In its first-ever outing, a team of Risk Management and Insurance students from Troy University’s Sorrell College of Business posted a second-place finish in the national RISC Summit + Innovation Challenge.

The Risk Management and Insurance Strategic Collaborators (RISC) is a national consortium of leading higher education institutions working together to advance innovation and address challenges facing the risk management and insurance industry. Founding members collaborate on emerging issues, industry trends and best practices.

“We knew going into the challenge that we would be facing off against some of the top Risk Management and Insurance programs in the country, so we knew we had to be on our A-game,” said RMI senior Nico Crozier. “Over the course of about a month, our team worked tirelessly refining our idea, ModelCat, which focused on addressing the emerging risk associated with artificial intelligence in the insurance industry.”

TROY’s team, consisting of Tucker Bryant, Crozier, Sabastian Funk and Jaden Scrushy bested teams from the University of Iowa, University of Texas at Dallas, University of Mississippi, Temple University, Illinois State and Drake. University of Wisconsin claimed the top spot.

“Seeing all of our work coming to fruition with a second-place finish and a $5,000 prize was a great feeling,” Crozier said. “This is an experience I’ll remember for the rest of my life and I’m so proud we were able to showcase what TROY students are capable of.”

Dr. Courtney Bass Baggett, RMI’s program chair, said she “couldn’t be prouder” of the students and how well they represented Troy University.

“I don’t think it’s a coincidence that this win came from a program with roots in surplus lines. That market has always rewarded curiosity – people who can look at something that doesn’t fit the usual mold and figure out how to make it work. Our students brought that same mindset to this competition, and ModelCat, their product, is a great example of that type of creativity,” she said.

“The next generation needs room to experiment with emerging technology,” Baggett added. “This team shows what our students can do when they’re given that room, and we’re only getting started!”

Hosted this year by the University of Iowa, the second annual RISC event brought together industry professionals, students, faculty and staff to discuss topics including artificial intelligence, workforce development, emerging risks and experiential learning Oct. 28-29. 

The RISC Innovation Challenge, a “Super Bowl-style” competition in which student teams presented solutions to real-world industry challenges before expert judges, competing for $25,000 in prize money.

Crozier said the biggest takeaway from the competition was realizing how much students can accomplish with the right support in place. Crozier credits Dr. Baggett and Dr. David Van Buskirk, associate chair of the department, for the team’s success.

“It can be easy to count yourself out before you’ve had the chance to prove what you’re capable of. The competition reminded me that you never really know what you are capable of until you just put yourself out there and give something your best shot,” he said. “The entire experience helped me develop in terms of confidence, public speaking skills, teamwork, and creative problem solving.”