Tallahassee, FL, February 16, 2023 — Florida is witnessing a surge in educational initiatives supporting the growth of the risk management and insurance (RMI) profession.
The surplus lines market has more than doubled over the last two decades, with projections indicating continued growth. Attracting diverse talent is imperative for tackling the critical risk management challenges that demand innovative solutions. As the Florida Surplus Lines Association (FSLA), we are proud to witness and be actively contributing to opportunities growing for the future of our profession.
The University of South Florida’s (USF) risk management and insurance program began as a minor at its Sarasota-Manatee campus in 2015 and was expanded to a bachelor’s degree program in 2017 after employers asked campus leaders to help address the industry-wide shortage of qualified risk management and insurance professionals.
The Muma College of Business created the School of Risk Management and Insurance when USF consolidated its campuses in 2020 — the program now has around 25 active students and is focused on cultivating industry-ready professionals. Through a $30,000 endowment, FSLA helped establish the program’s first endowed scholarship dedicated to RMI students — providing $1,000 annually to an undergraduate student pursuing an RMI major or minor. Our inaugural scholarship recipient, Ryan Schiavone, embodies the dedication and promise of these students.
Our industry is growing but it is also aging. About three in four of today’s insurance professionals are 55 or older, and according to the Bureau of Labor and Statistics, 50 percent of the insurance workforce will retire by 2028, with 25 percent leaving the workforce in the next three years. Thankfully, more students like Ryan Schiavone will be able to fill in the gap.
“When I talk to people, sometimes they are surprised when I tell them about my interest in risk management and underwriting, but I know this is the career for me and that this program will position me well at a young age to serve the industry,” Schiavone told us. “I am fortunate to have had great mentors, including Dr. Wang at USF. The Muma College of Business has provided a great platform for students, and I am grateful for the leadership of Associate Professor Steve Miller in getting it going. This scholarship opportunity will allow me to work fewer hours so I can dedicate more time to my risk management studies and related club and internship activities.”
FSLA also actively engages with Florida State University (FSU) and its RMI program, participating in annual events like “Insurance Days” career fairs and student speaking opportunities. These events are among some of the most rewarding and fun for our members, who often find exceptional student interns who become full-time employees.
FSU consistently ranks among the top programs in the nation, and in 2012, its Risk Management/Insurance Program was named the Dr. William T. Hold/The National Alliance Program in Risk Management and Insurance.
Both FSU and USF have chapters of Gamma Iota Sigma, a student-led organization focused on development for emerging risk professionals.
We’re also enthusiastic about the University of Central Florida (UCF), where a new RMI program has taken root. This endeavor promises to be an invaluable resource for students and a driving force for the future of our profession. Training for all jobs related to the profession — beyond sales, underwriting and claims — will be part of the evolution of our industry’s education. There continues to be a demand for expertise in accounting, finance, actuarial science, HR, investment services, legal, loss prevention and marketing. According to WSIA, IT/tech-minded students with a focus on analytics and storytelling are in high demand as the industry assesses risks with data visually.
In 2023, surplus lines, a cornerstone of Florida’s economy, provided vital support through a total premium of $15.4 billion, marking a 27.83% increase from the previous year. As our industry evolves, the importance of education and growth cannot be overstated. We applaud the prioritization of the insurance industry within the State University system and celebrate the expanding footprint of universities investing in our profession’s future.
In our dynamic industry, the pursuit of knowledge and the recruitment of forward-thinking problem solvers must continue. And we encourage our peers in our profession to engage with student programs fostering an environment where learning and innovation thrive.
To explore more about the Florida Surplus Lines Association and our initiatives, visit www.myFSLA.com. As a stalwart advocate for the surplus lines industry, FSLA continues to be a driving force in shaping its future, ensuring a resilient and thriving insurance landscape for years to come.
By: David DeMott, CPCU, AMIM, ASLI AU, ARM, ARe, of GridIron Insurance Underwriters, is the president of the Florida Surplus Lines Association and serves on the advisory board for the USF School of Risk Management.
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