Wealth & Finance magazine have announced the winners of the 2021 Global Insurance and Risk Management Awards.
In its inaugural year, the Global Insurance and Risk Management Awards looks to reward the continued efforts of life and non-life insurance companies, individuals, industry experts, and the hard-working professionals who support them.
Named as Insurance Innovators of the Year – USA, Degree Insurance’s new and innovative concept works with colleges and universities by providing an income guarantee post-graduation. Degree’s mission is to allow students to fulfill the American Dream without the burden or worry of financial outcomes.
College is the largest uninsured investment most people ever make. Students dedicate three to six years, and often borrow 10-20 times their net worth to complete a degree and then just “hope” that it works out in the end. Degree Insurance is purchased by colleges and universities and then used to recruit, retain and graduate students with a data and actuarially proven GUARANTEE that their degree will work for them.
Degree Insurance works based on the coverage level determined by school and the major of an individual. For example, an engineering major at a particular school may be guaranteed a rate of $50,000/year for the first five years after graduation. An English major may be guaranteed $38,000/year, etc. If a graduate was unsuccessful in earning what was promised in those five years post-graduation, Degree Insurance pays the difference.
The most significant fear amongst students is the cost of tuition followed by the worry of finding a job in a field they’ve chosen and the ability to earn what they are worth. Often students are disappointed to enter the work field and discover that salaries may not be what they expected, especially those who may have graduated during a pandemic, economic recession, or international crisis.
To ensure that individuals are thriving, succeeding, and achieving the best possible outcomes from a university degree, Degree Insurance can help guide students’ expectations and inform decisions on schools, classes and majors. Upon graduation, students will be able to bring confidence into their choices without the worry of earning enough. The presence of a safety net can help give students not only peace of mind while studying, but also the assurance that they can safely pursue their dreams.
Unfortunately, not everyone who graduates from a specific program has the same outcomes as others. Colleges that work with Degree Insurance can guarantee that their graduates will see an equal return in their higher-education investment. Equal pay for study can help reduce equity gaps, something all institutions should want. In addition, the colleges and universities also benefit from implementing Degree Insurance for their students. With an increase in student yield, retention and graduation, the institution sees a clear boost to the bottom line, which endures for years to come.
Degree Insurance is honored to be named Insurance Innovators of the Year – USA. Awards Coordinator Emma Pridmore has stated: “These awards focus on a vital sector and the winners truly deserve recognition for all the hard work and effort they have put in through difficult times. Congratulations and best of luck to you all in 2022!”
CEO Wade Eyerly and President Dennis Murashko co-founded Degree Insurance.