Talent May Be Equally Distributed, but Opportunity Is Not

Access to opportunities can be taken for granted, but for those with limited resources, prospering and building generational wealth is often out of reach.

That’s why a corporate partnership between EPIC Insurance Brokers & Consultants and the nonprofit organization Youth About Business (YAB) is introducing students from underserved backgrounds to the world of business and risk management.

Jude Nogotey, a recent graduate from the University of Ghana, is an intern on EPIC’s actuarial team. Holland Stewart is a credit analyst at Truist who grew up on the west side of Atlanta. While these two come from very different backgrounds, both are interested in business and building a successful life and career.

Yet both say that a lack of resources, access, and networking in their communities made success feel unattainable. And both have received help in overcoming those obstacles through YAB.

“A pivotal part of my career journey,” says Nogotey, “was the Youth About Business Summer Program. This program provided invaluable education, exposure, experience, and connections to corporate mentors who have been instrumental in my development.”

“When I compare my matriculation through college, internships, and my early career with my peers,” adds Stewart, “the key difference I see is the ease with which I was able to land internships and my first jobs because of the connections I made at YAB. Without YAB I would have a drastically different career and outlook on life as it relates to business and the economy, so I am eternally grateful for my experience. I think it’s imperative to have an experience with an organization like this in your developing years to achieve a high level of success.”

Already aware of the challenges faced by diverse students like Nogotey and Stewart, Sam Kirk in 1992 left his 17-year corporate career to found the nonprofit. YAB’s mission is to expose youth to the business world through real daily experience, fostering the development of business literacy and leadership skills necessary for success in school and in life.

YAB offers three distinct in-person programs:

• Summer Program, encompassing Business Economy of America (introductory business orientation and training), Summer Business Camp (a mergers and acquisitions simulation camp), and Championship Camp;
• Leadership Development Program, a year-round offering in which students meet with high-level business executives quarterly to learn more about the business and financial sectors, including personal finance, fintech, corporate structures, and professional skills development; and
• Entrepreneurial Program, in which participants meet twice monthly to study the YAB business curriculum and hear from financial advisors and other business experts.

An online program is also available, covering the material in the Summer Program and leadership development and career preparation.

The students join YAB by completing an application and submitting an essay describing how they will be an asset to their team. They are eligible to begin as rising sophomores and remain in the program throughout high school. During their college years they stay connected to YAB, which allows them access to internships from corporate partners.

EPIC in 2020 began partnering with YAB. The partnership features an annual monthly session to introduce students to risk management and a weeklong risk management competition, hosted by the Vanderbilt Business School, involving study of risk management principles such as identification, analysis, mitigation, financing, and monitoring. Throughout the week, YAB students work in teams, learning from brokers, risk management consultants, underwriters, marketing executives, and IT professionals about protecting a company and its resources from various risks.

EPIC’s partnership has also involved hosting up to 15 interns each summer, which typically include 10 alumni of the high school program and five high school participants.

Before onboarding, YAB leadership provides strategy and curriculum to educate the students on EPIC and the insurance industry. Interns are placed in various departments throughout the company, including property and casualty, cybersecurity, risk consulting, financial services, mergers and acquisitions, and employee benefits. Participants come from top universities around the country, like the University of Pennsylvania, the University of California, Howard University, the University of Texas, and the University of Cincinnati, to name a few.

Students receive an in-depth look at risk management as well as valuable summer experience in the insurance industry. At the end of the internship, participants present senior leaders from EPIC with their perspectives on their experiences, focusing on growth opportunities, brand image, culture, and how to attract young talent to the industry.

Since its founding, YAB has worked with more than 9,000 students. The program and EPIC’s contributions have provided meaningful, eye-opening experiences that have demystified business and risk management for students from underserved and diverse backgrounds across the country. YAB participants have a 98% high school graduation rate, with many pursuing degrees at two- and four-year colleges. By leveling the playing field, the program proves that students from underserved communities can compete in rigorous environments when given appropriate access and training.

“For many low-income families, success is considered a far-off hope. We know this well as ‘the American dream,’” says EPIC intern Sara Montoya.

“I admire Youth About Business for being the bridge between the divide, making this dream possible. As a first-year student, I have seen what an impact these two weeks had on me. I have made long-lasting friendships, memories, acquired new skills, and made amazing connections.”

When asked about the importance of engaging young talent, EPIC CEO Steve Denton responded: “It is vital, absolutely critical, to have new talent come into the organization and provide a platform to share their ideas.”

It’s no secret that the insurance industry faces a significant talent shortage in coming years. Programs like Youth About Business can provide part of a prepared pipeline to keep our businesses healthy going forward. Every company that joins in the YAB mission will strengthen our ability and resolve to empower the next generation of leaders. For more information, visit youthaboutbusiness.org and epicbrokers.com.