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How BFIS Is Shaping Tomorrow’s Insurance Leaders

03/27/2025 - In the heart of Bermuda, the Bermuda Foundation for Insurance Studies (BFIS) has been quietly transforming the island’s workforce, one scholarship, mentorship, and internship at a time. Since its inception, BFIS has dedicated its resources to providing local students with the support and opportunities they need to excel in the world of insurance, reinsurance, and related industries.

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Founded in 1996, BFIS offers scholarships and programs that cover not only tuition fees, but also a range of essential career-building experiences. These include mentorships from seasoned industry professionals, access to networking events, and internships that provide valuable insights into the workings of insurance and reinsurance. The program’s long-term impact is evident in the high success rate of its graduates, with 96% of scholars securing careers in the industry.

Victoria Cunningham, BFIS’ Executive Director, has played a pivotal role in shaping the foundation’s efforts. Over the years, she has witnessed firsthand how BFIS’ programs are helping young Bermudians navigate the often-complicated transition from education to the professional world.

According to Cunningham, the key to their success lies in the integration of financial support with hands-on mentorship, which ensures that students are not just prepared for their first job but equipped for sustained career growth. “Ultimately, I see BFIS as a connector between students and professionals,” says Cunningham.

Bridging the Gap Between Education and Employment

The BFIS model recognizes that academic learning alone is not enough to thrive in the real world. For students like Chloe Bennett — a BFIS scholar and recent Relm Actuary intern — the experience has been transformative.

Chloe had exposure to the insurance industry from day dot: growing up in Bermuda, she was immersed in an environment where insurance was part of everyday conversation. “I was born in Bermuda, grew up in Bermuda, so I was surrounded by the insurance industry basically my whole life,” Chloe recalls.

Yet it wasn’t until she spoke with industry members and exposure to the industry that she discovered a passion for actuarial science. “I think it was just a lot of speaking with people and networking from a fairly young age that really got me to understand the industry and want to be in it. It’s a surprisingly social group. Everyone I’ve met in the industry is more than happy to talk to you about what they do and why they do it and why they love it.”

Chloe further reflects on the tangible benefits of BFIS’ approach: “The mentors meet up with you every month to check in on you, see if you need any help with university, work, or internship problems.” Such regular contact ensures that scholars aren’t left to navigate their early careers alone. Instead, they benefit from a nurturing environment that facilitates a smooth transition from the classroom into the professional world.

For many students, this mentorship opens doors to the industry’s best practices. After being awarded the BFIS Relm Scholarship, and becoming an actuary intern, Chloe worked closely with her mentor, Relm’s very own Temar Richards. “On my first day, we had a chat. He sat me down for about an hour and just said, ‘if you have any questions, get them out now and I’m going to answer them as best I can,” said Chloe. “We talked about everything from university to working in the field itself, starting out as a new actuary, and building yourself up in a company and in an industry. He answered any question I could ever have, which was greatly appreciated.”

scholarship student accepting the agreement

Real-World Exposure and Global Opportunities

BFIS’ commitment to experiential learning extends well beyond the classroom. Through its internships like Chloe’s, scholars get a firsthand look at the inner workings of insurance companies on- and off-island. Victoria Cunningham points out, “There are global opportunities available, and it’s not just Bermuda. It’s London, New York — you could be going anywhere.” This international exposure allows scholars to understand the nuances of different markets and prepares them for careers that are as diverse as the industry itself.

The foundation also emphasizes the importance of their global alumni network. As students progress in their careers, they are encouraged to remain involved, providing guidance to new scholars and contributing to the ongoing success of the program.

“A big part of BFIS is giving back,” says Chloe. “I know so many people from BFIS HQ that were scholars at one point. It’s never mandatory, but the way that they’ve treated me and the way that they’ve supported me, I would absolutely love to be a mentor one day.”

This generational mentorship creates a sense of community, one that has become an integral part of the BFIS package. Both Chloe and Victoria highlight the importance of supportive networking in building a successful career. Chloe sums it up well: “I think my main takeaway from the whole thing is just how supportive the community is. It’s so appreciated, that even if it doesn’t have to do with the internship, if it has to do with the university or just networking and finding your way, BFIS and Temar have been so supportive in facilitating me growing in the industry.”

The Role of Industry Partnerships

Central to the BFIS success story is its network of industry partnerships. These relationships offer the dual benefit of financial support and practical experience. Victoria emphasizes their indispensable role: “I think our industry partnerships are the backbone of what we do. Not just because of funding, but without them we wouldn’t have many of the mentors or the experiences that these students enjoy.”

The collaboration between BFIS and local companies provides students with exposure to real-world scenarios, preparing them for the global stage. Victoria adds that partners also benefit. “They get access to the talent of tomorrow, and can play a part supporting them to get where they need to go.” By engaging industry leaders, BFIS garners the resources needed to support its scholars and affords them market tours, networking events, and a myriad of other perks crucial to career development.

For industry partners, the call to action is clear: The more companies that join the BFIS network, the more opportunities will be available for budding professionals. “The more people we get involved, the more students we can support,” says Victoria.

For Relm, at least, involvement in BFIS isn’t simply ticking a CSR box. The symbiotic relationship is an investment in the island’s future that enriches the industry and helps ensure Bermuda remains competitive on the global stage. BFIS’ tactic of blending classroom learning with practical experience helps create professionals who are as technically proficient as they are connected with the community. This connection fosters innovation, collaboration, and, ultimately, industry growth.

The Future of the Bermuda Foundation for Insurance Studies

Looking ahead, BFIS plans to broaden its reach and deepen its impact, particularly by engaging high school students and career shifters. The early engagement is crucial because it encourages young Bermudians to consider careers in insurance at a stage when they are still forming their professional identities. “Student and high school outreach plays a huge part. We need to get schools involved early and teach that insurance is far from boring. There are so many opportunities in the industry because it touches every aspect of business. There really is something for everyone,” says Victoria.

BFIS’ legacy of nearly 30 years is built on the shared efforts of mentors, industry leaders, and the many young professionals who have passed through its doors. With each new cohort of scholars, BFIS reaffirms its commitment to nurturing talent, strengthening community ties, and preparing Bermuda’s insurance professionals for the challenges and opportunities of tomorrow.

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