To further our mission and help address the insurance talent crisis and the diversity gap, NAAIA Florida has developed the NAAIA Florida Insurance Scholarship Program (“The Scholarship Program”).
The Scholarship Program will afford eligible African American students the opportunity to engage in undergraduate studies in the fields of risk management, actuarial science, finance, business management or the pursuit of a law degree.
Florida is home to one of the top Risk Management Programs in the country. The Florida State University Risk Management/Insurance (“RMI”) Program, headed by Dr. Cassandra Cole, has an excellent reputation in the insurance industry, provides mentoring and a high placement rate for graduates. The RMI Program welcomes the opportunity to expand their existing infrastructure to include industry stakeholders who can benefit from the placement of African American graduates with an RMI focus.
By partnering with the RMI Program, NAAIA Florida will structure the Scholarship Program to create a reciprocal pathway wherein students will be made aware of the various career opportunities available in the insurance industry and prospective employers will be provided emerging skilled talent. The program is uniquely designed to afford not only the financial backing that comes with scholarship funds but will provide: 1) meaningful mentorship to each student throughout their academic career; 2) internship opportunities during summer breaks; and 3) access to meaningful career opportunities within the insurance industry.
The Scholarship Program will be structured as an endowment. Our initial fundraising goal is $200,000 per year. The Endowment will be managed by FSU and they charge a 1.5% administrative fee. Donor Participants will be asked to make a four year financial commitment to the Scholarship Program at a minimum amount of $10,000 per year.
NAAIA Florida in conjunction with FSU hopes to award two full scholarships the first year of the program. Efforts will be made to leverage existing available grants/funding such as the FSU Care Program - - to maximize the number of scholarships which may be awarded each year. Currently, the FSU Care Program is 95% diverse with 70% of all Care Program participants being African American.
The NAAIA Florida Scholarship Program will provide:
Up to 8 Full Scholarships for studies at the FSU School of Risk Management
Opportunities to FAMU Students Attending FSU School of Risk Management
Meaningful Mentorship through FSU, FAMU and NAAIA Florida
Internship Opportunities through Participating Insurance Employers
Awareness of Insurance Industry Opportunities and Careers
Potential Sponsorship Opportunities Creating Pathways to Management
An Employment Pipeline of Highly Trained Risk Management Professionals
Each scholarship recipient will be matched with a NAAIA Florida member mentor who will follow the student through his or her career and provide advice, networking opportunities and industry contacts.
NAAIA Florida will work with the participating educational institutions as well as the Donor Participants to create a robust communication network wherein students are kept abreast of employment and career opportunities in the insurance industry and insurance companies and related insurance employers are provided the opportunity to offer summer internships and potential future employment to eligible students.