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Dennis
O'Connor
Dr.
Dennis O’Connor, former Chair of the Finance Department at CSUF, had a vision:
Expose students to the breadth of career opportunities available to them in the
insurance industry in the L.A. basin, and those students will create a high
quality talent pool for an industry that has always had difficulty attracting
adequate numbers of capable candidates. His plan was to have Jim Gutmann,
insurance broker, and Dr. Weili Lu, Finance professor, work together to create
the Center for Insurance Studies in order to accomplish these goals. Several
dedicated industry professionals have worked closely with CSUF faculty to help
more than 150 students find placement in the industry over the last three
academic years.
Dennis
O’Connor’s thinking was bold in conception, but simple and direct in execution.
He wanted to build a bridge between the CSUF College of Business and Economics
and the insurance industry that would produce internships, scholarships, and
career opportunities for graduates. This bridge would bring industry
representatives to the classroom and students to the workplace to discover the
many career possibilities firsthand.
Dennis
O’Connor is to be commended for his foresight and his willingness to develop an
effective model that goes to the very core challenge of graduating CBE
candidates, and can provide immediate benefits to both them and their
employers. His ideas have also been the inspiration for the name of this
newsletter.
Dr. O’Connor holds a PhD
in Economics, but in recent years has taught mainly in the area of financial
management. He is presently a visiting professor at the American University in
Cairo. “Students who complete my courses,?he says, “will attest to the fact that
they are rigorous, interesting, and worthwhile.?He has authored or co-authored
five textbooks and numerous articles.
Jim Gutmann, Partner
Wood-Gutmann Insurance Brokers
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Board
of Directors Meeting
Tuesday, March 13, 2001
Dr. Ephraim Smith, CSUF’s
VP of Academic Affairs, represented President Gordon who was unable to be
present. Dr. Smith thanked the members for their time, financial contributions,
and good work for the Center. He said that he and Dr. Puri had an encouraging
meeting earlier in the day with the Consul General of India, who expressed a
strong interest in CIS, and in developing ways for Indian insurers to work with
CIS.
Dr. Lu presented the
Director's report. The curriculum has been improved through an in-depth review
of all courses by industry practitioners. She also reported that both students
and employees have been helped by advice on how to obtain professional
designations such as CPCU, CFP and LOMA.
Dr. Lu then presented the
following positive CIS statistics: Enrollment, on average, has increased
24% annually over the past three years; student place- ment in the industry has
increased 27% over last year; six symposiums presented in the last academic
year attracted 800 students; over $16,000 in CIS scholarships was raised and
awarded to students last year.
President Gordon
requested a forecast of the number of students that will be enrolled in
insurance and financial services classes over the next five years. The
forecasts indicate that between 1,153 and 1,749 students will be enrolled in
these courses in the 2005?006 academic year.
Dr. Puri pointed out that CIS is one of the
most active and fast-growing centers at the University. The Center’s many
activities and programs are exciting to students, the University and to
participating member companies. While these activities benefit both
students and the industry, the Center receives no financial support from the
State, so it must reach out to and rely upon the insurance community.
He expressed his appreciation for the past
and present support from
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the industry, and voiced his hope that
continuing contributions
will support CIS with its ongoing mission.
Mr.
Michael Curtius thanked Dr. Lu for her vision, energy and commitment to the
program. He also thanked Dr. Crane for his leadership and support in providing
research and teaching backbone.
L to R: Don Crane, Weili Lu, Steve Spellman, Judy Brown,
Michael Curtius, Dean Anil Puri
A Brief Description of CIS
The Center for Insurance Studies (CIS) was
established by the Department of Finance at the beginning of the1998-1999
academic year, at which time Dr. Weili Lu was appointed Director. The goal of
CIS is to create an organization that attracts and educates talented
individuals who are committed to professional careers in the industry,
including property, life, benefits, risk management, and health care
components. The emphasis is on careers in actuarial analysis, claims, financial
planning, marketing, risk management, portfolio management, sales, technology
and underwriting.
Operating strategies for CIS are being
developed with the help of industry professionals. Since the Center’s founding
there has been strong support from the industry, including a number of
scholarships that are available to business students. The Insurance and
Financial Services program created by the Center for Insurance Studies is now
one of the six tracks in the Finance Department. Every year we strive to
improve the program with new curriculum, faculty, and opportunities for both
students and employers in the industry.
