian.
Senior Moore and junior Kojababian proposed a group captive insurance solution to provide liability coverage for cannabis association members.
The CICA Student Essay Contest finalists featured in Captive Insurance Times.
