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Risk Management & Insurance Degree Program

Risk Management Degrees - Insurance Degree Online Program OverviewProgram DetailsWhy Choose Franklin

Minimize organizational risk and reduce exposure to loss

Both large and small businesses face challenges from all sides, especially when it comes to managing loss and liability. That’s why more and more organizations are investing in identifying and controlling their exposure to loss by hiring professionals who can actively evaluate and manage organizational risk.

Understanding an organization’s risk and managing exposure is now a highly specialized profession within an industry that offers a variety of opportunities and growth. In fact, jobs in insurance are expected to grow at an astounding 21 percent from 2010-2020.1

Franklin University’s Risk Management & Insurance (RMI) degree program is specifically designed to provide you with a solid understanding of the insurance industry and the principles of risk management, preparing you to help create organizational strategies that mitigate risk for individuals and businesses.

Help individuals & business owners avoid substantial loss

With a curriculum that intersects legal studies and finance, you’ll learn how to manage exposure of both legal and business risks through fair and nuanced assessments. You’ll learn how to leverage a variety of hedging strategies, and employ financial and insurance products to cost-effectively minimize risk. You’ll also be equipped to analyze individual and commercial property and casualty issues, health and life policies, and employee benefit models.

Our relevant curriculum prepares you to analyze life, health, and property and casualty insurance products, including workers’ compensation, employer and environmental liability, and universal life; understand insurance underwriting in a complex economic and regulatory environment; assess various risk pooling arrangements; and build a foundation using risk management methodologies to limit loss exposure.

Broaden your skill set and learn from real-world experts

Through our highly interactive courses, you’ll gain the necessary skills and knowledge needed in finance, financial planning, economics, risk management, and federal and state regulations across several specialized lines of business within the insurance industry.

You'll learn from real-world risk management and insurance professionals in the classroom, and since the curriculum is developed and consistently reviewed by industry experts, you can be sure your Franklin education addresses current and emerging trends as well as changes in industry regulations.

Plus, Franklin’s RMI degree program lets you choose electives from across a variety of areas, including accounting, economics, financial management, and financial planning to further focus your studies.

Set a foundation for professional certification

When you graduate from Franklin’s RMI program, you’ll have the foundation to pursue and obtain insurance certifications, such as the Chartered Life Underwriter (CLU) and Certified Risk Manager (CRM) designations and certifications. Because Franklin is a collegiate program partner with The Institutes, the leading provider of risk management and property-casualty insurance education, you’ll even be able to waive two of the required courses for the Chartered Property and Casualty Underwriter (CPCU) designation.

Earn your degree from a university built for busy adults

Earn your degree on your terms by taking classes 100% online or pursue available coursework at one of our 11 Midwest locations. Regionally accredited and nonprofit, Franklin was built from the ground-up to satisfy the needs of adult learners. Our seamless transfer process and team of academic advisors will help ease your transition to becoming a student, while our flexible course schedules help to balance your education with work, family, and life. Get started on your future today.

1Source information provided by Economic Modeling Specialists International (EMSI)

Gain The Skills Employers Desire

  • Risk Management
    • Anticipate problems, analyze products, and recommend solutions that mitigate risk
    • Develop risk identification and control programs aimed at minimizing risks
    • Validate and report on loss trends and data
    • Help develop comprehensive, internal risk control self-assessment frameworks
    • Analyze information to develop loss mitigation strategies through quantitative and qualitative reporting
    • Develop, analyze, model, and implement quantitative risk management methodologies
    • Assess operational risk events by identifying root causes and developing remediation plans
    • Provide underwriters with risk management reviews of new underwriting and renewal submissions
  • Property & Casualty Insurance
    • Examine claims, policies, and endorsements to determine the most suitable coverages
    • Prepare policy comparisons, summaries, quotes, proposals, and recommendations
    • Negotiate the premiums and renewal of property and casualty policies
    • Communicate the details of various coverages, exclusions, exposures, and audits
    • Assist with coverage changes and resolving account issues
    • Assess rates and assist in setting loss reserves
    • Provide policy recommendations that benefit both the insurer and the insured
  • Life & Health Insurance
    • Prepare policy certificates, endorsements, and cancellations
    • Accurately communicate life and health insurance coverage options, benefits, and rates
    • Qualify insurance applicants and add assistance throughout the enrollment process
    • Analyze exposures and present solutions to fulfill customer needs
    • Coordinate renewals by gathering underwriting data and reviewing policies while recommending revisions or enhancements
    • Make informed policy renewal decisions by tracking payments, claims, and performance
  • Retirement Planning & Employee Benefits
    • Analyze client needs and interests to recommend appropriate retirement products and plans
    • Provide counsel and guidance on retirement savings plan features and benefits
    • Develop benefit plan design and renewal strategies to address client issues
    • Evaluate benefit plan design and performance by reporting key metrics and recommending changes
  • Qualification & Underwriting
    • Research and analyze new products, develop policy language, and apply underwriting principles to product selection and pricing
    • Evaluate claims and analyze case profitability
    • Administer underwriting guidelines, rating manual rules, and insurance regulations
    • Use pricing models to make appropriate risk selection while communicating rationale for underwriting decisions
    • Determine acceptability of risk in accordance with guidelines and standards
    • Notify agencies of adverse underwriting decisions, rate appeals, and underwriting requirements
  • Insurance Operation & Internal Control
    • Use endorsement review, data gathering, and comparative reporting to assist in program review processes
    • Identify process gaps and assess related impact to business and product lines
    • Ensure compliance of rate and rule programs
    • Provide Sarbanes Oxley-related compliance reporting, quality assurance, and defect management of rating programs
    • Develop tools to support product planning, performance, risk, and compliance
    • Identify and manage operational risk through design, implementation, and optimization of programs
    • Create audit strategies that comply with professional standards while appropriately addressing risk
    • Serve as a product expert in support of business development, marketing initiatives, and product promotion
    • Assess processes and workflows associated with product sales and service

