8 March-April 2017At Kansas State University in 1993, there were no risk management and insurance programs. I cannot recall a single friend or classmate who went to work at an insurance company. Like many risk and insurance professionals from my generation and prior, we typically fell into the business or had family members working in the industry.This is no longer the case as there are numerous risk management and insurance programs nationwide who prepare thousands of students to enter the profession today.I would like to share seven compelling reasons to major in risk management and insurance. I have the fortune of having a niece and nephew who are both seniors in high school who are choosing schools and majors as we speak. Their perspectives on the core values and determining factors for deciding college majors have been invaluable in writing this article. New and Different ResponsibilitiesAs a risk management professional in the insurance industry for the past 12 years, I can say that this has been the most interesting job I have ever held and I've worked in manufacturing, banking and financial services before joining the insurance industry. In my role within enterprise risk management, every day brings new and different priorities and responsibilities. In any given day, I may work on 3-5 different issues such as emerging risks, governance, controls, exposure management or capital allocation. ChallengingThe world is constantly changing. New risks and opportunities are constantly arising as a result of changing regulatory, political, environment and social changes. As a result, new insurance products and coverages are needed to meet the demand for protecting for consumers and businesses. Internally, new processes and controls are needed to effectively introduce and manage those new products and coverages.There is typically no right or wrong answer when introducing new products and coverages. It may be based on the market demand but also the company's risk appetite and creativity. As a risk and insurance professional, you will have the opportunity to apply your critical thinking skills to numerous initiatives. Stable Industry with Strong Growth ProspectsThe insurance industry weathers economic ups and downs better than most industries, such as banking construction or consulting, for example. While the economy no doubt has an impact on the insurance industry, it should be noted 7 Reasons to Major in Risk Management and InsuranceBy Arya Yarpezeshkan, SVP, Director of Risk Management, Western World Insurance GroupIn my opinion
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