Wisconsin College Aims to Make Insurance Students ‘Real World Smart’

Insurance? That’s all straight commission sales,” responded a student at Madison Area Technical College when his instructor suggested he consider an insurance class. Madison College, in Madison, Wis., is working to change that viewpoint and encourage students to envision this industry as a career path. Madison College unveiled a new Insurance Certificate last fall and recently held an event in conjunction with a meeting of its advisory committee — made up of area insurance professionals — to introduce the program.

Wisconsin has the sixth largest concentration of insurers in the nation with 2,616 insurance companies employing 65,154 people, not counting agents. Licensed intermediaries totaled 117,727 as of 2008, according to the state insurance department. Eileen Mallow, Wisconsin assistant deputy commissioner of insurance, told advisory committee, program faculty and alumni attendees that Wisconsin is home to 442 domestic carriers, employing 35 percent more insurance jobs as a percentage of the state’s population compared to other states. That number is expected to increase to 41 percent by 2013. Mallow emphasized that talented individuals are needed to fill these positions.

She said Wisconsin regulators are seeking to improve the readability of health insurance, and property and casualty policy documents. The current standards represent a college freshman reading level.

Mallow also answered questions regarding Act 28, passed on Nov. 1, 2009, and its impact on auto insurance in the state. Among other changes, it created a mandatory increase in the minimum auto liability limits to $50,000 per person, $100,000 per occurrence, and $15,000 property damage, and mandates auto insurance, effective June 1, 2010.

Building a Bridge

The Insurance Certificate Program’s vision is to attract students to an industry that offers a world of opportunities and to build a bridge between the students and insurance employers. The curriculum includes programs from the American Institute for Chartered Property Casualty Underwriters (The Institutes) and Life Office Management Association that introduce students to the benefits of earning nationally recognized designations at the foundation of their careers.

“If a student can enter the workforce with a professional credential from The Institutes — or even just having made some progress toward one — that individual is going to have a leg up on applicants who are not as well prepared,” said Peter L. Miller, president and CEO of The Institutes.

Insurance professionals seeking a study group for these courses also now have a local option. Madison College has been approved as a testing center for both organizations. Learners can take the exam onsite upon completion of their courses.

Madison College alumni actively working in this industry offered their opinions on the new program.

“We have so much opportunity here in the Madison area. The Insurance Program is a tremendous fit, and it will prepare students very specifically for a variety of careers in insurance,” said Julie Day, marketing account manager for Group Health Cooperative of South Central Wisconsin and Madison College alumni.

Steve Murphy, owner of The Murphy Insurance Group, added, “Insurance is a very stable industry. However, a lot of young people don’t know about it. The program is extremely important because insurance is needed by all people.”

Mary Reines, executive staff assistant for the Office of the Commissioner of Insurance, advised prospective students, “If you like working with people, you can grow and change your job focus in this industry.”

Dan Edge, vice president of Customer Operations at Dean Health Plan, explained that the industry needs people who are hardworking and passionate about what they do. “You may have to move laterally before you move up,” he added.

Topics Education Universities Wisconsin