What may the future of Risk Management and Insurance (RMI) look like? As with the definition of risk itself, it involves variability. Risk is “variability in future outcomes over a specified period of time,” according to Ty Leverty, Faculty Director of the RMI MBA program at UW-Madison. The outcomes that Leverty mentions span many areas, including safety issues, cyber risks, strategic uncertainties, financial uncertainties, legal risks, climate concerns, and many more. While known risks will continue to exist, others will evolve, such as from the use of artificial intelligence, from political and social variability, and from an aging population, to name a few.
Learning to manage these issues requires critical thinking, leadership skills, and knowledge that is at the forefront of the field. Students in Wisconsin’s RMI MBA learn such skills. They may take courses in topics including cyber risk regulation, captive insurance, sustainability risk management, and behavioral science and risk analytics, and learn from experts in artificial intelligence, climate risk, insurance, and risk financing. Students may assume leadership roles in applied learning projects and attend various industry meetings because the connection between the classroom and the workplace is small and is shrinking.
Further, with the Creative Destruction Lab at Wisconsin, students can learn about innovation and entrepreneurship from founders of successful start-ups, as well as venture capitalists and C-Suite executives. The Risk Stream is particularly unique—UW-Madison has the only one globally. Giving students the opportunity to be embedded with risk and insurance founders for a semester is extraordinary.
The variable future of risk management and insurance depends on well-trained leaders who thoroughly grasp concepts of business acumen and have a rich focus on risk and insurance concepts. UW-Madison’s RMI MBA provides both of those directions beginning in a student’s first semester. Consulting projects, an involved advisory board and alumni network, site visits, participation in major conferences, presentations by notable industry personnel, and an internship focused on each student’s interest area are critical parts of one’s education.
Wisconsin’s world-class faculty span the spectrum of behavioral analytics, enterprise risk management, and decision-making under uncertainty, leading graduates to land at well-reputed firms, earn an average salary of six figures, and make immediate contributions to the industry.
All things considered, the future of risk management and insurance surely includes influential leaders who have graduated from Wisconsin’s full-time RMI MBA program. Visit the website for more information, reach out with your questions, and apply today.
The University of Wisconsin’s Department of Risk and Insurance is consistently ranked at the top of departments nationally and is reliably recognized as one of 20 Global Centers of Insurance Excellence.
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