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Symposiums
Insurance symposiums have
been an important part of our interface with the industry. We held six in the
year 2000, where companies presented their checks to CIS. In the Spring, we
hosted four symposiums for our member companies, where students received ample
and useful information regarding career opportunities from the speakers. In the
Fall we co-hosted, with the Finance Association, two more
(described below) that were attended by a full house audience.
The Mercury symposium,
headed by Mr. Michael Curtius, brought 210 students and faculty. In all, there
were about 29 executives and managers involved, and approximately 800 students
involved in the six symposiums.
Executives
on Campus Symposium
In the fall semester, in
an event co-sponsored by the Finance Association and the Center for Insurance
Studies, students were able to meet with executives from three insurance
companies, the Mercury Insurance Group, Pacific Life, and the Automobile Club
of Southern California. All three companies are members of the Insurance Center
and have donated substantial sums to the center as a means of bridging the gap
between the business community and the university. Mr. Don Crane pointed out
that more than 80 students so far have been helped to get internships,
employment and scholarships.
Stephanie Mailman,
Manager of client services at Pacific Life, described various positions in the
company. The executives seemed to enjoy sharing their information to help the
students. Bruce Rockwell, of Mercury Insurance, noted how happy he would have
been to have such presentations when he was in school. He told the students to
feel free to call him personally.
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Chuck McHale, a CSUF
alumnus, had attended a similar event himself, and has since graduated and
works for Pacific Life.
The visiting executives
shared relevant and worthwhile information and provided practical insight on
such matters as what employers look for in an applicant, what positions are
currently open, job descriptions and prerequisite experience, and salary and
income structure. Attending students remarked that the insights provided at the
symposium were invaluable for them.
Financial
Planning Symposium
An equally popular and
well-attended event, also under the auspices of the Center for Insurance
Studies and the Finance Association -- was the Financial Planning Symposium
held at the Titan Student Union Theatre. Six visiting executives from major
firms, including Cory Murdock* of John Hancock, Aurelia Calderon* and
Carolyn Mullins of the Tax and Financial Group, and Anthony Padilla of
AXA Financial, all spoke from their combined experience about the rewards of
seeking a career in financial planning.
They especially
emphasized how to become a successful financial planner in the very first year
following graduation. In the words of Aurelia Calderon, a CSUF alumnus, ”Follow
your dreams, have a specific plan to [realize] your goal and never give up. If
you don’t believe in yourself, no one else will.?/font>
L to R: Cory Murdock, Lisa Bergler, Anthony
Padilla, Aurelia Calderon, Lance Rubachko, Don Crane, Director of CFP Program,
Weili Lu, CIS Director, Steve Lee, Finance Association
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Business
Week
The
CSUF College of Business and Economics anticipates this annual
with eagerness. Each year thousands of students attend the gathering for
Business Week, the university’s largest yearly event.
On this occasion over 60 companies are represented, and provide all
kinds of career information through speakers and a Career Expo.
This
year's three-day schedule included Breakfast with Professionals, Career Expo, a
Hispanic Chamber of Commerce Meeting, and a Keynote Luncheon. Scheduled
speakers from various sectors of the business community spoke on Navigating Your
Career, Information, Opportunities and Interviewing, and other topics.
Gabriel Tirador, VP, CFO
Mercury Insurance Group
Mercury Insurance, one of the CIS member
companies, was represented at the symposium by Mr. Gabriel Tirador, Vice
President & CFO. Mr. Tirador is a graduate of Cal State L.A. He served as
Mercury’s Assistant Controller from March 1994 until December 1996. He has also
been a Senior Accountant for KPMG LLP and a Division Controller for the
Certified Grocers of California. He has served in his present capacity at
Mercury since 1998.
Mr. Tirador was accompanied by Ms. Joanna
Moore, Mercury’s VP of Claims and Chief Claims Officer. The lecture attracted
approximately 150 business major students. Many of the students commented on
how much help was provided during this event.
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Student's Point of View
Choosing a specific Finance emphasis was among the most difficult decisions that
I made as a California State University student. I spent countless hours
debating which track to pursue. My final decision was to follow the Insurance
and Financial Services emphasis.
My first exposure to these two industries was during the Fall 2000 semester, in
the Executives on Campus symposium. It sparked an immediate interest for
me. The executives and managers who spoke during the symposium provided
a clear and concise explanation of what the Insurance industry has to offer.
The second symposium, Financial Planning Careers, sparked an interest in
becoming a Certified Financial Planner and concentrating on the insurance
industry. I deter-mined to pursue an internship position with a reputable
financial firm, and I chose John Hancock Financials, one of the most recognized
financial firms in the world.
