How specialty insurance interns made the most of 2020
The COVID-19 pandemic has impacted nearly every aspect of jobs, school and life, making remote work and learning the new norm.
While businesses everywhere adjust to the ramifications of remote work, career-minded students have had a notably difficult time, missing out on in-person classroom lessons, campus activities, and summer internship programs.
Fortunately for the participants in the 2020 Internship Program sponsored by the Wholesale & Specialty Insurance Association (WSIA), all was not lost during this most unusual summer.
Connecting with future surplus lines pros
The WSIA Internship Program was established by NAPSLO in 1981 to encourage student interest in the surplus lines industry.
Since its inception, more than 366 students have participated in the program. At present, more than half of the former interns are currently working in the insurance industry, and 19 of the 20 interns hosted during summer 2019 are currently employed in the industry, most of those with WSIA member firms.
Each year, WSIA’s nine-week internship program places 21 hand-selected students with WSIA’s member firms. There, they gain experience in both the underwriting and brokerage sides of the surplus lines marketplace. The program is split into two parts, with students spending five weeks with a carrier and four weeks with a broker.
According to WSIA Internship Committee Chair Richard Schmitzer, this dual experience is part of what makes the program strong.
“The WSIA internship is really the only one of its kind because the interns are all exposed to both the carrier and wholesale broker perspectives on the industry during one summer,” says Schmitzer, who is president & CEO of James River Insurance Company. “That is so unique and gives students a chance to learn where they’re really most drawn before they begin job seeking, which is obviously a great advantage for them.”
Students work in a variety of roles and departments, including claims, data processing, operations, brokering, reinsurance, underwriting and more. All housing and transportation are paid for by WSIA, and hosts pay interns $18 per hour.
The program may only run nine weeks, but the work it takes to make the WSIA internship program successful happens year-round.
“The internship program is so successful, in large part, because of the tremendous volunteer effort from committee members, intern host firms and intern mentors,” Schmitzer says. “The committee is really dedicated to trying to select the best applicants for the host firms, and our hosts and mentors are equally dedicated to providing a great, valuable experience for the interns during the summer.”
Coronavirus setbacks
For summer 2020, WSIA selected 21 interns. While the 2020 on-site internships had to be canceled due to COVID-19, interns didn’t completely miss out.
This year’s interns had the opportunity to participate in virtual presentations and networking meetings with industry professionals and were assigned a mentor throughout the summer so they could develop networking relationships with committee members and engage in small group dialogue with them about the industry.
“It was obviously disappointing to not be able to host on-site internships,” Schmitzer says. “But I think students who participated in the virtual opportunity to talk with committee members and host firms were still able to gain some valuable insights from them, and we hope that some of them will choose to and be able to participate next summer, when we’re hopeful that we will be able to safely host them in on-site positions.”
Applications for the 2021 WSIA Internship Program are now open through October 14. The WSIA Internship Committee will review all applications and select candidates for a round of virtual interviews in late-October. Internship recipients will be announced on November 20.
College juniors and seniors pursuing an RMI career are encouraged to apply.
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