Spencer Education

The Spencer Educational Foundation was founded in 1979 and to this day remains the premier organization funding the education of tomorrow’s risk management and insurance leaders. THE SPENCER EDUCATIONAL FOUNDATION: Awards scholarships and grants to students studying risk management, insurance, actuarial science and business Facilitates internship opportunities Provides on and off campus experiential learning opportunities through grants Funds development of risk management/insurance curriculum Over the past 5 years, the amount awarded through Spencer’s programs has grown by 43%. Spencer is a 501(c)(3) nonprofit organization that relies solely on the contributions of generous individuals and the industry. Spencer was named in honor of the late Robert S. Spencer, an innovative leader and past president of RIMS, and an outspoken advocate for risk management education. Since our founding, we have awarded over $8 million in scholarships and over $5 million in grants to universities and professional institutions impacting more than 60,000 students through our programs. We have taken actionable measures to foster a diverse pipeline of talent into the industry. The Spencer Educational Foundation believes diversity, equity, and inclusion in the risk management and insurance industry is a business imperative that only makes us stronger. Redesigned our scholarship application so that applicants can self-select their race/ethnicity and gender identity, in order to track (and measure) who exactly is receiving our scholarships. Changed our scholarship application review process so that all identifying information (name, demographics) is not visible during scoring, to avoid interference from unconscious bias to the extent possible. Enabled the creation of 43 new diversity scholarships (8 with the NYC Association of Insurance Women, 8 with Arch Insurance, 3 with the Latin American Association of Insurance Agencies (LAAIA), 6 with Argo Group, 2 with Beecher Carlson, 3 with Beckage, 2 with Hylant, 2 with AF Group, 2 with Travelers, 5 with Allied World Assurance Company, and 2 with Liberty Mutual), specifically earmarking funds to be awarded to students who identify with a historically underrepresented group. This funding represents a deliberate investment of over $180,000 in diverse talent. Reaching out to MSIs and HBCUs to inform them of our Course Development grant and other opportunities, to foster the creation of risk management classes and programs at more educational institutions that serve historically underrepresented groups. Working with other corporate partners and industry groups to sponsor diversity scholarships and course development grants at Minority-Serving Institutions. Awarded Course Development Grants to 2 Historically Black Colleges and Universities (HBCUs) to develop and launch their first RMI course on campus: University of the District of Columbia and Fisk University. Awarded Risk Manager on Campus Grants to 2 HBCUs: Johnson C. Smith University and Lincoln University. Awarded grants to foster a diverse talent pipeline, including support for: the National African American Insurance Association’s Talent Development Competition; Appalachian State University’s D&I in RMI Initiative; Indiana State University’s Recruitment and Career Awareness Diversity Program; Howard University's 2022 FIRM Symposium; and others. Funded RMI curriculum development and experiential learning opportunities at Hispanic-Serving Institutions (HSIs) including Northern Arizona University, Cal State University Fullerton, Cal State University Northridge, Mercy College, and University of Houston Downton. Met with other industry organizations to learn how we can collaborate on DE&I initiatives, including the WSIA Diversity Foundation, IICF, Gamma Iota Sigma , LAAIA, NAAIA, HBCU Impact, Insurance Society of Philadelphia (ISOP), CIAB, Sexuality and Gender Alliance of Actuaries (SAGAA), Organization of Latino Actuaries (OLA), International Association of Black Actuaries (IABA), Chinese American Insurance Association, and others.