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The Education and Training Committee, a recent addition to the Rotman Commerce Insurance Association, represents a significant stride in fostering students' professional development. This committee has a robust mission aimed at equipping students with the skills and knowledge essential for success in the insurance industry.
Central to the committee's mission are its networking events and workshops, which provide students with a comprehensive understanding of various sectors within the insurance industry. These workshops cover topics ranging from finance and risk management to actuarial science, broking, and underwriting. Led by industry professionals and experts, these sessions offer students valuable insights into current trends, best practices, and emerging opportunities. One of the standout features of the committee is its LEADing members, industry veterans who bring a wealth of experience and expertise to the table. These leaders serve as mentors to students, offering firsthand insights and guidance that enrich the learning experience and provide invaluable mentorship opportunities. The committee also emphasizes hands-on learning through mock simulations, replicating real-world scenarios encountered in the insurance sector. By engaging in these simulations, students can apply theoretical knowledge to practical challenges, honing their problem-solving skills and decision-making abilities in a simulated environment. Furthermore, the committee hosts mock interview sessions throughout the year to help students refine their interview skills and build confidence. These sessions provide students with constructive feedback and guidance from industry professionals, preparing them for the job market and future career opportunities. The pinnacle of the committee's efforts is the annual culminating event, where students have the opportunity to interact with talent acquisition and HR representatives from leading insurance companies. During this event, students participate in mock interviews and showcase their skills and competencies to potential employers. Standout candidates may receive internship offers, providing them with valuable industry experience and networking opportunities. In essence, the Education and Training Committee serves as a bridge between academia and industry, empowering students to succeed in the dynamic and competitive field of insurance. Through its innovative initiatives, mentorship programs, and practical experiences, the committee equips students with the tools and connections necessary to thrive in their future careers.
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POSITION: Underwriting Co-op, Property & Casualty (2024 Summer - Toronto, 4 months)
LOCATION: Toronto, ON DURATION: 4 Months ANTICIPATED START DATE: May 2024 NUMBER OF POSITIONS: 1 APPLICATION DEADLINE: February 16, 2024 Company information: As the world’s leading reinsurance company with more than 40,000 employees in over 50 locations around the globe, Munich Re introduces a paradigm shift in the way you think about insurance. By turning uncertainty into manageable risk, we enable fundamental change. We recognize Diversity, Inclusion, and Belonging as a key priority with a culture that welcomes different thoughts and opinions. We dare to think big and are continuously innovating on behalf of our clients. Munich Re is one of the top providers of reinsurance, primary insurance, and insurance-related risk solutions in the world. Taking on risks worldwide of every type and complexity, the Munich Re Group and its business units are active in all lines of insurance. Our consistent risk management, financial stability, and client proximity make us a much sought-after trusted business partner. As a leader of risk transfer here in Canada, Munich Re strives to be the “go-to” reinsurance partner. A sneak peak: Job Details:
To know more & apply: Insurance opportunity #2 for Summer 2024! Keep checking our blog posts for more opportunities! Location: Toronto, ON
Type: Hybrid remote Duration: 4-month work term (May 6th to August 30th, 2024) Company information: TD is one of the world’s leading global financial institutions and is the fifth largest bank in North America by branches/stores. Every day, we deliver legendary customer experiences to over 27 million households and businesses in Canada, the United States and around the world. More than 95,000 TD colleagues bring their skills, talent, and creativity to the Bank, those we serve, and the economies we support. We are guided by our vision to Be the Better Bank and our purpose to enrich the lives of our customers, communities and colleagues. A sneak peak: Job Details:
To know more & apply: Keep checking our blog posts for more opportunities! https://ca.indeed.com/viewjob?jk=b0e678cf0dba675a&q=insurance&l=Toronto%2C+ON&tk=1hk0jmhc1otpc800&from=ja&alid=652b5208d1fc576c6cdbe53f&g1tAS=true&g1tLH=carson.furneaux%40gmail.com&xpse=SoB_67I3FMgPX6xJiJ0LbzkdCdPP&utm_campaign=job_alerts&utm_medium=email&utm_source=jobseeker_emails&rgtk=1hk0jmhc1otpc800&xkcb=SoC467M3FAvViVbybh0IbzkdCdPP The insurance sector, often perceived as traditional and unvaried, is in reality a vibrant field brimming with diverse career opportunities. For those just beginning their professional journey, the industry offers an array of internships and job openings, catering to a wide range of interests and skills. Engaging in events organized by the Rotman Commerce Insurance Association(RCIA) provides a unique platform for making invaluable connections, opening doors to these abundant opportunities.
