As the insurance industry spent the month of February observing Insurance Careers Month, students from eight universities competed in Selective's month-long College Competition. The annual event brings together teams comprised of third- and fourth-year risk management, insurance business or finance students to run simulated insurance agencies. Each week, the teams competed in challenges that helped build their understanding of insurance carriers, customer service, staffing, sales and financial management. Industry experts from Selective and independent insurance agencies mentored the teams throughout the process. The team from Middle Tennessee State University (MTSU) reigned victorious as this year's competition winners. Guided by mentor Michael Stansbury, managing partner at Elite Insurance Solutions in Franklin, Tenn., the MTSU team demonstrated the highest-performing agency and made complex business decisions while overcoming sales hurdles and managing their financial solvency. Teams from Indiana State University and the University of North Carolina — Charlotte ranked in second and third place, respectively. "Managing an insurance agency requires strategic decision-making and precise execution. The MTSU team, and all of the other participating teams, demonstrated these skills in the Competition's simulated environment. By exposing students to the insurance industry's many facets, Selective's College Competition helps participants prepare for their future insurance careers," said Selective's Shadi Albert, executive vice president of insurance strategy and business development, in a statement. |

Mentoring the next generation of insurance pros

Not many students or young professionals know the ubiquitous nature of insurance and all the opportunities available in the field. As a mentor, Stansbury wanted to make sure the students he worked with walked away with a fresh perspective on the industry. "Insurance touches all things; all areas of risk management have a facet in the global universe. And there are many different opportunities within this universe for them to find gainful employment. That's what I wanted them to hear," he told PropertyCasualty360.com. "I think in all the students — not just MTSU — you can see that they want to matter in the world and for their efforts to matter. And insurance fulfills that." As the insurance industry broadly pursues new and innovative ways to recruit talent, Selective's competition plays a key role in those efforts by exposing students to real-life possibilities in the industry. Stansbury refers to this experience as "developmental applied education." "These kinds of simulations help mitigate [the industry's] talent gap," he said, adding that other initiatives, such as Insurance Careers Month, provide a platform to showcase all the industry has to offer. "We need to make sure we are effective communicators of the industry as young people come into this world," Stansbury noted. "[This competition] gives me such a lift to know that 20 years from now, some of these students will be in this industry." |

In their own words

PropertyCasualty360 asked the winning MTSU team to share how this experience impacted them. Here is what some of the team members had to say: Nawara Tasnim Ira Ahmed, a senior and finance major from Bangladesh, shared that the competition helped her learn how insurance companies work from the inside-out: "Making changes to one part of the agency impacts the whole business. When producers are happy with the company they work for, they will bring in the business," she said Actuarial science student Preston Heard, a junior, expressed how the competition ignited greater interest in an insurance career: "Before this competition, I leaned more toward becoming a financial analyst or advisor but had some interest in insurance. Doing this competition really got me interested in working in the insurance industry and gave me more of an idea of what to expect when dealing with 'real-life' data inside an insurance agency." William White, a senior, gained a similar outlook on the day-to-day operations of an insurance agency. White, who also is a service intern at Insurance Group of America, also gleaned some valuable business knowledge: "When evaluating the agency competition, I took away understanding how niche markets and utilizing the proper resources will lead to a successful agency. I also took away that steady growth versus rapid growth is Important because you want to build an agency that sits on a solid foundation." MTSU senior Kaushal Patel noted how his team's focus and hard work helped lead to their victory: "We built an agency from scratch that is not biased toward money-making. Instead, we focused on providing a customer with superior insurance experience... You have to throw an arrow at the right target. When opportunities arrive, you need to take advantage of them. Anything can be achieved through patience, effort and persistence." Related: |

• Launching insurance careers: College RMI programs
• How colleges, carriers are rising above the insurance talent gap
• 2021 Insurance Agent Survey: Hiring problems persist