Butler University student Nathan Atkins discusses his upcoming role as a TRAC associate at Marsh
What will your new role involve?
My new role will be with the talent recruitment accelerated career (TRAC) programme at Marsh. This programme is comprised of two 12-month assignments designed to offer members of the TRAC programme opportunities to engage with both clients and the insurance markets in client management, client advisory or placement. These assignments enable TRAC associates to experience different risk segments and a variety of client industries.
I have only just accepted the role, so I will know more about the specifics in the future. However, what I do know is, outside of the official job responsibilities, TRAC associates will periodically come together as a class to participate in business-specific learning activities and training that enhances leadership and development. I will also be assigned to a team to work on a business project that is presented to the senior management team.
How did you gain interest in the captive sector, and how will the TRAC course allow you to progress further?
I first got into the captive sector via Butler University, which is the only university in the world to have its own captive insurance company run by students. I took the Butler University course last year during my third year of college. In the class, I was introduced to what the captive was doing for the university and how a captive insurance company is run. From there on, the class’s goal was to run and improve the captive. There were four teams, an actuary team, underwriting team, marketing team and finally the one I was involved in, the finance team.
In reference to the TRAC associate programme, it is not specifically for captives, but it is for the industry in general including client management, client advisory and placement. However, in regards to the Butler University course, I am now the student CEO of the captive for this year, which will give me a great baseline to head into my full-time role as a TRAC associate at Marsh.
What is your impression of the captive insurance industry?
To give a short backstory, I started college with a double major in finance and economics. During my sophomore year, I went on a trip to New York City with eight other Butler University students, where we went to a variety of financial services companies. One common theme I took away from that trip was the importance of risk management for both the clients and the businesses themselves.
One of the businesses discussed managing risk for the clients, and how every financial instrument involved different risks. Another company discussed risk as a whole, with a focus on how it impacted the corporation as a whole.
When I came back to Butler University, I switched my major from economics to risk management and insurance while still keeping the finance degree. I think trips, like the one I went on, really created opportunities for people like myself.
As far as I’m aware, there are currently only around 80 programmes focusing on risk management and insurance. This gave me an opportunity to diversify my education and opened my eyes to the risk and insurance industry.
In terms of the industry now, a large amount of the industry is ageing out, and this is something that will be more noticeable over the next couple of years. This provides individuals that are prepared with prior insurance knowledge a great place to develop their careers. One of my professors at Butler University, Zach Finn, is really passionate about filling the talent gap in the industry.
He is constantly talking about this talent gap and how there is an opportunity for the taking. Schools, like Butler University, that have risk management and insurance degrees are perfectly positioned to educate future leaders of the industry.
How did you secure the programme?
Although I am not starting at Marsh until August 2020, the recruitment for these roles starts quite early. The process begins with recruiting first-semester seniors, with these jobs opening up in August—a year before students graduate.
My introduction to Marsh was two separate situations. I worked with a Seth Herdoiza last year within the student-run captive at Butler University, he then joined Marsh as a TRAC associate in Pittsburgh. I contacted him to provide me with some insight into the company as a whole and discuss the programme in more depth.
The second time I was exposed to the company was quite recent. Our chapter of Gamma Iota Sigma (Risk and Insurance Co-ed Fraternity) hosted a risk management presentation in which a Marsh executive participated. I was thoroughly impressed with the company.
Based off of these two exposures, I believe Marsh is a leader within the insurance industry, and I wanted to work somewhere, where they have that capability and the resources to be a leader. Thus, I applied for the TRAC associate role, went through a series of interviews, and ultimately, was extended an offer.
Do you have a career ambition to go into the captive industry?
In my current situation, that would be the sector I know most about and overall it is something I find very interesting. The other would be risk consulting because travelling while on business has interested me.
During the summer after my freshman year of college, I had the opportunity to complete a six-week internship in Shanghai, China. I absolutely loved China, and this sparked my interest in doing business internationally.
Where do you want to be in five years time?
I am not sure where I would want to be specifically, but I would like to be at a place where I can continue learning. The TRAC position at Marsh stressed that constant learning aspect which I really liked. One of my goals, although it is a bit of a stretch, is to end up on the Forbes 30 under 30 list.