Insurance is not just about policies and claims; it's a multifaceted industry where various interests and skills converge to create a dynamic work environment. If you have a knack for numbers and a passion for finance, the insurance industry offers a fulfilling path in actuarial science and investment, where assessing risks and forecasting economic trends are key. Those with a talent for communication and sales can find their niche as insurance brokers, understanding client needs and offering tailored insurance solutions. For those interested in law, the insurance industry offers a unique avenue to apply legal expertise in writing and interpreting insurance policies. Joining RCIA events is more than just attending seminars and workshops; it's about immersing yourself in the industry's culture. These events offer the chance to meet professionals from various sectors within insurance, providing insights into different career paths. Networking here is not just about securing a job or an internship; it's about building relationships that can guide and support your career development. In conclusion, the insurance industry is a hidden gem, offering a plethora of opportunities for individuals from various backgrounds. Whether your interest lies in finance, sales, or law, there is a place for you in this diverse sector. By engaging with RCIA and its events, you open yourself to a world of possibilities, professional growth, and the chance to be part of an ever-evolving industry. Explore this hidden gem, and you might just find your dream career waiting for you. Typically, when people think about investing, they think of banks, hedge funds, and private equity firms. However, what many don’t realize is that insurance companies make the majority of their profits through investment. As people pay their insurance premiums a large pool of money is formed which is used to pay out claims. Thus, when people are not making claims an insurance company is able to invest the premiums to generate profits. Some insurance companies also sell financial instruments that individuals can purchase and include as a part of their personal investment portfolio. One of these financial instruments is called a segregated fund which is similar to a mutual fund. Segregated funds are primarily sold by Canadian insurance companies and offer moderate returns on investment along with the benefits associated with a life insurance policy. This means that they are mainly sold by life insurance companies such as Canada Life, Manulife, and Sun Life.
Segregated funds are structured as deferred variable annuity contracts that hold life insurance benefits. A variable annuity is a contract whose value varies based on the performance of an underlying portfolio of smaller accounts known as sub accounts. These underlying portfolios are typically designed to be safer than most investment options with more modest returns as they are often owned by pensioners who cannot afford to lose their retirement savings. An example of a company who manages segregated funds is GWL Realty Advisors which is one of the investment divisions of The Canada Life Assurance Company. Canada Life is the result of a recent merger between The Great-West Life Assurance Company, London Life Insurance Company, and The Canada Life Assurance Company. GWL Realty Advisors currently has $18.5 billion in assets under management (AUM). Their portfolio mainly consists of property management teams and real estate development projects. These are safe investments that can guarantee steady returns for those who have invested in the segregated fund. The major benefit of segregated funds over traditional mutual funds is that they offer a guarantee of 75% to 100% of the principal investment upon death which is directly paid to the beneficiary named on the policy. However, to maintain this guarantee you must keep the contract until maturity which typically ranges anywhere from 10 to 20 years. Segregated funds also typically have higher management expense ratios (MERs) than mutual funds which are fees charged by the fund to cover operating expenses. Segregated funds are just one example of how the insurance industry offers career paths for those who are interested in investments, real estate management, and pension funds. Through RCIA you will have the opportunity to network and become more familiar with these opportunities which will be presented to you at our events during the school year.  The insurance industry wields significant influence in our modern world, yet it often remains a mystery to many beyond the routine payment of monthly or annual premiums for home, auto, and life policies. In many cases individuals are forced to have insurance as a result of government policy. For example, in Canada you cannot legally drive a vehicle on the road without having an up-to-date auto insurance policy. These government policies have resulted in insurance companies amassing substantial assets. A prime example is Manulife, a Canadian insurance giant, which currently has $807 billion in assets under management. Additionally, they are ranked #3 in Retail Segregated Funds as of the end of 2021. Our upcoming blog post on October 16th, 2023, will delve deeper into this topic of segregated funds.
Unfortunately, the industry has a bad reputation for being deemed necessary, but not liked. This in combination with the fact that there are various misconceptions regarding insurance means it is often overlooked by people looking for careers post-graduation. However, the insurance sector has a significant number of lucrative opportunities, including mergers and acquisitions (M&A), accounting, marketing, private equity, and real estate investing just to name a few. M&A activity in the insurance sector has experienced a recent surge with a total of 449 transactions completed in 2022. This figure represents the largest number of mergers and acquisitions the industry has seen in over a decade. Currently, the global insurance market is valued at an estimated $5.6 trillion with projections to be worth $9.8 trillion by 2027. With so many opportunities in an ever-growing industry our goal at RCIA is to help keep you stay informed about insurance and facilitate the establishment of a lifelong network with industry professionals. Subscribing to our weekly blog will also keep you up to date on current RCIA events where you can begin to develop this network. As we continue to write these blogs, we encourage you to leave comments below, indicating which insurance topics you'd like us to explore further in our upcoming posts.  A Day in the Life was unlike any other event we’d held before. To be fair, virtual firm visits are unlike many other events anyway.
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