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 2nd Annual College Agency Management Competition. Winners were chosen based on business results of owning and operating a virtual insurance agency.
The competition, hosted by InVEST and the Big “I" Diversity Council, 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 taking responsibility for strategy, carrier and customer management, source management, staffing, sales and financial statements.
Professors, insurance agents, a corporate partner and a PriSim staff member mentored each team throughout the competition to help them understand real-world issues such as 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 the Big “I" Legislative Conference May 8-10, 2019. The conference will give the students the opportunity to connect with executives from top insurance agencies and companies for possible internships and jobs.
The eight participating schools and corporate sponsors included:
- Appalachian State—Boone, NC with Selective Insurance
- Howard University — Washington, D.C. with Safeco/Liberty Mutual
- Illinois State University – Normal, IL with Risk Management Solutions of America
- Indiana State University – Terre Haute, IN with Westfield Group
- Ohio State – Columbus, OH with Nationwide
- Temple University – Philadelphia, PA with Church Mutual
- University of North Carolina – Charlotte, NC with The Hartford
- University of North Texas – Denton, TX with CNA
“Congratulations to all of the teams that participated in the competition," says Bob Rusbuldt, president & CEO of the Independent Insurance Agents & Brokers of America. “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."