Samford University opened the Alfa Risk Management and Insurance Lab late last week. Partnering with Alfa Insurance, the lab is part of a multipronged initiative to train students for careers in risk management and insurance.
“The things our students will be able to accomplish with the addition of this lab will set them apart as they go seek out jobs within the risk management and insurance industry,” said Chad Carson, dean of the Brock School of Business.
Equipped with data analytics software used in the industry, students will use the space to work on real-world projects for industry firms as part of course projects and internship programs. The space will also allow students to engage with professionals in the industry, many of whom are members of the Brock School of Business Risk Management and Insurance Advisory Board.
“At Alfa, we are focused on excellence in the four Ps — products, pricing, processes and people. This lab is an investment in people. It doesn’t matter how great our products, pricing and processes are if we don’t have people who care about our customers and have the knowledge and expertise to meet their insurance needs,” said Tommy Coshatt, executive vice president of operations at Alfa.
In addition to the physical space, the business school will launch the 12-credit-hour Risk Management and Insurance concentration for business majors in spring 2022, pending final approval. The curriculum will include courses such as International Insurance Markets and a FinTech/InsureTech course.
Future goals of the initiative include a student-managed insurance company and a study abroad program that will focus on the London insurance market.