BRANCHVILLE, N.J., Feb. 3, 2020 /PRNewswire/ -- Selective Insurance
Company of America, the lead insurance company of Selective
Insurance Group, Inc. (NASDAQ: SIGI), today commenced a month-long
collegiate competition to encourage risk management and insurance
students to build industry knowledge and experience. Teams of
students from seven universities around the country have begun
running virtual insurance agencies in a computer-simulated
environment to gain insights into key processes and decisions
commonplace in the insurance industry. With support from local
independent insurance agents and leaders from Selective, the teams
will compete against each other in weekly exercises using
high-level learning objectives that will help them build business
and financial acumen. The first-place team will present their
winning strategy to Selective's leadership team.
"Today's risk management and insurance students are tomorrow's
insurance industry leaders, so helping students get acquainted with
careers in our industry and on the path to success is something
that we at Selective feel is our responsibility to see through,"
said Chuck Musilli, Executive Vice
President, Chief Human Resources Officer, Selective Insurance.
"Selective's collegiate competition is a fun and engaging
introduction to our business and a preview of some of what they can
expect in an exciting and fulfilling career in insurance."
Rewarding careers in the insurance industry continue to be one
of the best-kept secrets across college campuses. According to the
Insurance Information Institute, the insurance industry is a major
U.S. employer, providing some 2.7 million jobs that encompass a
wide variety of careers, including engineering and data science,
IT, human resources, and financial analysis. Some jobs, such as
claims adjusters, actuaries and insurance underwriters, are unique
to the insurance industry, but other roles are also needed, such as
public relations and innovation professionals, for
example.
The academic institutions participating in Selective's
Collegiate Competition include: Appalachian
State University, Howard
University, Indiana State
University, Illinois State
University, Middle Tennessee State
University, Temple University
and University of North
Carolina-Charlotte. Each team is comprised of 4-6 students
who are in their 3rd year or higher of college studies
and maintain a GPA of 3.0 or higher. Each collegiate team is
assigned an Agency Mentor (an independent insurance agent located
near each school) and a company representative from Selective to
guide and advise them as they navigate the challenges of the
competition.
"The Selective collegiate competition is a tremendous experience
for college students to learn the intricacies of the insurance
industry and how to run a business. I'm thrilled to be an Agency
Mentor for Appalachian State for the
third year and am looking forward to supporting the students,
answering questions, and pushing them to ensure they have evaluated
all angles and options throughout the simulation exercises," said
Jeffrey Haney, President &
Partner, ECM Solutions.
Teams will meet weekly with their assigned Agency Mentors, who
will review their progress and provide assistance. The competition
simulates the control of foundational business tools with a focus
on: strategy, carrier/customer/source management, staffing, sales,
and financial management. Every week throughout the month of
February, the teams will be challenged to make educated decisions
on these key industry topics and try to outperform competitors in a
simulated marketplace.
Last year, the competition was a joint initiative
of InVEST and the Big "I" Diversity Task
Force and is now being sponsored and managed by Selective
Insurance. For the third year, PriSim will be running its
Agency Challenge computerized business simulation for the
competition. InVEST is a school-to-work insurance education and
training program that works with high school and college educators
to teach insurance curriculum to students and raise awareness about
career opportunities in the industry. A 501(c)(3) non-profit arm of
the Independent Insurance Agents & Brokers of America, Inc.,
InVEST educates, prepares, and attracts diverse young people to new
exciting opportunities and career paths in the industry.
PriSim is an industry leader in customized, computerized business
simulation games, management simulation training and offers
insurance-specific simulations, including Insurance Challenge and
Agency Challenge.
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.