Almost a quarter of the insurance industry is set to retire by 2022, and Butler University’s College of Business in Indianapolis is preparing its graduates to fill those voids by establishing its own student-run insurance company.
As a “captive insurance company,” the student-run business will insure certain programs at Butler, perhaps including the live mascot, Butler Blue III, or physical damage to University vehicles. The goal is to have the company fully operational by the 2019–2020 academic year.
College of Business Dean Steve Standifird said the idea behind the internal insurance company is to give students hands-on experience and prepare them for an industry that expects to need tens of thousands of new employees over the next seven years to replace workers who will be retiring.
According to figures from the U.S. Bureau of Labor, the insurance industry will need to replace 104,000 insurance sales agents, 71,900 claims adjusters, 67,400 claims/policy processing clerks, 28,900 underwriters, 8,500 software developers/programmers, 7,500 computer/information analysts, and 6,900 actuaries by 2022.
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