WSIA's internship program: Closing the talent gap
This summer, 17 interns participated in WSIA’s nine-week-long Internship Program.
WSIA’s commitment to attracting fresh young talent to the Surplus Lines industry remains strong, and its efforts this year continue to yield progress on that front. This summer, 17 interns participated in WSIA’s Internship Program, a nine-week-long opportunity for college juniors and seniors to gain firsthand experience working in the Surplus Lines industry.
The interns spent five weeks with a carrier and four weeks with a wholesale broker, all of which are WSIA members. Ten of those students were selected to attend the 2018 WSIA Annual Marketplace in Atlanta. At the conference, the committee will award the top two interns with the J.H. Blades Scholarship, which gives them the opportunity to study the London market for three weeks the following summer.
Dividing the students’ time between a carrier and a wholesale broker “is what makes it unique, in my opinion,” says Richard Schmitzer, Internship Committee co-chair and president & CEO of James River Insurance Co.
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From applicants to interns
The committee receives around 65 applications each year, which are pared down to 36 candidates for interviews. Schmitzer says the ideal student for the Internship Program is well-rounded, involved in a number of outside activities and a socially responsible member of their community.
“It’s a very competitive internship [to secure], and I think that’s really helped proved the quality of candidates we get,” says Bob Greenebaum, Executive Vice President and Casualty Practice Group Leader at CRC in Chicago and co-chair of the WSIA Internship Committee.
The interns receive a salary of $18 an hour from their host firms. The students rotate among departments, go out on sales calls and meet customers, among other tasks. Their housing costs, as well as travel to and from the host location in cities across the country, are covered by the program.
As the number of universities with dedicated risk management programs expands, interested students are more likely to hear about internship opportunities and have a chance to be involved with the insurance industry, says Schmitzer. Recruitment efforts remain strong, he added, as WSIA’s outreach at college fairs and campuses continues to be effective.
The professional exposure and inside access to select companies offered by the Internship Program is a big draw to get students interested, says Greenebaum: “What our interns find attractive is that they’re getting introduced to several potential employers very early in their career.”
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Closing the talent gap
As the continued loss of institutional knowledge in the P&C business remains one of the biggest threats affecting the industry’s future, the importance of such internship opportunities cannot be understated. The insurance industry is at a critical juncture where its future may very well be determined by internship programs and other industry outreach that brings in new talent, says Schmitzer.
“We have a growing gap of qualified and talented people coming into the business because more people are leaving than coming in right now,” says Greenebaum. “It’s incumbent on all of us in the E&S industry to continue to attract and retain talent to fill the need that’s getting bigger every day.”
Next year WSIA hopes to place as many as 19 interns, says Greenebaum. WSIA is working to keep track of how many former interns continued their professional journey in the E&S industry or the P&C business. Christine Timmerman, WSIA’s Career Development Programs Manager, said a “great majority” of those who completed internships the last three years have stayed in the E&S industry.
WSIA members interested in recruiting the next generation of surplus lines professionals by hosting interns should contact Christine Timmerman at Chris@wsia.org.
“We believe it’s the most unique offering of any insurance internship out there,” says Greenebaum. “This is a real labor of love.”