Career Opportunities

  • Claims adjuster, examiner, and investigator

    Claims adjusters, examiners, and investigators evaluate and validate loss claims, making settlement determinations based upon policy terms, guidelines, and other factors.

    View Salary Trends
  • Insurance Claims and Policy Processing Clerk

    Insurance claims and policy processing clerks review policy applications, and handle change requests and cancellations.

    View Salary Trends
  • Insurance Manager

    Insurance managers oversee the delivery of insurance services end-to-end, including preparing proposals, processing new policies and renewing existing ones.

    View Salary Trends
  • Insurance Agent

    Insurance sales agent solicit new insurance policies, provide quotes, and sell products and services to meet customer insurance needs.

    View Salary Trends
  • Insurance Underwriter

    Insurance underwriters evaluate insurance applications, assess the risk of insuring the proposed customer, and determine the insured’s coverage amounts and premiums.

    View Salary Trends
  • Personal Financial Advisor

    Personal Financial Advisor provide advice on investments, insurance, taxes, cash flow and, debt management, as well as education, retirement, and estate planning.

    View Salary Trends
  • Risk Manager

    Risk managers assess and quantify loss potential, and recommend strategies for reducing uncertainties and controlling the probability of loss from insured events

    View Salary Trends

Employment Outlook

In 2010 there were 72,726 job openings related to Insurance. That same year, 1,042 students completed programs related to Insurance.

Source information provided by Economic Modeling Specialists International (EMSI)

Our Recipe For Your Success

Academic & Industry Experts

Classes are taught and designed by credentialed professionals with real-world experience.
 

  • Programs are designed by combining the insight of industry leaders with the academic expertise of our faculty, ensuring what you learn translates into on-the-job success.

  • Academic concepts and theories are brought to life through our teaching faculty’s professional expertise, and can be immediately applied in your career.

  • Faculty with industry experience teach our courses, not graduate students or life-time academics, so you learn not only the theories behind the practice but also how to apply them in real-world situations.

Relevant & Consistent Curriculum

What you learn is a reflection of the program you choose, not the format in which it’s applied.
 

  • All programs are designed for learning outcomes to flow from the program level into actual coursework.

  • This top-down approach allows credentialed professionals to customize assignments based on trending industry topics without deviating from a program’s core outcomes.

  • Regardless of your professor or the format of your class, you receive the same quality education.

Hands-On Learning Experience

Franklin's coursework teaches not only theories and concepts, but also how they apply to practical situations.

 

  • Professional course designers ensure that class activities such as learning simulations, case studies, interactive videos, and group exercises are relevant and appropriate.

  • A curriculum development team is dedicated to making sure all courses are intuitively designed so content is taught in a logical manner that facilitates your success in the classroom and beyond.

Continuously Evolving Programs

Consistent program reviews ensure our programs stay at the forefront of industry trends.
 

  • Survey results and feedback from student and faculty assessments are reviewed regularly so that our programs are always improving and up-to-date.

  • A structured review process helps identify industry gaps that guide curriculum enhancements allowing our academic and industry experts to regularly implement new industry trends.

  • Regular assessment provides hard data that is used to improve student learning and teaching methods.

Get the details

View curriculum, read course descriptions,
and meet program faculty.

View Program Details