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The major in risk management and insurance prepares students to identify, analyze, and manage risks that are inherent in the operation of profit and not-for-profit institutions. They study property, liability, health and life insurance, employee benefits programs and government insurance programs. Besides professional careers in risk management, the major cultivates skills required for challenging opportunities in organizations that accept these risks—private and governmental insurers, as well as brokerage/agency and consulting organizations.

The program of study may be structured to aid students seeking professional designations of Chartered Life Underwriter (CLU), Chartered Property and Casualty Underwriter (CPCU), and Associate in Risk Management (ARM).

Related Organizations

Risk Management and Insurance Society
Co-Curricular Learning Board

Explore Study Abroad

Studying abroad is an excellent way to gain international experience that enhances your business education. Many students also consider a summer program or a short program embedded in a course. Students are encouraged to visit the Study Abroad section to learn more about study abroad opportunities and to meet with their academic advisor to discuss course planning. Students can take a maximum of two courses in their major abroad. Other common course options abroad include core and breadth courses.

Q: How do I declare a major in risk management and insurance (RMI)?

A: Students must be admitted to the Wisconsin School of Business in order to declare a major in RMI. Please visit our Admissions page for more information. Students indicate their intended major when they apply to the business school. If they are admitted, the major(s) indicated will be declared for them. Students may change their major by completing a Business Major Declaration Form. Turn completed forms in to the front desk in 3150 Grainger Hall.

Q: How do I cancel the RMI major?

A: Admitted business students may cancel their declared RMI major by completing a Business Major Declaration Form. Turn completed forms in to the front desk in 3150 Grainger Hall.

Q: What are common parallel plans related to RMI?

A: Common parallel plans that lead to careers related to risk management include economics (College of Letters & Science) and statistics (L&S). Students are encouraged to contact the Cross College Advising Service (http://www.ccas.wisc.edu/) or the appropriate school/college for advising related to these or other majors.

Q: How do I run a DARS report for the RMI major?

A: Please see the following link for information on how to run a DARS report

Q: Is it possible to double major?

A: Admitted business students may select up to a maximum of three business majors. Students also have the option of selecting one additional major in the College of Letters & Science (L&S). To declare an additional major in L&S, students should meet with an advisor for the L&S major and complete the L&S Major Declaration Form. Students should turn in the completed and signed form to 3150 Grainger Hall. Timely degree completion with multiple majors will depend on an individual student’s situation.

The following requirements must be met in order to complete a major in Risk Management and Insurance. For detailed course descriptions, please consult the Course Guide.

Please be aware of stated prerequisites for major courses (including business core courses) that need to be completed before taking the course. Specific prerequisites can be found using the Course Guide.

Students must be admitted to the Wisconsin School of Business to complete a major in Risk Management and Insurance.

Complete RMI 300 Principles of Risk Management, 3 credits

Complete three of the courses below OR two of the courses below AND one elective course*:

Elective Course Options:

*Click on course to view sample syllabus (most recent copy)


Dan Anderson
Emeritus - Non-teaching
danderson@bus.wisc.edu
Ph.D., MBA, BA

Edward Frees
Professor
Department Chair for Actuarial Science, Risk Management and Insurance
jfrees@bus.wisc.edu
BS, MS, Ph.D., FSA

Martin Halek
Senior Lecturer
mhalek@bus.wisc.edu
BA, MS, Ph.D.

Brian Mullen
Staff
Associate Lecturer
bjmullen@wisc.edu
BBA

Patricia Mullins
Senior Lecturer
pmullins@wisc.edu
Ph.D., MS, BS

Joan Schmit
Professor
jschmit@bus.wisc.edu
Ph.D., MBA, BBA

Peng Shi
Assistant Professor
pshi@bus.wisc.edu
Ph.D., MS, BS, ASA

Justin Sydnor
Assistant Professor
jsydnor@bus.wisc.edu
BA, Ph.D.

Greg Wanner
Faculty Associate
Director of ASRMI Capstone Certificate Program
gwanner@bus.wisc.edu
Businesses rely on risk professionals to manage risk (financial, credit, legal, insurance, contractual, etc.) within the business and to structure products and operations that mutual benefit the organization and its customers. Risk management is a critical differentiator that allows companies to grow safely.  Risk managers frequently work with all divisions of an organization.

Leadership Development Overview

Rotational programs provide graduates an opportunity to work in several areas of risk and insurance during a relatively short time period.  Each rotation assignment may last a few months to a year and programs are usually a total of two years in length.  Upon completion of the rotation program candidates can pursue the area that interests them most

Possible Job Responsibilities

  • Participate in intensive two-year entry level program spanning three eight-month rotations
  • Experience work in areas including: analytics, modeling, underwriting, workout, portfolio management, or compliance/regulations
  • Combine job assignments and interactive seminars to equip program members with superior functional, analytical, business and leadership skills

Essential Skills

  • Critical thinking
  • Communication
  • Analytical
  • Problem-solving
  • Business acumen
  • Leadership
  • Decision-making
  • Ability to work in teams

Brokerage Overview

An insurance broker provides a variety of risk management functions for organizations.  Professionals most commonly assistance in acquisition of insurance but also captive management and other alternative financial arrangements, as well as risk management.

Possible Job Responsibilities

  • Evaluate clients' current insurance programs
  • Negotiate client-focused terms and conditions with the underwriters
  • Make sales calls and meet with clients

Essential Skills

  • Critical thinking
  • Communication
  • Analytical
  • Problem-solving
  • Business acumen
  • Leadership
  • Decision-making
  • Ability to work in teams

Risk Management Overview

Large and/or sufficiently complex organizations will have their own risk management staff to make decisions regarding appropriate risk control/financing.

Possible Job Responsibilities

  • Identify and analyze areas of potential risk to the assets, earning capacity, or success of the organization
  • Identify key risks and mitigating factors of potential investments, such as asset types and values, legal and ownership structures, professional reputations, customer bases, or industry segments
  • Conduct statistical analyses to quantify risk, using statistical analysis software and econometric models
  • Document, and ensure communication of, key risks
  • Gather risk-related data from internal or external resources

Essential Skills

  • Critical thinking
  • Communication
  • Analytical
  • Problem-solving
  • Business acumen
  • Leadership
  • Decision-making
  • Ability to work in teams

Underwriting/Claims Adjusting Overview

Underwriters and claims adjusters typically work for insurance organizations.  Underwriters assess potential policyholders and decide whether or not to accept the client risk.  Claims adjusters evaluate policyholder losses to determine whether or not the losses are covered by the policy and, if so, for what value.

Possible Job Responsibilities

  • Decrease value of policy when risk is substandard and specify applicable endorsements or apply rating to ensure safe profitable distribution of risks, using reference materials
  • Decline excessive risks
  • Write to field representatives, medical personnel, and others to obtain further information, quote rates, or explain company underwriting policies
  • ;Examine documents to determine degree of risk from such factors as applicant financial standing and value and condition of property
  • Authorize reinsurance of policy when risk is high
  • Evaluate possibility of losses due to catastrophe or excessive insurance

Essential Skills

  • Critical thinking
  • Communication
  • Analytical
  • Problem-solving
  • Business acumen
  • Leadership
  • Decision-making
  • Ability to work in teams

Meet the academic and career advisors for RMI.

Nicole Bollig
Undergraduate Academic Advisor
nbollig@bus.wisc.edu
Amanda Truppe
Undergraduate Career Advisor
atruppe@bus.wisc.edu

Please visit the advising page for information on advising and appointments.