Florida Association of Insurance Agents
InVEST Program
SUBJECT
InVEST Program
ABSTRACT
General information on the InVEST Program, and FAIA involvement, is provided.
Description
The InVEST Program is an innovative partnership between the insurance industry and high schools, in which students learn business skills by organizing and operating an insurance agency in the classroom. InVEST was an early leader in the trend toward cooperative efforts between the business community and the schools. From its origins in 1970 in California (begun as "Project InVEST"), the program has been implemented in over twenty states, with more than 200 classes currently underway. Florida is one of the
most active and successful states. For the 1996-1997 school year, Florida leads the nation with 24 programs in 18 high schools located all across the state, from Tallahassee to Miami.
How InVEST Works
InVEST is a joint effort of the Independent Insurance Agents of America, the Florida Association of Insurance Agents, a local independent agents sponsoring group, and the local school system. The program is based on what is called a "simulation," in which the students "learn by doing" while conducting "business" in the classroom. In most cases, InVEST is conducted during the second semester of a Business Education class, usually in Office Procedures or a similar class. Since they are in an office environment, students are very receptive to putting business skills to work in a realistic way through InVEST. Teachers almost universally report great enthusiasm on the part of students. Where possible, students are placed into local insurance agencies (and insurance companies) for school-related employment. This not only reinforces the training from the classroom, it
gives the students valuable practical experience.
The "Simulation" Before organizing an agency, the class receives training from local insurance sponsors, under the supervision of the classroom teacher. The scope is limited to auto insurance, since cars are of prime interest to high school students. Approximately two weeks are spent discussing coverages in the Personal Auto Policy, with another two weeks devoted to auto rating. After brief additional instruction in bookkeeping and general insurance processing, the students organize into several agencies (2-4 students each) and one Home Office (the insurance company). The students name their agencies, design letterhead and business cards, prepare advertising materials (posters, ads in the student newspaper, etc.)
and then start writing policies. At first, they use students from other classes (often including Driver's Education classes) as customers. Later, they may write policies for family, friends, and neighbors. Agencies compete with each other for business, as there are incentives for top production. In addition, each agency must pay its bills, such as rent, utilities, and so forth. All along the way, the local insurance people are available to help answer questions and give additional training, which is one of the most important keys to a successful program. Every effort is made to give the students practical business skills. To add even more realism to the InVEST experience, occasional guest speakers include attorneys, insurance adjusters, police officers, hospital administrators, insurance agency owners, insurance company officials, and others. While InVEST strives to expose students to a rich diversity of business experiences, there is a special emphasis on the entrepreneurial spirit needed in today's business world.
Is InVEST approved for use in the schools?
Yes. Actually, InVEST is not a separate course, but only an innovative way to teach business skills already being covered in Business Education class. Therefore, the complex course-approval process is not needed for InVEST. Starting an InVEST class in a school usually involves the approval of only the classroom teacher, business education department head, school principal, and county/district business education coordinator. In addition, InVEST has the full and enthusiastic support of the Florida Department of Education. The Performance Objectives in the InVEST Teacher's Manual closely adhere to the Student Performance Standards (SPS) of the Department of Education.
Do students like it?
Teachers and sponsors report that most students are very enthusiastic about InVEST. Students like doing something different, and InVEST is a very "hands-on" program in which they are actively involved through small group and individual work. Once a program is in place for a year or two, there is usually no shortage of prospective students waiting to sign up, as InVEST quickly earns a reputation as a new, different, and exciting class. During spring sign-up for next year's classes, many InVEST students offer to
recruit friends, make posters and banners, and otherwise encourage more students to enroll.
Why does the insurance industry support InVEST?
There are several reasons. First and foremost is a sense of community involvement. InVEST is a great way for insurance business leaders to work with young people in a very positive manner, and help in some meaningful way with both their education and preparation for the real world after graduation. Secondly, as employers, the insurance sponsors have a chance to communicate to the school and students the job skills needed in today's business world, and the many opportunities available in the insurance field.
