Last week, InVEST® and the Big "I" Diversity Council announced Indiana State University, Ohio State University and the University of North Texas as the winning teams in the Second Annual College Agency Management Competition. The winners were chosen based on business results of owning and operating a virtual insurance agency.
Hosted by InVEST and the Big “I" Diversity Council, the competition was designed to teach college students the basics of entrepreneurship, insurance agency management, business operations and teamwork through a virtual online competition developed by PriSim War Games.
During the past month, students input their agency's business decisions into PriSim's agency management platform and took responsibility for strategy, carrier and customer management, source management, staffing, sales and financial statements.
University professors, insurance agents, a corporate partner and a PriSim staff member mentored each team throughout the competition to help them understand real-world issues including how to read a profit and loss statement, the impacts of staffing, market segmentation and more.
Thanks to funding provided by participating Big “I" Diversity Council company sponsors, the winners will receive a trip to this year's Big I" Legislative Conference, which will give the students the opportunity to connect with executives from top insurance agencies and companies for possible internships and jobs.
The eight schools and their sponsors included:
- Howard University, Washington, D.C. (Safeco/Liberty Mutual)
- Illinois State University, Normal, Illinois (Risk Management Solutions of America)
- University of North Carolina, Charlotte, North Carolina (The Hartford)
- University of North Texas, Denton, Texas (CNA)
- Indiana State University, Terra Haute, Indiana (Westfield Group)
- Appalachian State, Boone, North Carolina (Selective Insurance)
- Ohio State, Columbus, Ohio (Nationwide)
- Temple University, Philadelphia, Pennsylvania (Church Mutual)
“Congratulations to all of the teams that participated in the competition," says Bob Rusbuldt, Big “I" president & CEO. “I'm sure each student learned something valuable about what it takes to own and operate a small business. We look forward to hosting the top three teams at the Big 'I' Legislative Conference."