Ten of Bermuda’s brightest students planning careers in the insurance industry were presented with $390,000 in scholarships from the Bermuda Foundation for Insurance Studies (BFIS) this year - courtesy of the XL Foundation. Over the last 10 years since the Foundation’s inception, 75 students have been awarded more than $2.25 million in scholarships.

BFIS Scholarship Committee Chairman, Paul Simons says the scholarships presented this year were twice as many as last year which made the selection process very difficult.

“But in the end it comes down to academic ability, personality and enthusiasm to succeed,” he adds.

He explains that students who can demonstrate that they are well rounded, as well as being exceptionally intelligent, are most likely to be awarded scholarships in the “increasingly competitive world”.

Chairman Emeritus, Brian Hall adds that because of the increase in corporate donors, BFIS has been able to increase and expand the BFIS Scholarship programme to better meet the increasing costs of higher education.

Last year BFIS saw the launch of the “Signature Scholarship” which provides $30,000 a year for up to four years for students entering their freshmen year abroad. This is an increase of $3,000 to the Foundation’s overseas scholarships which currently consists of $25,000 a year for up to two years for three third or fourth year students studying abroad, and a further increase for four Bermuda College scholarships - bringing them up to $4,000 a year.

Executive Director, Catherine Lapsley explains that over the years the scholarship criteria was expanded to include not just students studying insurance and risk management, but also finance, economics, actuarial science and math at universities in the US, Canada and UK.

She says last year, when BFIS received the largest number of applications, students varied in terms of their educational backgrounds and ranged from home school to school on a boat whilst sailing around the world; from a year in India to a year in Paris.

“The Scholarship Committee found they were having to interview applicants by phone in Tanzania, Newfoundland and London, which was never an easy task, but had a satisfying outcome,” she chuckles.

In addition, the mentor programme set up for the scholarship students has been expanded to include any students who plan to enter the insurance sector and since then countless students have received career advice from BFIS.

Mrs. Lapsley explains how the scholarship applications are available online “to make the process as simple as possible.”

She warns that students considering a future in insurance need to make sure their grades are good and also that they take a wide range of subjects including math and english and a foreign language will always be useful - and necessary to get into the Business Administration or Arts and Science Associate Degree programme at Bermuda College.

“Strong reading and writing skills are also very important,” she adds.

“To start out on your career, a degree is really the best option for gaining an entry level job with lots of opportunity for advancement.”

Mrs. Lapsley elaborates that it does not necessarily have to be a degree in insurance, or risk management: “Many people in the industry have degrees in different subjects such as History, Geography, English or Psychology.”

However in the process of earning their degree, she believes they will have learnt how to understand and analyse detailed and complex documents and have acquired a high level of critical thinking.

“Students who love math may consider majoring in Finance or Accounting to enable them to find jobs in the financial analyst and investment side of insurance,” she suggests.

“While students who always excel in Math and really love the subject may chose to become actuaries.”

However, Mrs. Lapsley warns, even after obtaining a degree, they must be prepared to take ten special actuarial exams, usually over several years before they become professionally qualified and can call themselves actuaries.

To find out more about BFIS and their scholarships, visit their website at www.bfis.bm.

For a list of all the scholarships available in Bermuda, visit the Bermuda Careers Centre website at www.bdacareers.bm and the Butterfield Bank Scholarship Director online at www.bankofbutterfield.bm