5 Best Online Insurance Degrees for 2020

Surprisingly, some form of insurance existed as early as 4000-3000 BCE. Today, insurance companies post nearly a half-billion dollars in profit. These are the Best Online Insurance Degrees.

What Is an Insurance Degree?

You can enter the insurance industry without a degree, but as insurance and risk management becomes more complex, colleges and universities now offer formal degree programs—many of them offering online options. These Bachelor of Science programs concentrate in insurance and risk management. Programs are usually titled Risk Management and Insurance, and successful students receive a Bachelor in Business Administration. 

How Much Can You Earn with a Risk Management and Insurance Degree?

Earnings potential with a BS in Risk Management and Insurance depends in part on your employment. The Bureau of Labor Statistics breaks this bachelor’s preparation into two careers: underwriters and actuaries. Where you work impacts salary expectations. The BLS sets median annual salaries at $69,380 for underwriters and $102,880 for actuaries. Additionally, the BLS projects different job growth rates for the two roles. Between 2018-2028, job growth for actuaries is expected to grow at a faster than average 20 percent rate. Underwriters, on the other hand, may see a 5 percent decline in job opportunities within the same period. 

What’s Required For a Risk Management and Insurance Degree?

Most insurance related companies prefer to hire people with bachelor’s degrees. With a BS in Risk Management and Insurance, you can expect to study insurance law, risk management principles, accounting, statistics, economics, etc. You may also take courses in computer science, communications, and other general education courses (English, history, social studies, etc.).

What Are the Best Risk Management and Insurance Degrees?

OSR uses six data points: three school-wide and three program specific. For school-wide, OSR uses Student Satisfaction, Admission Rates, and the number of programs the school offers online. For program specific, OSR checks the Median Debt of graduates from that program, how many degrees are offered within that program’s umbrella department, and what percentage of students at that school graduated from that department.

The six statistics are displayed by each school. The sliding bar under each statistic represents how that school compares to other US institutions. “Not reported” means a school did not release that information to the US Department of Education. A more detailed description of the OSR process can be found on the methodology page.

  1. Franklin University

    20-Year ROI
    $960,502

    Quick Facts

    • Tuition: $12,216(in state) / $12,216(out of state)
    • 124 Credit Hours
    • 100% Online
    • College credit for The Institutes training programs

    School Wide

    Student Satisfaction73%
    Admission RateNot Reported
    Programs offered online32

    Program Level

    Median DebtNot Reported
    Programs in Department14
    Popularity at School69.67%
    100%
    OSR Score

    Franklin University has been providing distance education for 115 years. The curriculum is broad and develops skills in six insurance related topics. The school suggest checking your state’s licensing requirements to determine if this program is right for you.

  2. University of Houston-Downtown

    Quick Facts

    • Tuition: $4,996(in state) / $14,616(out of state)
    • 120 Credit Hours
    • Scholarships available
    • Accepts transfer credits

    School Wide

    Student Satisfaction74%
    Admission Rate84%
    Programs offered online13

    Program Level

    Median DebtNot Reported
    Programs in Department8
    Popularity at School33.90%
    72%
    OSR Score

    Ranking in the top 100 of U.S. News and World Report’s “Best Online Bachelor’s Programs,” this urban school prepares students for professional designations in CPCU, CRM, CLU, and more. This program is specifically designed for the working student and may include field trips, group projects, and industry meetings.

  3. Indiana State University

    Quick Facts

    • Tuition: $8,716(in state) / $19,252(out of state)
    • 120 Credit Hours
    • Scholarships available 
    • Optional minors possible

    School Wide

    Student Satisfaction73%
    Admission Rate85%
    Programs offered online19

    Program Level

    Median Debt$21,660
    Programs in Department8
    Popularity at School17.07%
    67%
    OSR Score

    Indiana State University is nationally rated as offering a “Best Online Bachelor’s Programs” by U.S. News and World Report and as an “America’s Best Value Colleges” by Forbes. The program is 100 percent online. Coursework includes Statistics, Life Insurance, Commercial Liability Risk Management and Insurance, and electives in Principles of Investment, Health Insurance, etc.

  4. Ohio Dominican University

    20-Year ROI
    $809,469

    Quick Facts

    • Tuition: $30,500(in state) / $30,500(out of state)
    • 120 Credit Hours
    • Guaranteed job interview on graduation
    • Academic credit for CPCU designation requirements from The Institutes

    School Wide

    Student Satisfaction76%
    Admission Rate77%
    Programs offered online3

    Program Level

    Median DebtNot Reported
    Programs in Department3
    Popularity at School43.35%
    65%
    OSR Score

    You can choose a minor in Supply Chain Management, Sociology, or Entrepreneurship and Marketing. Ohio Dominican University also offers the Risk Management and Insurance certificate, an associate’s degree, or MBA with a Risk Management concentration.

  5. University of Louisiana at Monroe

    Quick Facts

    • Tuition: $5,788(in state) / $17,888(out of state)
    • 120 Credit Hours
    • RMI industry sponsored scholarships available
    • One of the largest RMI programs in the Southeast

    School Wide

    Student Satisfaction74%
    Admission Rate75%
    Programs offered online14

    Program Level

    Median Debt$20,210
    Programs in Department3
    Popularity at School16.54%
    63%
    OSR Score

    U.S. News and World Report rates the University of Louisiana Monroe as one of its “Best Online Bachelor’s Programs” and “Best Online MBA Programs.” If you have designated CPCU requirements from The Institutes, you can waive up to two of the eight CPCU courses. The school offers rolling admission.