Through this internship I found that you could expect to work an average of over
60 hours per week at the beginning. The first two months is mostly training. I
discovered that financial planners actually use many different insurance
products in order to help their clients achieve their financial goals.
Interning is a great way to gain firsthand experience, which can help in your
decision about what your real interest is.
It was through CIS that I found the internship position. The Center has many
resources and has helped provide the necessary information and opportunities
for me to determine where to start in my career. Without CIS it would have been
much more difficult to learn so many practical things about my field. For those
who are seriously considering a career in the financial services industry or
would simply like some career guidance, CIS is the place to look. Dr. Lu is
very helpful, and is always ready and available to answer your questions.
Steven Lee, President, Finance Association
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The
Job Search
Job search and choice of a career path can be a very challenging and strenuous
process. But what is most important is recognizing your own strengths and
weaknesses. You should work hard to deliver your best self to the potential
employer.
The search for my dream job began over a year ago. When I was reading about the
Fortune 500 companies, I knew I wanted to work for General Electric, the world’s
largest and most diversified company. I wanted to be a part of GE’s Financial
Management Program, the foundation of future GE leaders. It is also the Global
Benchmark in Financial Development Programs through-out the world.
I decided to be confident and positive. I finally spoke to the person in charge
of the FMP, and told him about my strong leadership, analytical and
communication skills and how I had been working extremely hard at CSUF. He was
impressed, and the next day I got a call from their corporate recruiter, who
scheduled my first interview. I could smell victory!!!
One of the interviewers asked, “What was one of the most beneficial and
practical-oriented classes you have taken at CSUF??I promptly replied that my
Insurance course was not only one of the most useful classes but also the most
interesting. I further explained that my professor, Dr. Lu, brought
professionals to the classroom and these distinguished speakers gave us a lot
of insight into the field of insurance and risk management. When our professor
invited the Risk Manager from Orange County Transportation Authority to our
classroom, it not only broadened my knowledge but I began to appreciate the
challenges a Risk Manager actually faces.
After seven interviews, I was finally offered the FMP position at GE! I am now
happily looking forward to the job after graduation.
Govind Arora, Senior |
CIS
Business Writing Contest
This was another impressive year for the Business
Writing Contest!. CIS awarded twelve Titan Bookstore scholarships to the
following winning writers for the Fall 2000 and Spring 2001 semesters:
The contest was designed to encourage and train students
to write in a clear and concise manner that is appropriate for insurance cases
and projects. The contest is open to all Business Writing 201 and 301 students.
This year’s sponsor for the co-test was the Orange County
chapter of the Chartered Property and Casualty Underwriters Society (CPCU),
whose generosity and support of education provided for the gift certificates
that were presented to the winners.
Thanks go to all the participating writing instructors, to the
coordinator of our program, Professor JoAnn Byrne, and to our insurance
industry advisors, Jim Gutmann and Timothy Rooney. The winning entries well
deserved the scholarship awards! Congratulations to all!
L to R: Winner Julie Burch, CPCU President Joan Hill,
winner Marie Robb
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CIS
Scholarships
CIS currently receives a significant amount of scholarship funding from its
member companies as well as other donors. Through their continued generosity,
the scholarship program is empowered to support prospective students who are
seeking careers in the insurance and financial services industry. The amount of
funds made available through these scholarships has nearly doubled in the last
year, now totaling over $16,000. Twenty-two student scholarships are currently
available to Business major candidates through the Center for Insurance
Studies.
Because of good professional relationships and cooperation between concerned
industry partners and the Center for Insurance Studies, the number and amount
of such scholarships are constantly increasing.
Students who are interested in more information are encouraged to apply at the
Center’s office, LH-626, call (714) 278-7296, or email
wlu@fullerton.edu.
A Thank You to Our
Donors
Listed below are the names of businesses
and individuals who have contributed to student scholarships. Our sincerest
thanks go to all our contributors, who understand the importance of supporting
education. We believe their role in our Center is a vital one.
C orporate
Donors
Mercury
Insurance Company*
Pacific
Life Insurance*
Auto
Club of Southern California
Insurance
Service Offices
Travelers
Insurance*
South-Western
Publishing
S ociety
Donors
Orange
County Chapter RIMS*
(Risk & Insurance Management
Society)
Orange
County Chapter CPCU
(Chartered Property Casualty Underwriters)
Society
of Financial Services
Professionals
I ndividual
Donors
Richard
Glassman
Chen-Da
Su Family
Wang
Family*
(Wang matched by State Farm
Insurance)
*
Signifies that an “Outstanding Insurance
Student?award is presented in this name. |
RIMS
The Orange County chapter of the Risk & Insurance Management Society, Inc.
