The insurance industry offers incredible opportunities for students interested in pursuing a career in the field.
Just ask Victoria Cunningham, the executive director of the Bermuda Foundation for Insurance Studies. Over the years, she’s climbed the insurance industry ladder and is in the best position to understand how BFIS is empowering students to pursue this path through financial support, mentorship, networking and career development.
In fact, BFIS is doing a lot to help students get their start in the industry.
“The Bermuda Foundation for Insurance Studies’ entire reason for being is to help students enter the insurance industry,” Ms Cunningham said.
She points out how key founder Brian R. Hall, an industry giant, recruited several other insurance leaders to form and fund the foundation in 1996 to address a critical shortage of qualified Bermudians entering the rapidly growing industry.
Insurance and reinsurance are central to Bermuda’s economy. That’s why BFIS is committed to developing a pipeline of qualified local talent, reducing financial and access barriers, and ensuring Bermudians can take advantage of strong, long-term career opportunities in the field.
“BFIS helps students because it strengthens both individual careers and Bermuda’s insurance industry,” Ms Cunningham said.
To ensure the success and longevity of their careers, BFIS has a long-established five-step programme of career guidance, scholarships, networking or mentoring, internships and job search assistance.
The foundation offers scholarships for degrees relevant to the industry, such as finance, actuarial science, risk management, law, IT and accounting. As it celebrates its 30th anniversary this year, BFIS has awarded more than $9.2 million in scholarships to 297 students, 94 per cent of whom are still currently in the industry.
Round off your skills
While financial support is critical, BFIS recognises that a qualification alone is not enough.
Its programming focuses on real-world skill development, particularly networking, professional communication, and industry exposure, to better prepare students for successful careers.
“Beyond financial support, we provide introduction to insurance internships, mentoring and career guidance, as well as helping students build industry knowledge and professional networks,” Ms Cunningham said.
Each year, BFIS hosts two networking events for scholars and university and college students, and one event for high school students.
“These events use a speed-networking format that allows students to meet one-on-one with insurance professionals, introduce themselves, ask questions, learn more about the industry, receive advice, and hear firsthand about different career paths,” Ms Cunningham said.
BFIS’s mentoring programme is another cornerstone of its success.
“Each scholar is paired with an industry professional who provides guidance, encouragement and insight throughout their journey toward becoming an insurance professional,” she said.
“As demand for mentors continues to grow, we aim to build a strong and diverse pool of professionals willing to support the next generation.”
Career guidance is delivered at multiple stages. BFIS begins by raising awareness in Bermuda’s high schools each year, encouraging students to consider careers in insurance.
Interested students can then participate in BFIS’s annual high school speed-networking lunch, where they meet professionals one-on-one.
Support continues throughout a scholar’s journey as they pursue summer internships and, eventually, full-time roles. Ms Cunningham said scholars receive assistance with finding paid internships, résumé reviews, interview preparation, and guidance on career pathways best suited to their interests and strengths.
Wide-ranging opportunities
Additional career development is provided through the BFIS Intro to Insurance Internship
programme.
“Each summer, interns visit companies in Bermuda, Chicago or London, gaining exposure to different business lines, meeting industry professionals, and exploring the global insurance market and its diverse career opportunities,” said Ms Cunningham, who noted that 226 interns have participated in BFIS programmes to date.
“We also assist graduating scholars in securing full-time employment.”
For students who haven’t yet considered working in the insurance industry, there are a wide range of careers within the field.
“Many people think first of underwriting and actuarial roles, but there are numerous other in-demand career paths, including broking, claims, risk management, data analytics, finance, law, compliance, accounting, operations, IT and emerging risk fields such as climate and cyber.”
Insurance-linked securities is another growing area in the industry that offers exciting career opportunities by combining elements of insurance, capital markets, data, and risk analysis and draws on many of the roles and skill sets above.
Among the perks, there is also stability, along with the chance to grow and expand horizons.
“Insurance in Bermuda offers real opportunities, excellent salaries, and strong career growth, with clear paths for students to succeed,” Ms Cunningham said.
There are clear opportunities to advance both locally and internationally. Many graduates also have the opportunity to work in major financial centres like London, New York, Toronto and Dubai, either on secondment or full-time.
“While Bermuda is one of the most expensive places to live, salaries in the insurance industry are among the highest, reflecting the skills and responsibility involved,” she said.
Working in the industry is also a great way to make an impact.
“Bermuda is a global centre for the insurance industry, so professionals here work on major critical challenges — like natural disasters, climate risk, cyber threats, and aviation risks. They also take part in high-stakes projects and work closely with top companies and experts from around the world,” Ms Cunningham said.
BFIS actively invests in local talent through scholarships, internships and mentoring programmes, making it easier for students to move from education to meaningful careers.
“We are extremely proud of the lasting impact we have made on individuals, the industry, and the wider
community. We look forward to recruiting the next generation of insurance industry leaders.”
Learn more and get involved
Students interested in pursuing a career in the insurance industry can follow BFIS on LinkedIn, email [email protected] or visit bfis.bm.
To apply for BFIS scholarships and intro to insurance internships, visit bermudascholarships.com.
To attend the BFIS annual high school speed networking lunch, see your academic advisors.
