Is Insurance for You?

September 25th, 2017


On September 14, 2017, ceremonies were held at the University of Akron to launch both its Risk Management and Insurance degree and its Gamma Iota Sigma chapter. Ohio’s Director of Insurance, Jillian Froment, captured the importance of these events in the wake of recent catastrophic events (Hurricanes Harvey and Irma) by focusing on what insurance means to communities. Director Froment noted that the insurance industry is one that truly touches Ohioans and shapes communities.

During her remarks, Director Froment asked an important question, “Do you want to change the world? If so, the insurance industry may be the place for you.”

To illustrate her thoughts, Froment told the story of an airline that regularly chartered flights to a very dangerous area of the world. One day, one of the airline’s planes was shot down, and all passengers were lost. Despite the tragic incident, the airline resumed its flights into the dangerous territory the next week! The insurance carrier, though, determined the risk was too great and canceled the airline’s insurance policy. Finally, the airline had to discontinue its dangerous flights. This is one example of how insurance can change businesses and communities.

Froment provided a few other examples:

After the recent hurricanes hit Texas and Florida, insurers sent in water trucks and supplies and distributed cash cards so those affected could purchase needed items like food, water, generators and diapers. Soon after, huge numbers of drones swooped into the areas to survey the damage, followed by the insurance adjusters, inspectors and specialists.

Froment also noted the industry’s history of advocating for change. Parts of Ohio face tornadoes and heavy winds that damage rooftops. Insurers were and are a major force in funding the testing of building parts, like shingles, and then lobbying Ohio’s legislature to establish relevant building codes.

Today, insurers are involved in working to reduce distracted driving and drug addiction while increasing financial literacy in high schools.

So, is insurance for you? Do you want to change the world?

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