Velocity Risk has always valued the hard work, fresh ideas and relationships built from interns during the summer months. This was also true in 2021, but one big difference was the large number of interns – six in total – who worked with underwriters, data analysts, actuaries, and operations. Most interns stayed for 12 weeks, with two splitting their time between us (the company side) and a brokerage firm.
According to the U.S. Bureau of Labor Statistics, the insurance industry will be in crisis over the next 15 years as 50% of current employees retire, leaving more than 400,000 open position unfilled. At Velocity, we are working closely with colleges and universities, especially those with Risk Management and Insurance (RMI) programs to recruit and hire college graduates who are interested in the field of insurance. We recently formalized our internship program to encourage a larger number of juniors and seniors to consider working with us for the summer to promote industry opportunities.
As reflected in the comments below, the interns all had a positive experience at Velocity, and their managers were equally positive about the output of work. Chase Yetter, Actuary and Data Scientist, managed two of the interns, and he speaks for all managers when he states, “They outperformed all expectations set for them at the beginning of their internships and made meaningful relationships at the company, despite being in a remote environment.”
We asked each to share a little about their experience at Velocity. Below is an excerpt of their answers:
Provide a little history on your college experience and how you became interested in insurance?
Adam DeVore, University of St. Thomas, Product Development Intern: I began college as an engineering major but decided that I liked the math and statistics parts far more than the more scientific classes, so I decided to look for a major that aligned more with my passions and came to Actuarial Science and Statistics. I was intrigued by risk allocation and management techniques, and insurance is a great place to both learn and apply them.
Alyssa Locke, St. Joseph’s University, WSIA Intern for Large Commercial: I started college as an accounting major, and after completing an internship my sophomore year, I had a gut feeling that major wasn’t for me. I thought back on an interesting intro to insurance course in natural disaster my freshman year and remembered that the professor spoke highly of the RMI department and the opportunities in insurance post grad. I decided to take some more courses in insurance, which I thoroughly enjoyed, and that led me to become a Risk Management & Insurance major.
Aryaman Kulkarni, University of Connecticut, Operations Intern: Throughout high school, I took computer science courses and knew that I wanted to continue those studies in college. In college, a career in insurance wasn’t really on my mind but was often recommended to me by family members. As a result, I took some classes in insurance, where I became more interested in the field and even looked for internships in the field of insurance.
Ben Pennings, University of Wisconsin-Madison, Actuarial Intern: I have always been interested in business and enjoyed statistics classes so Actuarial Science and Risk Management seemed like a perfect combination of my two interests. I participated in a job shadowing program in high school and was able to shadow multiple people within an insurance company. I explored the industry further in college and knew that it was a perfect career path for me.
Binlun Feng, Columbia University, Data Science Intern: I am interested in coding and exploring unknowns, and data analytics was a perfect internship to satisfy my passions.
Jackson Simpson, University of Georgia, WSIA Intern: I chose to pursue the major of Risk Management and Insurance due to the relationship driven nature of the industry along with the opportunity for career growth. I added my Finance major halfway through college because I saw how the insurance industry is a large financial sector and thought the added knowledge of how financial markets work would help me further understand how the insurance industry fits into the global economy. I wanted to follow in my dad’s footsteps in insurance, and my interest only grew stronger after my experience at Velocity.
Tell us about your experience?
Adam: One of the biggest things that I learned here at Velocity is that people are more than willing to help you through any sort of problems that you have on the job. The willingness to help and team oriented mentality are two things that I hope to bring with me as I continue my career, wherever that may be.
Alyssa: I came to VRU with no prior insurance internship experience. Through shadowing the various underwriting teams in the Chicago office, I learned the underwriting process from submission to bind and Velocity’s risk appetite. I feel like I gained so much valuable experience and knowledge that I will carry with me as I finish my insurance courses at school and onward.
Aryaman: I worked in the Operations team, with a lot of my projects having to do with the third-party data utilized by Velocity Risk. I learned a lot not just about what the Operations team does, but what the different parts of the company and how that all ends up connecting with the work I was doing. It was great to have this firsthand experience in insurance.
Ben: My manager tailored a lot of the internship around my thoughts and interests. Throughout my internship, I was able to learn and apply many different technical skills important to the actuarial profession. On top of that, I was exposed to all sides of insurance. This allowed me to get a better understanding of how the insurance industry works as a whole.
Binlun: Overall experience was great. My manager provided me a lot of great suggestions on presentation, coding, and teamwork, people from different background also taught me a lot. I learned the industry and how VRU works too. I think this experience is super helpful for my future.
Jackson: My experience at Velocity blew away my expectations. I feel like Velocity was a unique opportunity for me because it connected to my Risk Management and Finance majors. I gained valuable experience in evaluating individual risks while working with the large commercial team in Birmingham which connected perfectly to my RMI major. It was an amazing opportunity to sit down with CEO Phil Bowie and hear firsthand how the reinsurance and financial market strategy of Velocity drives their day to day underwriting guidelines and served as a perfect example of how the Insurance industry fits within the context of the overall financial market.
Openings for intern positions will be published in March for opportunities available during summer months. Postings will appear on our company career page, Linked-In, Handshake, and other college websites. Internship dates will vary by position, typically lasting 12 weeks from May to August. We will hire based on business needs and positions with high potential to develop into full time roles. If you or someone you know is interested in applying for the upcoming Internship program, visit our Internship Program Page. We accept resumes year-round. To see all job openings, visit our Careers Page.