It’s no secret the insurance world will soon be rocked by the flood of individuals hitting their blissful golden years of retirement – 25 percent of the insurance industry is on track to retire by 2018. It’s also common knowledge that today’s young people haven’t exactly jumped at the chance to fill these professional voids.
MJ Insurance, an Indianapolis-based agency, has taken it upon itself to help remedy this dire situation. The agency recently gifted $250,000 to help establish a student-run insurance captive that will be owned by Butler University, also located in Indianapolis. The goal is for the program to be fully operational by the 2019-2020 academic year.
The experimental program is designed to prepare future leaders in the insurance industry by providing them with hands-on experience. Students will learn how to write insurance policies, explore coverage terms, and finance the company, all while practicing insuring certain programs themselves such as the University’s live mascot, Butler Blue III, and other exposures.