Temple University
Industry internships and experiential learning are a huge part of educating the next generation of insurance professionals. Angel Song, a student at Temple University and WSIA rotational intern, discusses her experiences
To counter this crisis, insurance professionals are in agreement that educating the next generation of insurance professionals is vital.
Angel Song, one of the next generation, is a Risk Management and Insurance (RMI) major at Temple University. Song was selected, alongside her peer Erin Fleischmann, by Professor Michael Zuckerman to represent Temple and speak on a panel about millenials at the Captive Insurance Companies Association (CICA) 2018 conference.
At CICA, peaking on a seperate panel Butler University Professor Zachary Finn emphasised the importance of first hand experience for the next generation of insurance professionals.
Song, who will start her senior year in the autumn, is currently on a summer internship with the Wholesale Specialty & Insurance Association (WSIA). Captive Insurance Times checked in with her to see how it was all going, and discuss the effectiveness of experiential learning.
You’re currently a WSIA rotational intern, what does that involve?
They select 18 students each year around the US to do two-sided rotational internships, you spend five weeks at an insurance carrier and and four weeks at a wholesale brokerage firm. It is really beneficial because you get to see two sides of the industry, the carrier side and the wholesale brokerage side.
I finished my carrier side at Sompo International in New York two weeks ago, I really enjoyed the city and my company was great. Now I am in Dallas, Texas, doing the wholesale brokerage portion of the internship, which has been really good so far. The WSIA select the top 10 interns to the WSIA marketplace in Atlanta in September and two out of those interns travel to London to learn more about the Lloyd’s market. So it is a really good opportunity for us to see not just the US market but the London market as well. I’ve learnt a lot about both during my internship, and it has been really beneficial to see the differences between the European and the US markets.
How important was your education for your internship?
It gave me a great foundation. During the carrier side of the internship it helped me a lot, it provided a great knowledge foundation for underwriting. I would say what I learned at college just scratched the surface and actually there’s so much more to learn in the industry. I’m glad I had the foundation of RMI and it has helped me out a lot in the industry.
Has experience in the industry helped you to become a better student of insurance?
Yes definitely, I have learned so much this summer. I think going back for my senior year I will understand the concepts better. School helped me with my internship and my internship gave me a really good idea of how the industry actually operates and how it works. When I go back to school I can transfer those experiences and share them with everyone.
What were you hoping to take from it?
I wanted to learn how the industry actually works and to have a good entry level understanding of the industry. It is an industry full of excitement, unpredictability and dynamic risk. I definitely wanted to build a lot of connections in the insurance industry and build relationships with people.
I also wanted to work out what side of the industry interested me most, so when I begin my career I know what I want to go into. It has been really good to hear different people’s stories and see how they got into the industry and that has helped me a lot to make decisions moving forward.
What have been the best parts?
It has been great to be able to experience both sides of the industry and to experience two new cities. Everyone has been so supportive, I shadowed the underwriters at Sompo a lot and they even took me to meetings so I actually experienced what is going on. I wasn’t just doing paperwork, I was getting hands on experience. The same has been true at CRC Insurance Services, everyone has shared their experiences with me and been very honest and helpful. I am lucky to have been able to complete the internships at two great companies.
This is the best industry experience I have ever had. I feel like I have been able to get a proper understanding of how the industry works because they allow me to do to do more than just paperwork or basic tasks.
They actually let me shadow a range of people, I was shadowing senior underwriters, I was going to high up meetings with the vice president and the brokers here took me to their social networking event with other underwriters and agents. I’m only an intern and they’ve taken me everywhere, so I think they wanted me to experience how the industry works and how great it is because we really need young people.
Not a lot of schools offer RMI education and a lot of people fell into the industry, but I would say they definitely want to recruit more young people.
As we discussed at CICA, we need more students who are interested in the industry and that are eager to learn. Not just insurance majors, but students from different majors, like finance or economics. It is a great industry and there is a lot of energy.
What could improve the internship?
Nine weeks just isn’t enough, I wish it was longer. I know summer is short but 12 weeks would be great, six weeks on the underwriting side and six weeks on the brokerage side.
I am a rotational intern and rotated through six different departments, which means being at each department for four or five days, which is quite short and I couldn’t get too deep an understanding. We get a great idea of what each department is, but if the internship was longer and I had more time to spend with each department then I would have been able to learn more.
Any advice for students considering applying for internships?
Don’t be afraid to go out there and talk to people and build connections. I know grade point average and experience are important but this is a really fun and cool industry and when you put yourself out there and talk to more people and you are eager to learn, you will see really good opportunities are waiting for you. It is definitely a really good opportunity to see the industry. Put yourself out there, be confident, and be yourself!
Are there enough opportunities available in the industry for students?
I would say so. The insurance industry is expanding and growing so fast, that’s what I saw when I was at Sompo, everything was growing.
Their expanding strategy is amazing and their two-year underwriting trainee programme has been cultivating so many talented underwriters. I’ve been told the same here at CRC, that they have fantastic opportunities who are seeking a career in insurance after graduation. It is a challenge for me because I am an international student and don’t get accepted everywhere, but I believe there are always opportunities out there in the industry. The industry is filled with smart, driven and unique talent.
I’ve been told by different executives that they value talent and want to hire more young people that are passionate about the insurance industry.
