College Agency Management Competition begins as 8 student teams compete
The month-long competition includes 8 college teams participating in virtual business ownership simulation.
This week marked the start of the 2nd annual College Agency Management Competition, hosted by InVEST and the Big “I” Diversity Council.
The event is designed to teach college students the basics of entrepreneurship, insurance agency management and business operations through a virtual online competition developed by PriSim.
Insurance and risk management students from eight different colleges and universities across the U.S. will compete by running a “virtual” insurance agency/brokerage. After choosing an agency name and determining their business goals, each week students will input their agency’s decisions into PriSim’s agency management platform.
Student teams will control strategy, carrier and customer management, source management, staffing, sales, and financials. Students will be supported by classroom professors, insurance agents, a corporate partner and a dedicated staff member from PriSim throughout the competition.
Related: How the insurance industry can attract and retain new talent
The competitors
At the end of February, the students’ mentors and teachers will choose the top three teams based on their overall performance and business results. Students on the winning teams will receive a trip to the Big “I” Legislative Conference on May 8-10, 2019 in Washington D.C., an event that competition representatives say will allow students to connect with executives from top insurance agencies and companies for possible internships and jobs.
Participating schools and sponsors include:
- Appalachian State—Boone, NC with Selective Insurance
- Howard University — Washington, D.C. with Safeco/Liberty Mutual
- Illinois State University – Normal, IL with Risk Management Solutions of America
- Indiana State University – Bloomington, IN with Westfield Group
- Ohio State – Columbus, OH with Nationwide
- Temple University – Philadelphia, PA with Church Mutual
- University of North Carolina – Charlotte, NC with The Hartford
- University of North Texas – Denton, TX with CNA
For more, visit the Independent Insurance Agents and Brokers of America website.