J.J. DeBrosse, Tom Faulconer and William Gulley from Butler University’s Lacy School of Business, talk about different programmes for professionals working in risk and insurance industry
Can you provide an overview of the Master of Science in Risk and Insurance (MSRI) programme at Butler University? What are the key features and benefits of this degree?
Our 20-month, fully online, cohort-based MSRI programme provides the best of both worlds: specialised courses about property and casualty, employee benefits, and the operation of a captive insurance entity, paired with foundational business courses typically offered in an MBA programme.
Students learn from experienced and accessible faculty who bring years of real-world success to the table. Butler students graduate well prepared to succeed — and quickly advance — in the expanding risk management and insurance industry.
The online MSRI programme will equip graduates with many relevant skills. The course covers specialised topics exclusive to risk and insurance including property and casualty, health and life insurance, and insurance-linked securities. They will learn to assess risk and formulate appropriate approaches to minimise and mitigate the potential cost.
Students will learn to use current and emerging tools to analyse and recommend alternative risk financing methods, as well as developing risk management and insurance solutions using advanced data analytics methods and communication strategies.
In addition, they will be able to demonstrate managerial capabilities by applying financial management, team management, and leadership skills. Our graduates will be able to enter or accelerate their career with insurance carriers and brokers, and have access to some of the best jobs available for corporate risk managers.
Who is the MSRI programme designed for, and what types of career advancement opportunities does the programme offer students?
The MSRI programme caters to risk and insurance professionals who aspire to advance to a leadership position in their company or the risk and insurance industry. It provides the learner with a comprehensive understanding of the risk and insurance landscape while simultaneously developing and improving leadership and business skills. Graduates of the programme have found themselves in line for leadership roles across their company’s landscape.
Can you describe the in-residence experiences that are part of the MSRI programme? What do these on-campus sessions entail, and how do they enhance the learning experience?
The in-residence experiences are an opportunity for students to strengthen bonds with faculty, staff, and classmates, as well as expand their networks while interacting with Butler’s risk and insurance partners. Each is unique. The first is held in the early weeks of the programme in Indianapolis, where students have the opportunity to meet the individuals with whom they will be sharing a virtual classroom for the next twenty months. The three-day event in Indianapolis includes classwork, networking and socialising, and allows students to get to know the university’s interworkings and resources. At the end of the programme, a second in-residence takes place in Burlington, Vermont, the home of the Butler University student-run captive. This in-residency lets the students present their capstone projects to various industry partners and celebrate the end of the programme.
Beyond the MSRI, what other professional education offerings does Butler University provide for those working in the insurance and risk management fields?
Our Executive Education department currently offers three additional programmes in risk and insurance. We provide certificates in Enterprise Risk Management (ERM), Cyber Risk Management (CRM), and the Butler Insurance Academy.
Can you describe the Butler Insurance Academy and the types of commercial insurance training modules available through this programme?
The Butler Insurance Academy currently offers 26 full-length courses, tailored for individuals interested in learning a new policy contract or industry segment. These courses range from beginner to expert level, mirroring the offerings of industry designations.
The Butler Insurance Academy covers everything from personal lines to commercial lines and annuities. New hires without industry experience can benefit from the academy’s training.
Recent Butler undergraduate students used the Butler Insurance Academy as preparation for national property and commercial insurance designation exam. Our students have an 86 per cent pass rate, which compares with a 70 per cent pass rate for experienced agents, and 50 per cent for typical college students.
How do the CRM and ERM programmes help professionals strengthen their skill sets in cybersecurity and risk management to create value for their organisations?
Assessing risks in the online environment is more complex compared to standard risks. CRM courses are designed to help students identify and quantify these unique risks, enabling them to determine the most effective mitigation strategies.
Meanwhile, ERM courses help individuals understand existing risk governance plans or develop new ones if they do not exist.
It guides organisations in crafting a comprehensive risk management strategy, incorporating advanced analysis tools to illustrate the probability and impact of various risks.
For employers looking to invest in the professional development of their risk and insurance teams, what advice would you offer in terms of evaluating and selecting the right programmes from Butler University?
First, they should analyse the ideal state of risk management competencies required in their organisation. Then, they need to evaluate their team’s current performance against these competencies.
Finally, they can collaborate with Butler University’s team to identify which learning programs — MSRI, MBA, ERM, Customer Relationship Management or Custom Development — are the best fit for their organisation.
