How We Use the Hall of Fame Event Funding
The Hall of Fame event supports the Katie School's overall mission of helping to attract and develop top talent for the insurance and risk management community. The event supports this mission in the following ways:
- For each event, a new scholarship is established in the name of our Hall of Fame Laureate. This scholarship goes to an Illinois State University student pursuing risk management and insurance education.
- Promoting diversity by:
Each year, student innovation, research and leadership activities related to the risk management and insurance industry is sponsored. The purpose of the funded research is to:
- Working with Chicago Public Schools to bring high school students to the Illinois State University campus to learn about careers in insurance.
- Providing support for Illinois State students to go into high schools and discuss opportunities in insurance careers.
- Hosting a Diversity in Insurance Reception in Chicago, IL to bring together insurance companies, community-based organizations, and education-based partners to celebrate and promote diversity in the insurance industry.
- Operating the Midwest High School Scholars Actuarial Academy; a one-week program designed especially for above-average minority high school students to acquire knowledge of how to use their mathematical ability in an actuarial career.
- Operating the Redbird Risk Management Challenge; a one-week risk management competition for high school students interested in business careers.
- Working with community based organizations through College Greenlight to enhance underrepresented minority students attending Illinois State University.
- Highlight interesting areas or research that would help attract a diverse group of students, from multiple disciplines, to the industry
- Provide students with opportunities to work with industry experts
- Help students to develop skills in critical thinking, business analytics, written communication, and business presentations
Examples of research supported by the Hall of Fame funding include:
- The Use of Unmanned Aerial Vehicles (UAV's) for use in the insurance industry. This team's work includes assessing property damage, scene investigation, underwriting, and crop insurance. The team involved in this project includes RMI students, computer science students, information security students, political science, industrial technology, and agronomy and agribusiness. The team has presented to senior management at several insurance companies and is currently developing the software to use for calculating areas in a photos. They are also supporting another team that is involved in using infrared technology and remote sensing to estimate crop yields. Students have attended conferences and worked with technology experts from the National Guard to FAA. They are currently applying for a Certificate Of Authorization from the FAA to conduct research outside at the ISU Lexington, IL farm.
- The Development of Crop Yield Insurance Index. This team is looking at how weather information and NDVI (infrared satellite images) can be used to estimate crop yields both in the U.S. and in developing countries. Students have actually produced published research on this project. The students involved are from statistics, agronomy, GIS, and actuarial science.
- Two groups of students worked on using business analytics in insurance. One group worked with a marketing faculty member to determine the variables driving policyholder retention for a workers compensation insurance carrier, and the other team worked with an accounting faculty member looking at effectiveness of different subrogation strategies for collecting from uninsured motorists. Both teams wrote reports and did presentations for executives of the firms providing data.
- One team of students researched the ethical decision-making of undergraduate insurance students. The research was published and the students presented at a conference in Japan.
- Several other student research projects are currently underway including:
- Exploring how Driverless Cars and Collision Avoidance Systems will affect auto frequency and severity and how different insurance policies and distribution systems may develop
- Assessing the Effect of Climate Change on Insurance Company Operations. This includes exploring subrogation potential for flooding and wildfire losses.
- Exploring cyber liability risks and how insurance products responds to these
Preparing students for careers in the industry through real world professional experience:
The Katie School sponsored a nationwide study of insurance employers
to determine the skills, attributes, and knowledge the insurance industry employers look for in college graduates.
The Katie School Business Acumen and Student Leadership Certification is one example of the response. The Katie School supports workshops and programming for students pursuing this certification and is currently working on an LMS system to help track the over 100 students pursuing the certification. Funding from the Hall of Fame helps with this initiative.
- The Katie School actively promotes insurance careers to other key disciplines such as information technology (IT), business analytics, sales and marketing, and information security.