From an even broader perspective, there is the chance to educate future consumers on the major issues in buying and using insurance. While insurance is a vital part of the world today, it is very complex, and students must understand how to make wise decisions relating to their own insurance. One additional plus for the industry is the opportunity to show insurance in a positive light.
Impact
InVEST has had a high rate of success in the past in training students and in placing them. Prior to 1989, one-third of all InVEST graduates accepted positions in the insurance industry. Today, that number has increased to 75%, and in some areas of the country to 100%. This successful placement history and the steady increase in InVEST classes are testimonials to the value of the program!
Demographics
A recent survey of students participating in InVEST found that a large segment of the program's graduates are women and minorities. Specifically, 81% of all students surveyed were female and 52% were of ethnic backgrounds other than Caucasian.
The return on your "InVEST''-ment
InVEST offers an exciting and challenging educational experience with rewards for students, teachers, and insurance industry representatives.
InVEST graduates provide a quality, professional pool of entry-level employee candidates, which reduces training costs and learning curves for new employees.
The program results in mutually beneficial agency/company relationships and business/education partnerships.
Improved public awareness of the insurance industry through education.
Participants in the program emerge with marketable skills resulting from the practical training and business experience InVEST provides.
Starting an InVEST class
InVEST is a grassroots program â€" local people working together. Local independent insurance agents who wish to sponsor a program first need to find an interested business education teacher in a local high school. Informal discussions are then held with a staff member of the Florida Association of Insurance Agents. Here the InVEST program is explained in great detail. After appropriate deliberation and thought, the participants then
decide whether or not to proceed. If the decision is made to go ahead, further meetings are set up. In addition to coordinating the implementation process, FAIA will conduct a training session for the classroom teacher and the local insurance people who will be teaching the technical material on auto insurance. For more information, contact Dave Newell at FAIA at dnewell@faia.com.
InVEST Schools in Florida
InVEST Program
ABSTRACT
General information on the InVEST Program, and FAIA involvement, is provided.
Description
The InVEST Program is an innovative partnership between the insurance industry and high schools, in which students learn business skills by organizing and operating an insurance agency in the classroom. InVEST was an early leader in the trend toward cooperative efforts between the business community and the schools. From its origins in 1970 in California (begun as "Project InVEST"), the program has been implemented in over twenty states, with more than 200 classes currently underway. Florida is one of the
most active and successful states. For the 1996-1997 school year, Florida leads the nation with 24 programs in 18 high schools located all across the state, from Tallahassee to Miami.
How InVEST Works
InVEST is a joint effort of the Independent Insurance Agents of America, the Florida Association of Insurance Agents, a local independent agents sponsoring group, and the local school system. The program is based on what is called a "simulation," in which the students "learn by doing" while conducting "business" in the classroom. In most cases, InVEST is conducted during the second semester of a Business Education class, usually in Office Procedures or a similar class. Since they are in an office environment, students are very receptive to putting business skills to work in a realistic way through InVEST. Teachers almost universally report great enthusiasm on the part of students. Where possible, students are placed into local insurance agencies (and insurance companies) for school-related employment. This not only reinforces the training from the classroom, it
gives the students valuable practical experience.
The "Simulation" Before organizing an agency, the class receives training from local insurance sponsors, under the supervision of the classroom teacher. The scope is limited to auto insurance, since cars are of prime interest to high school students. Approximately two weeks are spent discussing coverages in the Personal Auto Policy, with another two weeks devoted to auto rating. After brief additional instruction in bookkeeping and general insurance processing, the students organize into several agencies (2-4 students each) and one Home Office (the insurance company). The students name their agencies, design letterhead and business cards, prepare advertising materials (posters, ads in the student newspaper, etc.)
