By Nick Weltmann, Lecturer in the M.P.S. in Insurance Management Program, School of Professional Studies
Hurricane Helene made landfall Thursday evening. Friday morning, we had wind and rain here in Pinehurst, North Carolina, as the storm passed well west of us. On Saturday morning, I learned that there were 44 deaths attributed to Helene—which has since climbed to more than 160, and is still rising—along with tremendous physical damage.
In my Product, Pricing, and Distribution course, students have been running a simulation exercise that includes a catastrophe model that forecasts more than $3 billion in claims. I think actual claims will be greater than that.
It hit me pretty hard as I reflected on this news. This is why we insurance professionals are here—why insurance exists. We can’t replace the lives lost, but we can help people recover financially and sometimes do even more.
Not long ago, our course associate Jay, who operates his own agency in Montana, mentioned that one of his policyholders had a loss in a landslide, and that he went out immediately to her home. He even beat the claims adjuster. You can bet even now that catastrophe response (CAT) teams from most of the insurance companies have been on-site since Friday morning, trying to help their insureds sort things out.
We keep saying that insurance is a people business, and now we see the proof of why we exist and why we always will. The CAT model is impersonal, but Helene certainly was not. Our industry helps put things right. I am proud of that.
As teachers and students, we often become immersed in the technical aspects of our coursework. Insurance is about the pooling of insureds. Helene has hammered home the point that those insureds are not just numbers, but people like us who sometimes get in harm’s way. As I said, insurance is a people business.
About the Product, Pricing, and Distribution Course
The insurance business is an outward-facing business built around selling products to individual and business consumers. Therefore, insurance service providers, like all sophisticated consumer-driven businesses, must carefully and constantly assess their markets and strategies to remain relevant in a highly competitive environment. Insurance providers operate in a highly competitive environment that rewards discipline as well as innovation.
About the Program
The Master of Professional Studies in Insurance Management is for career professionals who want to accelerate their advancement to leadership positions or broaden their expertise in the industry. It accommodates both professionals already working in insurance and those looking to make a career change. The program is part-time, online, and instruction is asynchronous to accommodate working professionals.
