UNLV Launches Nevada's First Bachelor's Degree in Insurance and Risk Management
The University of Nevada, Las Vegas (UNLV) has introduced Nevada's first bachelor's degree program in insurance and risk management. This strategic initiative aims to tackle a projected shortfall of 400,000 insurance jobs due to an aging workforce. The program, part of the UNLV Kerestesi Center for Insurance and Risk Management, seeks to attract and train new talent for an industry facing significant retirements over the next decade.
Patrick Hanley, director of the Kerestesi Center and a former industry executive, highlighted the urgent need for fresh professionals to succeed those retiring. He observed a prevailing trend where current professionals shift between companies for better pay, rather than new entrants being trained for future roles. UNLV's program aspires to create a consistent flow of skilled graduates to address this gap.
UNLV launched the program in September with an initial cohort of 46 students. John Starkey, associate director of the Kerestesi Center, emphasized its goal to channel graduates into the Western U.S. insurance market. The Nevada Surplus Lines Foundation has significantly supported the program, funding tuition for the initial cohort and committing additional resources to future cohorts, catering to up to 180 students.
Currently, the program includes 84 students, with its first graduating class anticipated in 2027. Internships for 26 students in Nevada and beyond highlight early success in workforce integration. Hanley expressed satisfaction with the program's progress and the students' increasing enthusiasm for insurance careers, recognizing their growing understanding of risk management's vital role.
The insurance industry offers attractive financial incentives, with Starkey noting that graduates can expect starting salaries between $70,000 and $75,000. Opportunities exist for these figures to escalate into six digits, particularly in commercial insurance roles, adding to the industry's allure amidst economic challenges.
A standout student, Haydee Herrera, shared her experience of how a scholarship inspired her to pursue the program, uncovering a previously uncertain career path. Herrera, currently interning with NFP, an Aon company, discovered diverse opportunities beyond traditional roles, expressing interest in specialized insurance areas, such as those catering to the entertainment industry.
The "silver tsunami" of retirements opens doors for graduates like Herrera, who enter the market with confidence. UNLV's program is reshaping perceptions and drawing young professionals into an industry that demands innovation and fresh energy to address future challenges.