InVEST 101 for Educators InVEST Presented by Jennifer Robinson
What is InVEST? • InVEST is a 501(c)(3) non-profit educational trust dedicated to improving insurance literacy in students and attracting new talent to the industry.
InVEST History • InVEST started in 1970 in Hollywood, CA to improve insurance knowledge of graduating high school seniors. • It has now developed into a career training program to bring more young people into the insurance industry.
Considerthis…. • 60% of current insurance professional are over the age of 45 and looking to retire over the next 15 years. • Young people perceive the insurance industry as “old in general” (63%) and not innovative (53%.)
But also, consider this…. • The millennial generation will be the largest generation yet with more than 100 million people. • 55% of young people would consider a career in insurance after learning more about the opportunities.
InVEST is Flexible InVEST is comprised of three main sections: • InVEST Workbook • Mock Agency Preparation • Mock Agency Simulation Schools can choose to teach InVEST for two weeks, or an entire year!
InVEST Makes it Easy • 12 chapters • Sample teacher lesson plans • Discussion questions • Short quizzes
InVEST Textbook Introduction to Insurance Managing Risk Issues in Automobile Insurance The Personal Auto Policy Marketing and Selling Auto Insurance Determining the Price of Auto Insurance Insurance Agency Operations A Career in Insurance Property Insurance for Homeowners and Renters Homeowners Liability Insurance Life and Health Businessowners Policy
NEW to the text.. • Print off exercises to give to students to write on • More activities and interactive games • Easier to read
Four Week Program Model Day 1 – InVEST Introduction. Have a local sponsor come in and explain what the next several weeks have in store. Show the “World of Opportunity” DVD and explain the vast amount of careers available within the industry. Also discuss what is in store for them in the coming weeks and what they should expect to gain from InVEST. Day 2 – Kick off. Play the dice game with students. Day 3 – Chapter 1 lesson plan – Introduction to Insurance - PowerPoint Day 4 – Chapter 1 lesson plan – Introduction to Insurance – student activity Day 5 – Chapter 2 lesson plan – Managing Risk – PowerPoint Day 6 - Chapter 2 lesson plan – Managing Risk – Student Activity – Role Playing—homework – Sample Driving Test listed in Chapter 3 lesson plan Day 7 – Chapter 3 Lesson Plan – Issues in Automobile Insurance – Guest Speaker – Topic – Teen Driving and Issues that Affect Coverage Day 8 – Chapter 3 Lesson Plan – Issues in Automobile Insurance - PowerPoint Day 9 – Chapter 3 Lesson Plan – Issues in Automobile Insurance – Students Research Insurance on Web as illustrated in lesson plan. Day 10 – Chapter 4 Lesson Plan – The Personal Auto Policy – Read Chapter with Students and do assignment (homework – bring in newspaper articles (or webpage print offs) of car accidents to discuss in class Day 11 – Chapter 4 Lesson Plan – Guest Speaker – discusses different types of coverage's and how to select the appropriate coverage Day 12 – Chapter 5 Lesson Plan – Marketing and Selling Auto Insurance - Guest Speaker – Have an Agent or Sales come in and discuss how they built their client base. Day 13 – Chapter 5 Lesson Plan – Marketing and Selling Auto Insurance – Class Project Day 14 – Chapter 5 Lesson Plan - Marketing and Selling Auto Insurance – Class Project Day 15 - Chapter 5 Lesson Plan - Marketing and Selling Auto Insurance – Class Project Day 16 – Chapter 6 – Determining the Price of Auto Insurance – Teacher/Guest Speaker – Discusses rating process – can follow book. Day 17 – Chapter 7 – Insurance Agency Operations – Field Trip? Day 18 – Careers in Insurance – Guest Speaker? Day 19 – Work on Scholarship Application/Essay Day 20 – Work on Scholarship Application/Essay
InVEST Kick Off Day Lesson created by Mr. Gary Barcher Teacher, Bloomfield, CT
Risk and Probability • What is risk? • The condition in which there is a possibility of a loss. • What is probability? • The likelihood an event will occur (ie. An accident)
Risk and Probability • Your insurance policy is rated based on the calculation of your risk and probability you will make a claim. • Insurance companies take the following into consideration when pricing your policy: • Age • Sex • Accidents and traffic violations • Good grades • Location
Dice Game Driving on a road is almost like playing dice. You take a risk each time you drive. You could cause an accident, or someone could hit you. The odds of an event happening can be represented by the likelihood you will roll a certain number with dice.
