Many students may not grasp the full value of internships and how these stints of summer work experience and networking can influence a future career path.
Those who seize opportunities to build up a track record of work experience — especially with different companies and sampling various departments — can gain an edge when they enter the competitive job market.
That’s the message from the Bermuda Foundation for Insurance Studies, an organisation founded by insurance industry leaders in 1996 with the goal of creating opportunities for Bermudian students to gain the education and training necessary to enter the insurance sector.
Victoria Cunningham, executive director of BFIS, said students who spent their summers in internships would gain “the experience to back up what they learnt in the classroom”.
She encouraged all students who see their future in insurance to seek out internship opportunities. “We’ve seen some students who take up lifeguarding for the summer, or work on the tour boats. That’s great for the summer after you graduate high school and maybe your first university summer, but then you’ve got to start knuckling down.
“If you want to be on the same playing field, or higher than your peers coming into the industry, you need to have done at least one, if not two internships in the field to help you get that job.
“It’s not just about gaining experience and building a network, it also helps you to work out whether this is something you actually want to do. Do you like the company? Do you like the job? It’s your fact-finding mission.”
Vital experience
Students should also embrace scholarships that include an internship as a requirement, Ms Cunningham added.
“Some young people say, ‘I don’t want to have to do that.’ But they don’t realise the value that is there, because a) the internship is automatic, so they don’t have to apply for anything; and b) it’s giving them vital experience that they don’t need to get from somewhere else.”
Some students return to the same company each summer as interns, building their relationship with that employer. However, stints with different companies could be more valuable in finding the role that suits them best.
“Getting that varied experience puts them out of their comfort zone,” said Bonnie Exell, BFIS administrator. “Moving around and experiencing different roles and companies could help build their confidence and resilience when it comes to the realities of the employment marketplace.
“All of these support programmes are giving students the opportunity to practise being in a in a work environment and to learn to be a better professional, and everything that involves, from what you wear to how you behave.”
BFIS acts a bridge between young people aiming to work in insurance and the industry itself. It offers scholarships, mentorship, networking and career guidance.
It also offers the BFIS “Intro to Insurance” internship, which gives participants a broad view of the industry in different markets and at multiple companies. It takes students on an intensive three-week tour of the Bermuda market, and two weeks exploring the insurance world in either London or Chicago.
Students often visit two insurance companies a day, and also visit brokers, financial regulator the Bermuda Regulatory Authority, and law firms in Bermuda. In London, the intern visits begin with a visit to Lloyd’s of London. Such access provides students with a broad and international perspective of the industry.
High success rate
BFIS is currently supporting 32 scholars — 13 of whom received BFIS scholarships and the remainder supported by individual companies. The BFIS scholars get preference for the sought-after internship places.
In the BFIS office on Cedar Avenue, Hamilton, rows of framed photographs of dozens of BFIS scholars adorn the walls, reflecting the organisation’s significant beneficial impact on Bermuda’s youth over many years.
“We describe our success rate as 94 per cent, meaning that of the 297 BFIS scholars to date, 94 per cent are currently working in the insurance industry — many in Bermuda, but some elsewhere in the world, including Atlanta, London, Dubai, Sydney and Toronto,” Ms Exell said.
She attributed this remarkable effectiveness in launching students into insurance careers to the BFIS programme’s “scaffolding” — the multifaceted support afforded to students that prepares them for life in the industry.
Ms Cunningham explained: “We have the network to be able to provide these students with a mentor, internship opportunities, support through university, and post graduation to seamlessly succeed in the industry.
“BFIS has an enormous network of about 650 mentors, many of whom are alumni. And we have access to others in the industry, and the students will then draw on their expertise.”
Ms Cunningham, who took the helm at BFIS 18 months ago and is also an adjunct insurance lecturer at Bermuda College, worked in the insurance industry for 22 years, in analyst and underwriting roles, and served as a BFIS mentor herself.
“It’s really important for scholars to fully understand the benefits of a mentor,” Ms Cunningham said. “Even with an internship, many companies give them a buddy or an internal mentor.
“It’s not just a relationship for a summer, or one or two years. If you keep moulding it, it will just grow. And you can have more than one mentor. These are the additional benefits of scholarships and internships that don’t have a price tag on them, but are monumental in terms of the impact on your success.”
BFIS has a Schools Outreach Committee, comprised of alumni who attended each of Bermuda’s high schools. Their interaction with students includes areas such as careers in insurance, applying for scholarships and resume writing.
Two speed networking events per year also give students and scholars the chance of time with industry professionals.
Ms Cunningham and Ms Exell encouraged any student interested in entering the insurance industry to reach out to BFIS at [email protected] or by calling 295-1266.
