If you’re looking for inspiration to join the insurance sector, look no further than this story of student innovation and enterprise out of Indiana’s Butler University.
The University’s live mascot bulldog Trip, rare books, fine art, and observatory telescope are just some of the items that will be insured by MJ Student-Run Insurance Company, the brainchild of risk management and insurance majors at Butler’s Davey Risk Management and Insurance Program.
MJ Student-Run Insurance Company, a captive insurer, just received licensing approval from the Bermuda Monetary Authority and will officially open for business August 1.
Note: A captive a special type of insurance company set up by a parent company, trade association or group of companies to insure the risks of its owner or owners.
Butler newsroom blog reports that the insurance company was created as a way to give students hands-on experience to prepare them for an industry that anticipates needing 400,000 new employees by 2020.
While 1,900 American universities have accounting programs, and 900 have finance programs, only 82 offer insurance and risk programs, noted Zach Finn, clinical professor & director of Butler’s Davey Risk Management and Insurance Program.
Finn drove the creation of the Butler program back in 2012 to promote his search for a mix of textbook and experiential learning.’
Butler’s captive insurance company was funded by a gift from MJ Insurance and Michael M. Bill.
Check out I.I.I. information on captive insurers and other risk-financing options here.