Since founding in 1996, the Bermuda Foundation for Insurance Studies has evolved from a scholarship provider into a vital talent development organisation that supports Bermudians at every stage of their professional journey.
From high school students exploring educational opportunities to university graduates embarking on professional careers in the insurance and reinsurance industry, countless people have benefited from BFIS’s invaluable contribution.
As BFIS celebrates its 30th anniversary, executive director Victoria Cunningham explained how the Foundation is investing in the next generation of Bermudian talent, adapting to the changing needs of the industry, and creating clear pathways to rewarding careers that will help shape Bermuda’s future for decades to come.
Evolving with the industry
“When BFIS started in 1996, only 10 per cent of the people employed in the insurance and reinsurance sector were Bermudian,” Ms Cunningham said.
“The intent was simply to create a pipeline of local talent by providing scholarships.
“Today, roughly 4,000 people are employed in Bermuda’s insurance and reinsurance industry, and approximately 70 per cent of them are Bermudian. BFIS has grown into a year-round organisation that offers a robust calendar of programmes, networking opportunities and professional development events designed to support students and young professionals throughout their careers.
“As the industry has evolved, so has BFIS.”
In addition to its traditional scholarship programme, BFIS now offers scholarships for mature students pursuing career changes, as well as mentoring programmes, lunch and learn sessions, networking events and continuing education opportunities that help participants build successful long-term careers.
She added: “We don’t simply provide financial support while someone is studying. We stay connected with our students throughout their journey, offering guidance, encouragement and opportunities as they move beyond their education into the workplace and continue to develop professionally.
“We now have over 300 people who have come through our programme, and many former award recipients have gone on to become mentors, serve on BFIS committees and give back to the community in many other ways.”
Summer internships
BFIS also operates a summer internship programme for Bermudian undergraduate students who are planning careers in Bermuda’s insurance and reinsurance industry, providing opportunities to visit companies in Bermuda, Chicago and London.
These structured two- to three-week programmes, offered to four groups of four Bermudian students, enable participants to gain an in-depth understanding of the industry and the wide range of careers it offers. Travel, accommodation and meals are provided by BFIS, and participating students also receive a daily stipend.
Changing perceptions
The insurance and reinsurance sector is one of the island’s largest employers and a global leader in its field – yet not all young Bermudians have a deep knowledge about it.
BFIS is working to change that by introducing students to the wide variety of rewarding careers available, from underwriting, actuarial science and catastrophe modelling to finance, technology, legal services, claims and risk management.
“We give a face to all of our award winners to demonstrate that insurance is a place where everyone belongs and that there are limitless opportunities for anyone who is serious about pursuing a career,” Ms Cunningham said.
“Almost everyone in Bermuda knows someone who works in the insurance and reinsurance industry. If you’ve never considered it as a career, one of the best places to start is by having a conversation with a friend, neighbour or family member who works within the sector.
“Ask them what they do, how they got started and what they enjoy about their career. You may be surprised just how life-changing a conversation like this can be.”
Looking forward
For BFIS, success isn’t measured simply by the number of scholarships awarded. It’s reflected in the number of Bermudians whose lives, careers and futures have been transformed through the opportunities created. As Bermuda’s insurance and reinsurance industry continues to evolve, BFIS remains committed to ensuring that the next generation of Bermudians has the knowledge, experience and confidence to thrive within it.
For more information about BFIS scholarships, internships and career development programmes, visit www.bfis.bm.
