Target Markets Program Administrators Association (TMPAA) plans to expand its educational initiatives with a $2 million endowment fund aimed at supporting scholarships and increasing industry awareness among students.
This announcement was highlighted during an AM Best interview with Gene Abbey, executive director of TMPAA, at the association’s Annual Summit on October 21-23, 2024.
The organization, which now includes over 712 members, has experienced significant growth.
"We continue to see more carriers come into the space, more program administrators, along with new service providers too," Abbey said. TMPAA’s Annual Summit 2024 drew 1,660 attendees, making it the association’s largest event to date.
TMPAA currently offers scholarships to students at four universities. Seven scholarship recipients attended the summit to engage with industry professionals and learn about the intricacies of program insurance. Abbey revealed that the planned $2 million endowment will allow TMPAA to extend its scholarship offerings to additional schools.
"Our plans are to add on two more schools in 2025 with the endowment fund continuing to perpetuate those scholarships going forward with additional schools in the coming years," he stated.
The initiative also aims to address the challenge of attracting young talent to program insurance, a niche sector of the industry. According to Abbey, TMPAA’s outreach involves not only providing scholarships but also ensuring that students engage with the organization’s members. This includes interactions with carriers, program administrators, and service providers to deepen their understanding of program business.
Read next: The role of DE&I in filling the insurance talent gap
Beyond education, Abbey provided insights into the overall program insurance market. He noted that the program business is expected to generate over $100 billion in premiums in 2024. TMPAA conducts a biennial study on program business, with the next iteration planned for 2025.
"We like to believe that this is the most accurate study in the program space as we actually get our information directly from our members, program administrators, carriers, and service providers alike," Abbey explained.
The summit underscored TMPAA’s commitment to fostering talent and supporting growth within the program insurance sector. Abbey expressed optimism about the future, emphasizing the importance of education and industry collaboration in sustaining the sector’s momentum.
What do you think about TMPAA’s efforts to attract young talent and expand educational opportunities? Share your thoughts in the comments below.
