The Maryland Insurance Administration is participating in an apprenticeship program designed to attract talent to the insurance industry.
The program is led by Invest, which is affiliated with the Independent Insurance Agents and Brokers of America (The Big I) and has a mission is to educate, prepare and attract diverse new talent to the insurance industry.
This year, Invest is celebrating its 50th anniversary and is now working with 31,000 students in 46 states through a national program that educates high school and community college students on insurance, financial services and risk management topics, encouraging them to pursue a variety of careers in the insurance industry.
The apprenticeship program, which is slated to begin in Maryland this September, will allow high school students to work at insurance companies and agencies to gain valuable experience in the industry. The program is still in development but was approved in November 2019 by the U.S. Department of Labor.
“It’s a chance to introduce young people to the insurance industry – and not just in a classroom but in the real world through a real job,” said Maryland Insurance Commissioner Al Redmer Jr. in a Maryland Insurance Administration press release. “We’re excited by the possibilities.”
Dr. David Ring joined the Maryland Insurance Administration last October to implement talent-building programs like the Invest partnership. He is a former teacher, principal and, most recently, Delaware superintendent of schools.
“This is an industry where you can begin your career out of high school or you can choose to continue on to college through two-year and four-year programs,” Ring said in the release. “When we talk to students, we tell them that the insurance industry provides viable career pathways.”
The Big I predicts the demand for insurance industry talent is likely to increase, with an estimated 60 percent of the insurance industry set to be retiring within the next seven years. The industry employs 2.2 million people, with 400,000 new jobs expected by 2028, according to The Big I.
“It’s not unusual for employers in this industry to do everything they can to attract and retain talented people, including paying for education,” Ring said. “That’s why it’s important for us to match students with employers.”
Ring is currently working with 14 Maryland school systems. The work includes introduction meetings, information about careers in the industry, and presentations provided by Invest and the University of Baltimore.
In addition to the Invest apprenticeship program, on the advice of the Maryland Insurance Administration, the University of Baltimore’s Merrick School of Business added a Risk Management and Insurance specialization to its B.S. in Business Administration program in 2019.
Source: The Maryland Insurance Administration
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