Facing a critical talent shortage, Hylant and Butler University have joined forces in a partnership to shape the future of the insurance workforce, promising fresh solutions for an industry in need
The insurance industry is facing a significant talent shortage as a considerable portion of its current workforce approaches retirement. Merely replacing these professionals is insufficient. On the other hand, equipping newcomers with the requisite skills and experience poses a considerable challenge.
In response to this emerging crisis, Hylant and Butler University have developed an educational initiative that may provide a crucial piece of the puzzle. In February, the pair unveiled the Hylant Risk Management Certificate, a pioneering programme they tout as a transformative approach to professional development in risk management and insurance. This partnership marks a strategic effort to cultivate a well-prepared next generation of industry leaders.
Proactive learning
The six-week program is part of Butler+, the university’s new digital hub for professional learning, and aims to provide a comprehensive foundation in risk management. This course will equip participants with expertise equivalent to two to three years of on-the-job experience. The programme is divided into six weekly modules that cover the breadth of risk management, from introductory concepts to advanced topics like alternative risk financing vehicles, including captives. Delivered in a hybrid format, the course combines self-paced online learning — featuring videos, application exercises, a discussion board, and knowledge checks — with live, synchronous virtual sessions. These weekly sessions, led by Butler faculty and Hylant experts, focus on the application of knowledge through case study discussions.
Each week, participants engage in 90–120 minutes of online learning, and 30–60 minutes of live virtual interaction with instructors and peers. This blend of learning methods is designed to ensure a robust and flexible educational experience.
A pilot cohort of 16 participants recently completed the programme, and another group of 16 will begin in July. Starting in 2025, the programme will welcome quarterly cohorts of around 20 participants each — a size that fosters interactive dialogue and networking opportunities.
But what makes the programme a potential game changer?
Shannon Orr, chief operating officer (COO) of emerging markets at Hylant, highlights that the goal is to give participants “expertise comparable to two to three years of on-the-job experience”.
Orr adds: “It will equip risk managers and those with risk management responsibilities with the skills necessary to effectively identify, analyse, evaluate, and then mitigate the risks within their organisations.
“Participants are fast-tracking their career development. People often find themselves in roles that require reactive learning for the first two or three years. When a situation arises, what do I do? Where do I go? The certificate provides proactive learning, equipping them with a playbook to handle those situations effectively.”
She continues: “Part of the programme’s innovation is its practical design. Participants can immediately apply it to real-life experience.”
Meanwhile, Tom Faulconer, clinical professor at Butler, who helped to create the Hylant Risk Management Certificate, notes: “I think the easiest way to explain it is as a boot camp for those in the risk management industry that might not have been trained in risk management.
“With a lot of direction from Hylant, we built six different modules, starting with what risk management is and how it differs from buying insurance, and going all the way through insurance policies, alternative risk financing, how to work with your broker, and things like that.”
An ever-changing risk management landscape
Ensuring the certificate syllabus keeps pace with the ever-evolving risk management landscape is a priority for both Hylant and Butler. Faulconer anticipates making adjustments between each cohort and tailoring the programme to meet the specific needs of participants.
“The clients will shape the live meetings, and we will continuously update the programme content,” Faulconer explains. “With 14 different insurance policies included, I need to keep them current. Internal discussions with Hylant will address any aspects that are not effective or resonating.”
Hylant and Butler acknowledge that while the certificate provides foundational risk management knowledge, it also delves into the role of captives within the industry. This includes insights from experts like Hylant’s global captive team leader, Anne Marie Towle.
“The programme focuses on traditional risk management practices but also covers captives,” says Orr.
“A module specifically addresses future planning and alternative risk financing options.” Participants learn about the formation, management, and strategic use of captives as part of a comprehensive risk management strategy.
Orr notes: “We’re not aiming to create captive experts, but to provide foundational knowledge and tools for making informed decisions. We encourage participants to discuss with their broker whether a captive or another alternative might be suitable for controlling their organisation’s total cost of risk.”
The bigger picture
While there are plenty of risk management education programmes out there, Hylant and Butler University believe they have developed something truly unique with the Hylant Risk Management Certificate.
“This programme is one-of-a-kind in terms of content, delivery, and design,” says Orr.
“We offer a blend of self-paced and live, synchronous components, providing unmatched flexibility. From our perspective, there is nothing else like it.”
Hylant initially designed the programme with its clients, partners, and prospective clients in mind, and it will expand for external enrollment starting in 2025. Orr explains: “This expansion not only broadens access to our comprehensive risk management training but also sets the stage for adapting and repurposing the programme to cover additional subject matters, making it accessible to a wider audience. In the near future, we will also be introducing an employee benefits component, focusing on human resources, and integrating the concept of total cost of risk. We aim to ensure that this programme is accessible to other brokers, insurance companies, and the wider industry.”
A key driver behind this initiative is the talent crisis facing Hylant and the wider industry. “Our industry is ageing out,” notes Bridget Scott, Hylant’s chief marketing officer (CMO) and a member of the certificate’s pilot cohort. “We need to attract a younger generation to insurance, but training them on the job is challenging and time consuming.
Many experienced professionals are ready to retire and do not have a decade to transfer their knowledge. This programme addresses our future workforce needs.”
Diversity is another significant focus. “There is not much diversity in this industry,” Scott adds. “Partnering with Butler helps us reach a broader audience interested in risk management.”
Scott emphasises that the programme is neither an introductory course nor a final stop on the learning journey. “Participants likely have a basic understanding of risk management. Traditional resources are often time-consuming and labour-intensive. In comparison, our programme is quick and provides a supportive network.”
While the certificate does not offer a traditional designation, this is intentional.
“Designations like Associate in Risk Management (ARM), Certified Insurance Counselor (CIC), and Chartered Property Casualty Underwriter (CPCU) require over 150 hours and rigorous review,” says Orr.
“Our programme, co-sponsored by Butler University, meets academic standards, and we are applying for continued education credits, which require regular content reviews. It’s a rigorous programme, but not a formal designation.”
Few understand the needs of the next generation of insurance professionals better than Faulconer. “Programmes like the Hylant Risk Management Certificate could be significant in making the sector more accessible,” he says. “We’ve already established the Butler Insurance Academy to train new insurance employees. The industry faces a talent shortage and needs to bring in people without backgrounds in insurance and risk management.”
Faulconer highlights the importance of not just attracting talent, but also retaining it. “Our industry has high turnover, especially on the production side. Better training can improve retention. If someone feels like an expert, they are less likely to leave the industry, even if they switch companies.”
If successful, the Hylant Risk Management Certificate could become a crucial resource for addressing the talent crisis in the insurance industry. It is not a silver bullet, but it offers part of the solution. The programme provides accessible ways to educate a broader audience, helps the next generation gain the expertise needed to succeed, and gives them the confidence to commit to long careers in insurance.
