Transcript Making Insurance a Fun Part of Financial Literacy

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.
Consider this….
 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
10. Homeowners Liability Insurance
11. Life and Health
12. Businessowners Policy
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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
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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
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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.
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Day 2 – Kick off. Play the dice game with students.
Day 3 – Chapter 1 lesson plan – Introduction to Insurance PowerPoint
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Day 4 – Chapter 1 lesson plan – Introduction to Insurance –
student activity
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Day 5 – Chapter 2 lesson plan – Managing Risk – PowerPoint
Day 6 - Chapter 2 lesson plan – Managing Risk – Student
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Activity – Role Playing—homework – Sample Driving Test
listed in Chapter 3 lesson plan
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Day 7 – Chapter 3 Lesson Plan – Issues in Automobile
Insurance – Guest Speaker – Topic – Teen Driving and Issues
that Affect Coverage
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Day 8 – Chapter 3 Lesson Plan – Issues in Automobile
Insurance - PowerPoint
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Day 9 – Chapter 3 Lesson Plan – Issues in Automobile
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Insurance – Students Research Insurance on Web as
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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
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.
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?
Do you know this logo?
Do you know this logo?
Do you know this logo?
Do you know this logo?
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
Student Website
www.learninsurance.org
InVEST 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!
 Textbooks
•
What Can InVEST Do for Me? A Student
Perspective (DVD)
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How Does InVEST Fuel the Future? A
Teachers Perspective (DVD)
 Sample Lesson Plans
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InVEST Certificates of Participation
 Big “I” Virtual University Subscription
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Guides & Planning Tools
 AICPCU/IIA Books
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Speaker Presentation Kit: Tools of the Trade
 IA Magazine Subscription
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Internship Guide
 Seats to Fill? Brochure
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Job Shadow Planning Tools
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Miscellaneous
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PowerPoint Presentations
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Free Webinars
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InVEST Web sites
 SilverPlume Rating Software
 Community College Curriculum
 DORIS
 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 1-800221-7917 or [email protected]
www.investprogram.org