Insurance Buyers - Demographic Profile - Schools
Secondary and tertiary educational institutions typically have risk management staff or risk managers who are in charge of selecting and procuring property and casualty insurance. The demographic profile of these risk managers is not readily available in the public domain, but a number of sources offer a few insights into the demographic characteristics of this group. These few insights were supplemented by insights about buyers and purchasing managers, who are also in procurement roles.
- Several sources suggest that buyers of property and casualty insurance at secondary and tertiary educational institutions are typically called risk managers. An article published by Risk & Insurance, for example, shows that an insurance buyer at Butler University in Indiana has the following job title: Director of Risk Management & Insurance.
- In an interview with Risk & Insurance, Austin Oldham, a director of risk management and insurance at Butler University, shared the following statement: "I’ve been in risk management now for six years and even in those six years a lot has changed. I would say more broadly, in my experience, it’s becoming crucial to have a strategic partner as your broker, coming from the perspective of an insurance buyer as a risk manager." Oldham describes his job as enterprise risk management.
- An article by Risk Management Magazine also suggests that universities and colleges typically have risk management departments.
- According to an article published by University Business, Lehigh University in Pennsylvania has a risk management unit responsible for procuring property and casualty insurance, and Yale University also has a risk manager who is in charge of purchasing insurance. Based on this article, insurance conversations at universities and colleges typically include staff from the following units: risk management, general counsel, development office, facilities office, department heads, library directors, and curators.
- Moreover, according to a slightly older source, which is an article published by WVLT TV, the Palm Beach County School District in Florida has a risk and benefits management office that is responsible for procuring insurance.
- The LinkedIn profiles of some school, university, or college risk managers offer a few clues as to the typical education of risk managers. It appears the college and post-graduate education of these risk managers is mostly related to risk management and underwriting, finance, and business administration.
- Walter Pizzano, a director of risk strategy and insurance at Harvard University, has a Bachelor of Science degree in civil engineering, a Master of Science degree in fire protection, a program certificate in negotiation for senior executives, and a program certificate in financial planning.
- Kevin Bebb, a director of risk management at |Stanford University, has a Bachelor of Business Administration degree in finance, a Master of Business Administration degree, and an Associate degree in risk management.
- Christina Dobleman, an assistant vice president for risk management at Stanford University, has a Chartered Property Casualty Underwriter certification from the Society of Chartered Property and Casualty Underwriters.
- Eric Jacklin, a director of risk management for the Riverside Unified School District, has a bachelor's degree in business and a Master of Business Administration degree.
- According to salary resource Comparably, enterprise risk managers in the United States have a median salary of USD 180,000, while insurance and risk managers in the country have a median salary of USD 128,196, which consists of a base salary of USD 118,427 and a bonus of USD 9.770.
- The salaries of enterprise risk managers range from USD 144,000 to USD 216,000.
- The salaries of insurance and risk managers, on the other hand, range from USD 111,358 to USD 156,483.
- Comparably also reports that the job title 'Director Risk Management' has a median salary of USD 139,496, the job title 'Director of Risk Management' has a median salary of USD 90,719, and the job title 'Sr. Director, Risk Management' has a median salary of USD 200,000.
- PayScale, on the other hand, reports that the job title 'Director, Risk Management' has an average salary of USD 115,343 and that the job title 'Risk Management Director' has an average salary of USD 118,217.
- Insights specific to the age of insurance buyers at schools, colleges, and universities are not publicly available. Data USA, however, reports that purchasing managers in the United States are 46.9 years old on average.
- Similar to risk managers, purchasing managers also have procurement responsibilities.
- Insights specific to the gender of insurance buyers at schools, colleges, and universities are not publicly available. Data USA, however, reports that 50.2% of purchasing managers in the country are male.
Before we could determine the demographic profile of individuals responsible for selecting insurance for schools, we had to identify who these individuals are. A number of articles, including those published by University Business and WVLT TV, suggest that educational institutions such as secondary and tertiary educational institutions have risk managers who are in charge of buying property and casualty insurance. To find the demographic profile of these risk managers, we looked for surveys, articles, and reports describing the age, gender, income, education, job title, and other demographic characteristics of these risk managers. We also consulted the websites of the Bureau of Labor Statistics and Data USA, as they provide profiles of various occupations. We also examined the blog posts of companies that sell insurance to schools, the LinkedIn profiles of some risk managers in secondary and tertiary education, and the websites of salary resources Comparably and PayScale. The demographic profile of risk managers at educational institutions could not be readily located in the public domain, but a number of sources offer some insights. To provide a more robust response, we supplemented these insights with details about purchasing managers who, like risk managers, are also in a procurement role.