The UI Tippie College of Business introduces a new risk management and insurance major

A new risk management and insurance program will be offered at the University of Iowa’s Tippie College of Business starting in fall 2023, helping to boost the state’s largest non-agricultural sector.

According to the news release, the new chief was to be approved and the Board of Regents, State of Iowa, at their meeting on July 27. Seniors will be in Tippie’s Department of Finance and offer the degree of Bachelor of Business Administration (BBA).

“The insurance industry is a major part of Iowa’s economy, and the university has a deep history of risk management and insurance education,” said Terri Vaughan, a distinguished leader in the insurance industry and director of the college’s Vaughan Institute of Risk Management and Insurance. , his father’s name, Emmett. “This is a great opportunity to build on that history and support the future of Iowa business and provide students with successful educational and career opportunities.”

According to the release, Iowa is one of the top insurance states in the country. More than 60,000 Iowans work in the insurance and risk management industry, which makes up 11% of the state’s economy. Several major insurance companies are based in Iowa or have a large presence in the state, including Principal, Employers Mutual, United Fire Group, Transamerica, Athene, WR Berkley, and Farm Bureau.

Thomas Berry-Stoelzle, associate professor of economics, international lecturer, and director of the Vaughan Institute, said Tippie has been working closely with the industry.

The college has for many years offered an insurance certificate to students who want to pursue insurance careers, and the Vaughan Institute trains students in careers and supervises professional research.

In his release, Mr. Berry-Stoelzle said that the job offers many career opportunities such as claims manager, accountant, broker, employee benefits manager, and risk model, which students can study at the University of Iowa. The industry is also expected to grow in the future, as climate change, cyber attacks, and other threats will require companies to better manage these risks.

“Every business decision involves risk, so having a solid understanding of how risk works will help students in any career and provide a solid foundation regardless of which direction they want to go,” he said, in a release. “Our new curriculum will prepare students for a fast-paced career in the insurance and risk management industry, and they will be able to jump into leadership roles earlier in their careers.

At the same time, he said the department’s researchers have discovered new things that will help strengthen and expand the project.

Michael Gould, manager of business development at the Iowa Economic Development Authority, works closely with insurance companies and said the companies are looking forward to the new program. He said there is an urgent need for more people with the necessary education to work in the insurance industry.

“Insurance companies love doing business in Iowa, and many would be here if we had a great job market,” he said in the release. “Companies tell me that they want to grow in Iowa, but we don’t have a labor market. We hope that this new CEO will open up the pipeline and we can get more money to work between companies and the University of Iowa.”

Mr. Berry-Stoelzle hopes the new principal will enroll up to 80 students a year. He said the college will also continue to offer an insurance certificate and a risk management certificate.