Section 1004.3841 - The Institute for Risk Management and Insurance EducationThe Institute for Risk Management and Insurance Education is established within the College of Business at the University of Central Florida. Since insurance and risk management is a major industry in this state, with a concentration of such industry in Volusia County, the institute must be located in Volusia County. Like many other industries in the state, the insurance and risk management industry is being revolutionized by, among other things, the integration of technology, predictive analytics, and data science, and is becoming more complex, given its exposure to transformative trends in the economy and environment. The purpose of the institute is to respond to the ever-evolving insurance and risk management industry and the present and emerging needs of this state and its residents. The goals of the institute are to:
(1) Pursue technological innovations that advance risk valuation models and operational efficiencies in the insurance industry.(2) Drive the development of workforce competencies in data analytics, system-level thinking, technology integration, entrepreneurship, and actuarial science.(3) Leverage the University of Central Florida's world-class assets in data science, artificial intelligence, computer science, engineering, finance, economics, and sales.(4) Take advantage of the University of Central Florida's robust portfolio of academic program offerings and draw on faculty and industry experts in diverse fields, including actuarial science, computer science, economics, engineering, environmental science, finance, forensics, law, management, marketing, and psychology.(5) Develop and offer risk management and insurance education, including education that recognizes risks in areas such as the environment, pandemic disease, and digital security.(6) Offer programs, workshops, case studies, and applied research studies that integrate technology and artificial intelligence with soft skills while preparing students and professionals for the technology-enabled insurance industry of the future.Added by 2023 Fla. Laws, ch. 82,s 5, eff. 7/1/2023.