As part of the ongoing effort to encourage young people into the insurance profession, the Chartered Insurance Institute’s (CII) Education and Training Trust charity (EATT) has pledged more than £150,000 in scholarships and associated funding for students at the University of Nottingham.
The Chartered Insurance Institute Future Insurer Scholarship is a new, major award scheme that will offer financial support to eight undergraduates studying for their first degrees and aiming to work in the insurance industry after graduation. Degrees relevant to the scholarship include Finance, Accounting and Management, Industrial Economics with Insurance, and Industrial Economics, with optional modules to include Risk, Information and Insurance, Risk Management Decisions and Risk Management Processes.
The scholarships will provide assistance with tuition fees and essential living costs to students from sections of society that are traditionally underrepresented in higher education; the eligibility criteria take into consideration factors such as household income, which must be under £35,000.
Simon White, independent chair of the EATT, said: “We want to help nurture the next cohort of leaders in the insurance profession, right from their first steps. These scholarships will provide the successful students with significant financial support over their entire undergraduate degree studies, allowing them to focus on developing their skills, knowledge and understanding ahead of commencing a career in insurance.”
Professor Todd Landman, Pro-Vice Chancellor for the Faculty of Social Sciences at the University of Nottingham, said: “One of the university’s guiding principles is to expand opportunity. We are determined to ensure that an enriching learning experience should be available to all and not limited by financial constraints or other personal obstacles.
“Establishing this insurance education undergraduate scholarship programme here at Nottingham will have a significant effect on our ability to recruit and retain those potential future leaders who may be dissuaded from entering Higher Education and joining the insurance industry because of the challenges they face in realising their potential.
“Recruiting the very best and diverse talent is crucial to the future of the insurance industry. This partnership will make a significant impact on the lives and careers of our students and also foster the next generation of leading talent for the insurance industry.”
The CII’s Education and Training Trust Scholarship for Future Insurers will provide financial support totalling £16,500 to each of the eight students. This will be granted through an annual award of £3,500 towards living costs and £2,000 towards tuition fees each year for up to three years.
Russell Higginbotham, President of the CII, said: “The CII Group is investing significant energy and resource into bringing fresh talent into the insurance and financial service professions through initiatives such as our New Generation Programme and Apprenticeship Awards. I am delighted that our Education and Training Trust has chosen to complement these other endeavours with these new scholarships. In combination, they will deliver a pipeline of highly-skilled and knowledgeable individuals focused on preserving and enhancing public trust in the insurance and financial planning professions.”
The EATT is a registered charity led by an independent Board of Trustees that aims to advance the education and training of those employed, or pursuing employment, in the insurance and financial planning professions, as well as educating the general public about the role of these professions in society. In addition to The CII’s Education and Training Trust Scholarship for Future Insurers, the EATT supports a broad range of initiatives, including a Personal Finance Skills programme that provides young people with life skills and financial awareness through free education workshops in schools. The charity has also worked to support the development of the Insurance Museum, which currently provides virtual exhibitions to raise awareness of the role of insurance in society, with future plans to physically house insurance artifacts and showcase the story of insurance in Britain.
For more information about The CII’s Education and Training Trust Scholarship for Future Insurers, please visit: https://www.nottingham.ac.uk/studentservices/support/financialsupport/bursariesandscholarships/cii-future-insurer-scholarship.aspx