Mock Agency Preparation Students build an agency from the ground up, including: • Creating the name, logo, tag line, letterhead, etc. • Apply for a corporate loan and open a corporate bank account • Pay rent, electricity, etc. • Create marketing materials to sell their agency to prospects • Learn how to use rating software and process auto insurance applications. *Students do not actually start real agencies or sell insurance, they simply “act” like they are and go through the same motions.
Building a Memorable Brand InVEST Class
Logo • Company logos give people the first impression about your company. • Be sure it fits your identity. • Choose colors that appeal to the target audience.
Logo • Many of the well known company logos are recognizable by viewing only a small portion of it. • Can you guess these?
Taglines and Slogans • Slogans are a way for a potential customer to immediately understand the mission of your company. • Should be easy to remember and include as few words as possible. • Be precise and concise so the consumer is not confused about your brand.
Who does this tagline/slogan belong to? Are you in good hands? A: Allstate Whats in your wallet? A: Capital One The fabric of our lives A: Cotton Incorporated The best a man can get A: Gillette Because I’m worth it A: L’Oreal
Mock Agency Simulation • Solicit new clients using marketing materials • Meet potential clients and fill out forms needed to approve an insurance policy • Use rating software to approve potential clients
Role of Local Insurance Professionals • Liaison • Guest speakers • Field trips/job shadows • Mock interviews • Internships
Scholarships • Over $400,000 in scholarships given to InVEST graduates • 2012 Deadline is in April 13
Student Marketing Materials • Materials to share with your school • Website www.investprogram.org
Virtual University The Independent Insurance Agents & Brokers of America (Big “I”) offers InVEST teachers a complimentary subscription to the Big “I” Virtual University (VU), the premier online education resource for the insurance industry. The site has a wide range of information about the insurance industry including an extensive online insurance and business library, an Ask‐the‐Expert service, and classes on a wide range of insurance topics.
IA Magazine InVEST teachers receive Big “I”s insurance magazine, IA Magazine, which provides current and valuable industry information and can be used in your classroom.
Coming in the future.. • Video modules with coordinating homework assignments. • Improvements to the “resource section” of the InVEST web site. • More lesson plans and interactive games to fit with the InVEST text.
What Does it Cost? • Textbook including teacher guide- $0 • Rating Software - $0 • Guest Speakers - $0 • Scholarship application -$0 • Promotional Materials - $0 • Certificates of Completion -$0 • Costs you NOTHING!
Resources Galore! • What Can InVEST Do for Me? A Student Perspective (DVD) • How Does InVEST Fuel the Future? A Teachers Perspective (DVD) • InVEST Certificates of Participation • Guides & Planning Tools • Speaker Presentation Kit: Tools of the Trade • Internship Guide • Job Shadow Planning Tools • Miscellaneous • PowerPoint Presentations • Free Webinars • InVEST Web sites • Textbooks • SilverPlume Rating Software • Community College Curriculum • DORIS • Sample Lesson Plans • Big “I” Virtual University Subscription • AICPCU/IIA Books • IA Magazine Subscription • Seats to Fill? Brochure • InVEST: Classroom to Career Brochure • Whatever Your Passion Brochure • A World of Opportunity: Careers in Insurance (DVD)
www.facebook.com/NationalInVEST For more information, contact national staff at 1-800-221-7917 or firstname.lastname@example.org www.investprogram.org