The Institutes Griffith Insurance Education Foundation has launched the Business Insurance Scholarship, an annual scholarship aimed at introducing college and university students to the opportunities available in the risk management and insurance (RMI) industry.
The scholarship is a response to the insurance industry ‘talent crisis’, an issue caused by the wave of older insurance professionals that will be retiring over the next few years.
By offering a financial incentive and access to education about the sector, the scholarship will serve to attract students to a career in risk management.
Business Insurance will be awarding eleven $3,500 scholarships to full-time, undergraduates in any field of study–providing they’re in good academic standing, have a cumulative grade point average of 2.8 or higher, and demonstrate a willingness to participate in mentoring if selected.
Additionally, recipients will receive access to two insurance-specific courses through the Institutes Griffith Insurance Education Foundation and will be paired with a mentor from the RMI industry.
It is hoped the mentorship programme will provide recipients with insight into the industry and guidance for any students who are interested in pursuing a career in the field.
Kim Nicholl-Keane, deputy director at The Griffith Foundation, said: "The Griffith Foundation is excited to administer these scholarships on behalf of Business Insurance.”
"Both the Griffith Foundation and Business Insurance share similar missions, which include a commitment to helping attract new and diverse talent into the RMI industry."
The industry talent crisis is a pressing issue for the captive industry and last year Captive Insurance Times launched its Emerging Talent feature series, which focused on profiling the next generation of captive talent.
The latest Emerging Talent profiled Lawrence Kemp of Crowe and can be found in the most recent edition of Captive Insurance Times.