iSolvRisk is a vehicle that creates opportunities for others.
Our Story
At iSolvRisk, our journey is fueled by a deep passion to create opportunities for others. Our story traces back to the early days of our Founder, Joseph Zaarour, during his freshman year at St. John’s University in 2017. Joseph's path to risk management was anything but direct. In his first weeks at university, a casual conversation with his father about switching to St. John’s renowned Risk Management and Insurance program was met with youthful resistance. Joseph, eager to assert his independence, wasn’t ready to take advice. But fate had other plans. Standing at 5’8”, Joseph knew his chances of being picked for a basketball game at the university’s recreational center were slim, so he decided to befriend an upperclassman who could help him get noticed. Their initial conversation quickly turned to life plans. When Joseph shared his ambitious vision for success, it was clear he had the drive to make a significant impact. Encouraged to switch to the major of Risk Management and Insurance, Joseph realized that sometimes, the best opportunities come from the advice we’re least expecting to take. Joseph made the switch, and it wasn’t long before he saw the impact of his decision. The following year, the program received a $15 million endowment, cementing its place as a leading field of study. Inspired by his experiences during the height of COVID 19 at the start of his senior year, Joseph put an idea in a notebook to "make risk management easy." On July 1st, 2021, one month after graduating, iSolvRisk was born. iSolvRisk, led by a visionary who experienced firsthand the life-changing potential of the risk management and insurance industries, is on a mission to reshape how these fields are perceived. We strive to open doors for emerging professionals by making the opportunities that lie within these industries accessible and exciting.
What is Risk Management?
According to ChatGPT, Risk management involves identifying, evaluating, and managing potential threats to personal and organizational success, including financial, legal, and operational risks. Today, risk management is viewed as cumbersome, tedious, and expensive. At iSolvRisk, we believe risk management is simply effective decision-making.
What is Gamified Risk Management?
Risk management, at its core, is about making informed decisions to navigate uncertainties. Just as Robinhood made stock trading engaging with features like confetti for trades, and Duolingo turned language learning into a fun, rewarding experience with streaks and progress tracking, gamified risk management makes the process of managing risks more accessible and enjoyable. iSolvRisk applies these game-design elements to risk management, transforming decision-making into an interactive experience that taps into our natural desires for competition and achievement. By making risk management more intuitive and engaging, iSolvRisk helps individuals and organizations better navigate risks and achieve successful outcomes. It’s about turning effective decision-making into an experience that’s not only practical but also enjoyable.
Insurance's Talent Problem
The insurance industry is facing a critical talent shortage. With an average age of 44, the workforce is aging rapidly, and 75% of professionals are 34 years or older. Young professionals, aged 20-24, make up only 4% of the 3 million individuals in the sector. To put this in perspective, refer to the pie chart below. This chart shows 2,115,000 professionals over the age of 35 (Pink, Blue, Turquoise, and Orange) compared to 140,000 professionals between the ages of 16-24 (Green and Yellow), and 780,000 professionals aging from 16-34 (Green, Yellow, and Red). This demographic imbalance is exacerbated by a high turnover rate of 12-15% annually, and the industry is preparing for a significant talent drain—around 1.5 million professionals are expected to retire by 2028, according to a recent study by PropertyCasualty360. Despite the industry's attractive salaries, excellent benefits, strong work-life balance, and job security, it struggles to attract new talent. The core issue is perception. Insurance is often viewed as boring, cumbersome, and tedious, with a societal association with losses and liabilities. This negative image discourages younger generations from considering insurance as a career path. To secure its future, the insurance industry urgently needs innovative strategies to attract and retain new professionals. The sustainability and vitality of the sector depend on its ability to shift this perception and appeal to a broader, more dynamic workforce.
The Education Dilemma: More Degrees, Fewer Jobs
The education sector is at a pivotal moment, grappling with challenges that are reshaping the landscape of higher learning. Many industries are oversaturated with entry-level talent from undergraduate programs, leaving graduates with limited job opportunities. Alarmingly, 41% of recent college graduates find themselves in jobs that don’t require a college degree. This saturation forces students to pursue additional degrees or certifications, leading to more time in academia and greater financial strain. Industries like education, finance, accounting, and healthcare now require postgraduate education and certifications, but colleges often fail to adequately prepare students for these demands. The societal pressure to attend college has created a disconnect, where higher education is seen as a mandatory step rather than a meaningful journey, with students expecting guaranteed employment upon graduation. This mindset, combined with the rising costs of education, has led to increased student disengagement—a trend exacerbated by the COVID-19 pandemic. Students are also graduating with significant debt: the average college attendee leaves with $37,000 in debt, and 600,000 students graduate with over $200,000 in loan debt. Additionally, many graduates are finding jobs unrelated to their degrees, which fuels the perception that a college education may be inconsequential, or even a costly mistake. The current state of the education sector calls for a reimagining of how we prepare students for the workforce, ensuring that their investment in education leads to meaningful and fulfilling careers.
