Emblematic of the rising stature of Cal State Fullerton’s risk management and insurance education program, finance sophomore Jaidan Woo ’24 recently placed third among students from across the U.S. in the spring 2022 White Paper Contest presented by the Wholesale & Specialty Insurance Association (WSIA).

Focusing on the rising costs of construction, Woo’s paper earned him a $500 scholarship from the association’s Career Development Committee.

Woo shares with us a little about the contest, his personal goals and how Cal State Fullerton’s School of Risk Management and Insurance (SRMI) helps propel students into insurance industry careers.

Please tell us about your research paper.  

I conducted an independent research project about the effect of rising construction costs and inflation on the insurance industry. I used business articles, insurance research journals and my own knowledge about the insurance industry to analyze the effect of the rising costs across various lines of business for insurers. I also provided recommendations and best practices for insurers to safeguard themselves against future risks.

 What are your professional goals in the insurance field?

My personal career goal is to work as an underwriter. It would be interesting to assess risks and develop policies and premiums for potential customers. I find the insurance industry as a whole very interesting because there are so many people in various departments who work hard to ensure that their customers are protected against financial uncertainty from a loss. There is also a lot of room to grow and develop in the insurance industry in different roles, such as claim adjusters, underwriters, actuaries, field inspectors, agents and brokers. These roles call on employees with varying backgrounds, such as risk management and insurance, sales, forensics, nursing, and data analytics. My favorite aspect about working in the insurance industry is having a chance to help customers out in difficult scenarios.

How does SRMI help students get started in the risk management/insurance fields?

SRMI is always providing opportunities and resources for students to get involved in the industry. They hold various online and in-person events, such as iWeek, where they invite insurance companies to connect with students about available internships and jobs. The SRMI also holds courses and workshops to help students earn certifications and pick up valuable skills. The school provides scholarships, which help students have less financial stress and focus on their studies. SRMI also provides insurance companies with a qualified talent pool of future employees.

What kind of support did you have in writing this paper and participating in the contest?

I am extremely honored to be recognized. My journey through the insurance industry has been filled with so much kindness and support, and there have been a lot of people encouraging me to keep learning and growing. I would like to thank Finance Professors Weili Lu, Xin Che and Xiaoying Xie, and CSUF’s School of Risk Management and Insurance, for constantly providing feedback, advice and encouragement. I am also grateful that CSUF provides so many opportunities and resources for students to pursue their interests and progress on their academic path.

For More on Insurance Education

The School of Risk Management and Insurance at the CSUF College of Business and Economics is at the forefront of educating future risk management and insurance professionals with the latest technological tools and industry know-how.

For more on the school, read our articles on risk management and insurance education and research.