(RIMS) has been a wonderful support to CIS scholar-ship seekers. 2001 is the
second consecutive year the Society has provided scholarship donations.
Last year RIMS contributed $3,000, which benefited six students. They also
sponsored one of our MBA students, Pok Teratanavat, to attend the national RIMS
conference. As a result, Pok was very excited, and decided to go to Ohio State
for a PhD with an intended focus on Financial Risk Management.
This year, RIMS hosted a ceremony at CSUF to honor our program. Former RIMS
President, Don Craft, personally handed a $6,000 check to Dr. Erickson, Finance
Dept. Chair, and Dr. Lu (CIS Director). The money donated by the Society was
raised through their yearly golf tournament, and provided scholarships for
twelve students.
L to R: Don Craft, O.C. RIMS President,
winners Richard Huntington and Alfonso Chavez
Wang
Family
One afternoon early in 2001, two gentlemen came to Dr. Anil Puri, Dean of the
College of Business and Economics, with a newspaper in their hands that
contained an article about the Center for Insurance Studies. They were very
interested in the article, and told the Dean that they wanted to make a
donation to the Center.
Both men, father Jonathame Wang and son Steven Wang, are State Farm Insurance
agents in Irvine. Steven is an alumnus of Cal State Fullerton who has returned
to his alma mater seven times for the purpose of making a yearly donation to
the College of Business and Economic, and this year to CIS.
Together Jonathame and Steven donated $1,500 to the Center for an Outstanding
Insurance Student scholarship, and their donation was matched by State Farm. We
salute their commitment to insurance education.
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Growth
of CIS Placement Program
Last year the CIS internship program with Pacific Life, Mercury, Auto Club and
Wood-Gutmann Brokers was quite successful. We have received excellent feedback
from the companies involved, and those companies would like to hire more
students from CSUF.
As a result, this program is growing, and we have also been contacted by other
companies who are interested in the program. The program is marketed through
faculty and on our display boards in the main CBE building, which were donated
to CIS by our member companies.
The Center has also assisted in placing a good number of students as full-time
employees in the Indus-try again this year. According to reports from the
hiring companies, the total number of students recruited as employees in the
year 2000 was 72 (not all company figures are complete). We feel our goal of
becoming a bridge between the university and industry is gradually increasing
each year.
Advisory
Board Member Retires
Mr. Steve Spellman
Steve Spellman was the Vice President of the Western Region of Insurance
Services Office (ISO) since 1979. ISO provides a wide range of statistical,
actuarial and rating services and develops standard policy forms and manuals
for the property-casualty insurance industry. The western Region consists of
thirteen states and is headquartered in San Francisco.
Steve was born and raised in California, and did his undergraduate and graduate
work here as well. He received his BA and MA in political science from UCLA. He
is married to Suzanne Christensen and has one grown son. Steve and Suzanne live
in Alameda. Prior to joining ISO, Steve worked on the staff of the California
State Assembly, the lower house of the state legislature, for sixteen years.
His last position was principal consultant to the Assembly Finance and
Insurance Committee.
This year Steve Spellman retired from both ISO and the CIS Advisory Board. As
an Advisory Board member, he was never too busy to give his attention to the
matters that were of concern to CIS, and to offer thoughtful and sound advice.
In order to participate in the Board meetings, he traveled to Orange County
from San Francisco. He well understood the important connection between
educations and the insurance and financial services industry. He has been a
great friend and supporter of the Center for Insurance Studies. We bid him a
fond farewell and a wonderful retirement! |
CIS
Faculty Internship
One of the CIS programs sponsors a faculty research internship. The purpose of
the internship is to benefit the professor by enhancing teaching knowledge and
understanding, and to benefit the Insurance/Financial Services track through
future publication of the results of the re-search. CIS itself also profits
through strengthened ties with the insurance industry.
Dr. Joseph Reising, Finance professor, was the recipient of this year’s research
award. His proposal was unanimously accepted by the Advisory Board as the
winner. Dr. Reising plans to use his research skills to provide assistance to
the Department of Insurance in examining one of the current issues the industry
is facing. He has already published in the Financial Institutions area, with a
focus on regulation and deregulation.