and then start writing policies. At first, they use students from other classes (often including Driver's Education classes) as customers. Later, they may write policies for family, friends, and neighbors. Agencies compete with each other for business, as there are incentives for top production. In addition, each agency must pay its bills, such as rent, utilities, and so forth. All along the way, the local insurance people are available to help answer questions and give additional training, which is one of the most important keys to a successful program. Every effort is made to give the students practical business skills. To add even more realism to the InVEST experience, occasional guest speakers include attorneys, insurance adjusters, police officers, hospital administrators, insurance agency owners, insurance company officials, and others. While InVEST strives to expose students to a rich diversity of business experiences, there is a special emphasis on the entrepreneurial spirit needed in today's business world.
Is InVEST approved for use in the schools?
Yes. Actually, InVEST is not a separate course, but only an innovative way to teach business skills already being covered in Business Education class. Therefore, the complex course-approval process is not needed for InVEST. Starting an InVEST class in a school usually involves the approval of only the classroom teacher, business education department head, school principal, and county/district business education coordinator. In addition, InVEST has the full and enthusiastic support of the Florida Department of Education. The Performance Objectives in the InVEST Teacher's Manual closely adhere to the Student Performance Standards (SPS) of the Department of Education.
Do students like it?
Teachers and sponsors report that most students are very enthusiastic about InVEST. Students like doing something different, and InVEST is a very "hands-on" program in which they are actively involved through small group and individual work. Once a program is in place for a year or two, there is usually no shortage of prospective students waiting to sign up, as InVEST quickly earns a reputation as a new, different, and exciting class. During spring sign-up for next year's classes, many InVEST students offer to
recruit friends, make posters and banners, and otherwise encourage more students to enroll.
Why does the insurance industry support InVEST?
There are several reasons. First and foremost is a sense of community involvement. InVEST is a great way for insurance business leaders to work with young people in a very positive manner, and help in some meaningful way with both their education and preparation for the real world after graduation. Secondly, as employers, the insurance sponsors have a chance to communicate to the school and students the job skills needed in today's business world, and the many opportunities available in the insurance field.
From an even broader perspective, there is the chance to educate future consumers on the major issues in buying and using insurance. While insurance is a vital part of the world today, it is very complex, and students must understand how to make wise decisions relating to their own insurance. One additional plus for the industry is the opportunity to show insurance in a positive light.
Impact
InVEST has had a high rate of success in the past in training students and in placing them. Prior to 1989, one-third of all InVEST graduates accepted positions in the insurance industry. Today, that number has increased to 75%, and in some areas of the country to 100%. This successful placement history and the steady increase in InVEST classes are testimonials to the value of the program!
Demographics
A recent survey of students participating in InVEST found that a large segment of the program's graduates are women and minorities. Specifically, 81% of all students surveyed were female and 52% were of ethnic backgrounds other than Caucasian.
The return on your "InVEST''-ment
InVEST offers an exciting and challenging educational experience with rewards for students, teachers, and insurance industry representatives.
InVEST graduates provide a quality, professional pool of entry-level employee candidates, which reduces training costs and learning curves for new employees.
The program results in mutually beneficial agency/company relationships and business/education partnerships.
Improved public awareness of the insurance industry through education.
Participants in the program emerge with marketable skills resulting from the practical training and business experience InVEST provides.
Starting an InVEST class
InVEST is a grassroots program â€" local people working together. Local independent insurance agents who wish to sponsor a program first need to find an interested business education teacher in a local high school. Informal discussions are then held with a staff member of the Florida Association of Insurance Agents. Here the InVEST program is explained in great detail. After appropriate deliberation and thought, the participants then
decide whether or not to proceed. If the decision is made to go ahead, further meetings are set up. In addition to coordinating the implementation process, FAIA will conduct a training session for the classroom teacher and the local insurance people who will be teaching the technical material on auto insurance. For more information, contact Dave Newell at FAIA at dnewell@faia.com.
InVEST Schools in Florida
