New scholarship program supports underserved students with financial need

Standard Insurance Company (The Standard) today announced a new partnership with Morgan State University to provide scholarships supporting Morgan State scholars pursuing a degree in actuarial science. The scholarship program is part of The Standard’s commitment to advancing a culture of diversity, equity and inclusion and fostering diversity in the actuarial community both inside the company and the insurance industry.

The scholarships support underserved students with financial need and provide a renewable four-year award of up to $5,000 per year for those planning a career in actuarial science. In addition to financial support, the scholarship program includes the offer of a paid internship at The Standard allowing students to earn money part-time during the school year or over the summer.

Morgan State is the only historically Black college or university in the nation to offer a bachelor’s degree in actuarial science. Launched in 2008, Morgan’s actuarial science program is housed within the School of Computer, Mathematical and Natural Sciences' Department of Mathematics and has produced 50 graduates since its inception.

Actuarial science — using mathematical and statistical methods to assess risk — is a cornerstone of The Standard’s success and an in-demand skillset across industries. Historically, there have been barriers to diversity in the discipline, including lack of awareness about career options among traditionally underrepresented groups and financial barriers for exam materials and credentialing fees for those who do choose this career track.

“The Morgan State scholarship is a significant next step in our DEI journey,” said Sally Manafi, vice president, corporate actuary and chief risk officer. “It reinforces The Standard’s shared commitment to diversity, sends a clear message about our company values, supports our recruiting efforts and helps energize and strengthen our actuarial community.”

“Morgan State is thrilled to partner with the Standard. Together we will work toward enhancing the diversity of the actuarial profession,” said Candice Marshall, director of the Actuarial Science Program at Morgan State. “This scholarship will provide a great opportunity for a well deserving student.”

About The Standard

The Standard is a family of companies dedicated to helping customers achieve financial well-being and peace of mind. In business since 1906, we are a leading provider of financial protection products and services for employers and individuals. Our products include group and individual disability insurance, group life, dental and vision insurance, voluntary (employee-paid) benefits, absence management services, and retirement plans and annuities for employers and individuals. For more information about The Standard, visit www.standard.com or follow us on Facebook, Twitter or LinkedIn.

The Standard is the marketing name for StanCorp Financial Group, Inc., and its subsidiaries: Standard Insurance Company, The Standard Life Insurance Company of New York, Standard Retirement Services, Inc., StanCorp Mortgage Investors, Inc., StanCorp Investment Advisers, Inc., StanCorp Real Estate, LLC, and StanCorp Equities, Inc.

About Morgan State University

Morgan State University, founded in 1867, is a Carnegie-classified high research (R2) institution offering more than 140 academic programs leading to degrees from the baccalaureate to the doctorate. As Maryland’s Preeminent Public Urban Research University, and the only university to have its entire campus designated as a National Treasure by the National Trust for Historic Preservation, Morgan serves a multiethnic and multiracial student body and seeks to ensure that the doors of higher education are opened as wide as possible to as many as possible. For more information about Morgan State University, visit www.morgan.edu.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230213005186/en/