The DOI has expressed interest in having him look at the deregulation of Workers
Compensation in California. This would allow Joe to use his knowledge of
regulatory theory in the insurance area while acquiring more knowledge about
the particulars of the insurance Industry. Congratulations, Dr. Reising! We
look forward to the fruit of your research.
 Faculty
Research Grant
Under the leadership of Advisory Board
member Dr. Donald Crane, the CIS Research Committee has issued a campus-wide
call for proposals from faculty members who are interested in Insurance related
research. The Center for Insurance Studies will sponsor ten thousand dollars on
the project.
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Is
China's Insurance Industry Ready for the WTO?
On September 29, 2000 Cal State Fullerton was honored by a visit
from Dr. Qixiang Sun, Chair of the Department of Risk Management &
Insurance at Beijing University.
Dr. Sun presented a lecture, sponsored by Pacific Pioneer
Insurance Co., entitled, “Is China’s Insurance Industry Ready for the WTO??As
global markets continue to open and expand, this was a timely and compelling
topic that held the audience’s attention.
The major topics of her lecture were: (1) What does joining the
WTO mean for the Chinese insurance industry? (2) A general assessment of the
development over the past 20 years; (3) The major challenges that face China’s
insurance industry; (4) The urgent problems that need to be solved; (5) Issues
that must be faced in the near future. The lecture was also featured on the
Orange County Chinese television station.
L to R: Dr. Lu, Dr. Sun, Timothy Rooney, Jiaya Cheng
In addition to her position at Beijing University, Dr. Sun is
also the Vice-director of the Research Center for Finance & Securities, and
sits on numerous academic boards. She has a best-selling textbook, Principles of
Insurance, and was a lead co-author of Five-Year Plan, a study
for China’s insurance industry commissioned by CIRC. Dr. Sun is currently a
visiting professor at the National Bureau of Economic Research and Harvard
University.
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International Forum
Educational Exchange Events
The Center for Insurance Studies was happy to host the first
visit to Cal State Fullerton of a delegation of local businessmen and women
from Shanghai, China, under the new CIS program, “Educational Exchange
Events?(EEE).
The program was established in keeping with part of CSUF’s
mission, which seeks to enhance the university’s intellectual and cultural
diversity by offering a “distinctive resource?that helps the university
strengthen its global outlook.
To date the Center has entertained three delegations, which have
included a variety of Shanghai business and education professionals. The groups
were warmly welcomed to Cal State by Dr. Anil Puri, Dean of the College of
Business and Economics, and Associate Dean, Tom Johnson. Delegates were
provided a variety of information on American commerce and corporate culture by
guest speakers and through visits to local corporations.
EEE
Delegations
Corporate
Image
Visiting Date: Aug 1-Aug 10, 2000
Group Leader: Ms. Wang Gengdi, Director of the Shanghai Municipal Gov’t Economic
Commission
The first Shanghai delegation to visit Cal State
Fullerton came last August to explore the corporate culture and corporate image
development in U.S. companies. They also wanted to observe the management of
the human resource system (such as promotion, training, recruiting, etc.). to
learn how American businesses create and maintain their corporate image.
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The guests visited Experian, where they were hosted by
Ms. Karen McKinley. They also enjoyed a lecture by Dr. Carol Ohl, professor of
communication.
E-Commerce
Visiting Date: Oct 10 -Oct 24, 2000
Group Leader: Mr. Shao Guoliang, Director of Commercial
Commission, Shanghai Municipal Government.
The visitors attended lectures on E-Commerce, presented
by Dr. Peng Chen, and on Marketing, given by Professor Mike Trueblood. They
visited Supply Access (an e-store), hosted by Mr. Richard Glassman, Executive
Vice President, and Ms. Michelle Saykally, CIO. They also visited Shopper
Avenue, Inc., another e-company, hosted by CEO Mr. Don Liang.
Corporate
Culture
Visiting Date: Jan 10-Jan 12, 2001
Group Leader: Mr. Gu Xiaochun, Vice Chairman of Shanghai Huayi
Group.
The delegation came to the U.S. to study our corporate culture.
They visited the Automobile Club of Southern California, hosted by Robert W.
Siglock, Vice President of underwriting. The delegation also visited Varco,
arranged by Phil Urmson, Senior Executive. All of the delegation members were
pleased with the visits and expressed their appreciation to all involved in the
planning of their itinerary.
E-Commerce Delegation with Katrin Harich, Associate Dean, CBE,
and Shao Guoliang, Delegation Leader (middle front)
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