Rapid growth
The first class of 12 students enrolled in the center’s insurance and risk management program in 2009. The program has grown rapidly, with 136 students enrolled since 2009. The 2014-15 academic year has seen the most rapid growth, with 34 new students enrolled. “The trend has definitely been upward,” said Beyer, who now serves as executive director of the center. “There’s such a universe of career opportunities because of all the people in the industry retiring and so many of those positions not being backfilled.” To help meet the growing demand, the university added industry veteran Daniel Kugler last year to help lead the program. Kugler retired after 35 years in risk management at Snap-On Inc. to serve as director for the center. Kugler had already been involved in risk management education through his work over the past 15 years as risk-manager in residence with the Spencer Foundation, and as an adjunct professor at Concordia University. It was at a Spencer Foundation function that Beyer and Kugler connected. “I wasn’t looking for another opportunity because I enjoyed my work at Snap-On and at the foundation, but this seemed to be the next logical step,” Kugler said.
Insurance industry skills gap 9 U.S. Department of Commerce data show the insurance industry provided 81,086 jobs in Wisconsin in 2013. The Wisconsin insurance industry accounted for about $5.6 billion in compensation in 2013. 9 The insurance industry contributed $12.2 billion to the Wisconsin gross state product in 2011, accounting for 4.8 percent of the state GSP. 9 10,000 Baby Boomers a day are turning 65 and becoming eligible for full Social Security benefits. 9 Every seven seconds a Baby Boomer turns 60. According to analysis by the St. John’s University School of Risk Management, this means within the next 15 years, some 50 percent of the insurance industry employment will turn over. Half of the industry’s talent pool will be gone. 9 2014 U.S. Insurance Labor Outlook Study indicated actuarial, technology and underwriting jobs are some of the top roles that insurance carriers will need to fill. 9 Overall employment picture for insurance related occupations looks better than other industries. The unemployment rate in the insurance industry is under 2 percent. 9 The industry employs almost 1.45 million individuals. More than 62 percent of insurance carriers expect to increase staffing in next 12 months. 9 U.S. Department of Labor Occupational Outlook Handbook 2012-2013 predicted employment of insurance agents and actuaries will grow faster than average for all professions. Employment of actuaries is expected to grow by 27 percent.
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