BRANCHVILLE, N.J., March 5, 2020 /PRNewswire/ -- Selective Insurance
Company of America, the lead insurance company of Selective
Insurance Group, Inc. (NASDAQ: SIGI), today announced the winner of
its month-long, intensive collegiate competition for risk
management and insurance students designed to help them gain
industry knowledge and experience as they prepare for a career in
insurance. The team of six students from Indiana State University (ISU) placed first in the
competition for their strategic planning and decision making in
running virtual insurance agencies in a computer simulated
environment, beating out six other college teams. The ISU team was
supported by leaders from Selective and by an Agency Mentor from
ONI Risk Partners who guided and advised the team as they navigated
the challenges of the competition. Second place was claimed by
Middle Tennessee University, while
Appalachian State University placed
third at the conclusion of the competition on February 27.
"We extend our sincere congratulations to the Indiana State University team for winning
Selective's Agency Management Collegiate Competition, and applaud
all of the participants for their commitment to the challenge of
running a (virtual) insurance agency," said Chuck Musilli, Executive Vice President, Chief
Human Resources Officer, Selective Insurance. "There are so many
different facets of the insurance industry. This competition
enabled the students to build their business and financial acumen
by gaining valuable insights into key topics impacting the
insurance marketplace, and learn how their own interests and
abilities can be applied to an exciting and fulfilling career in
insurance."
The winning team was comprised of juniors and seniors in the
Insurance and Risk Management Program at ISU's Scott College of Business and included support
from Agency Mentor, Peter Forsee,
Vice President of Finance at ONI Risk Partners in Indianapolis, IN. Members of the ISU
team will visit Selective's corporate office in Branchville, NJ, to present their winning
strategy to Selective's executive leadership team, as well as
participate in a design-thinking exercise in the company's new
innovation lab, LAUNCH, giving students exposure to Selective's
idea generation principles and ideation process to help foster a
creative mindset for future careers within the insurance
industry.
"The Selective Collegiate Competition offered a unique hands-on
learning opportunity for our students to gain real-world knowledge
on how to manage an insurance agency while also strengthening their
communication and teamwork skills," said Rebecca Wray, Director, Gongaware Center for
Insurance and Financial Services at Indiana
State University's Scott
College of Business. "From this experience, the students
were exposed to the factors that go into running a successful
insurance agency and enhanced their ability to analyze complex
financial and personnel scenarios and implement decisions based on
their analysis."
The academic institutions participating in Selective's
Collegiate Competition included: Appalachian
State University, Howard
University, Indiana State
University, Illinois State
University, Middle Tennessee State
University, Temple University
and University of North
Carolina-Charlotte. The second and third place winning teams
will be visiting Selective's Southern Regional Offices in
Charlotte, NC, and will also
present their strategies to the management team, participate in
networking opportunities with regional personnel and local agency
mentors, and learn more about insurance career opportunities from a
carrier perspective.
"The Indiana State University team
was a motivated and intelligent group intent on doing well from the
start and their success can be traced back to their team work,
collaboration skills and their culture, as contributions came from
all involved and the positive results quickly followed," said
Peter Forsee, Vice President of
Finance, ONI Risk Partners. "Thanks to Selective for
organizing the competition and to the ISU faculty for their
support; the students in the competition gained some very valuable
practical experience as they prepare to enter the working
world."
The competition was sponsored and managed by Selective Insurance
using the Agency Challenge computerized business simulation
developed by PriSim, an industry leader in customized,
computerized business simulation games, management simulation
training. PriSim offers insurance-specific simulations,
including Insurance Challenge and Agency Challenge. The
competition began in 2018 as a joint initiative
of InVEST and the Big "I" Diversity Task
Force and is now being sponsored and managed by Selective
Insurance. InVEST is a school-to-work insurance program that
works with high school and college educators to create insurance
curriculum for their students. A 501(c)(3) non-profit arm of the
Independent Insurance Agents & Brokers of America, Inc., InVEST
is dedicated to improving insurance literacy in students and
attracting new talent to the industry.
About Selective Insurance Group, Inc.
Selective
Insurance Group, Inc. is a holding company for 10 property and
casualty insurance companies rated "A" (Excellent) by A.M. Best.
Through independent agents, the insurance companies offer standard
and specialty insurance for commercial and personal risks and flood
insurance through the National Flood Insurance Program's Write Your
Own Program. Selective's unique position as both a leading
insurance group and an employer of choice is recognized in a wide
variety of awards and honors, including the Fortune 1000 and being
named as one of "America's Best Mid-Size Employers" in 2019 by
Forbes Magazine. For more information about Selective, visit
www.Selective.com.
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SOURCE Selective Insurance Group, Inc.