Spencer Educational Foundation

What Spencer Educational Foundation does

Spencer Educational Foundation, Inc. is a New York-based nonprofit founded in 1979 that funds the education of future leaders in the risk management and insurance (RMI) industry. The foundation operates as the recognized leading external funder of RMI education in North America, having awarded more than $11 million in scholarships to over 1,700 students since 1980 and more than $11 million in grants to universities and professional institutions across the United States and Canada. Its programs include scholarships for undergraduate, master's, and PhD students; Course Development Grants that have built RMI curricula at nearly 70 colleges and universities; General Grants supporting experiential learning; Internship Grants that fund risk management internships at companies; Risk Manager on Campus Grants that bring practicing risk managers into university classrooms; the Risk Management Challenge, an international student competition reaching 61 universities across 16 countries; and newer offerings such as the iCon University Program and the Spencer Success Stipend.

The foundation has impacted over 135,000 students since inception, with more than 85% of scholarship recipients remaining in the insurance industry, addressing a documented talent pipeline problem driven by an aging workforce approaching retirement. Spencer raises funds through corporate donations and sponsorships from major insurance industry partners — including Allied World, AIG, Marsh, Aon, Chubb, Travelers, Zurich, Gallagher, Sedgwick, FM Global, Amwins, Ryan Specialty, Lockton, Accenture, and industry associations such as RIMS and PLRB — and through annual fundraising events such as the Funding Their Future Gala, the Spencer-Gallagher Golf Tournament, the Spencer-Sedgwick 5K Fun Run, the Spencer Soiree, and pickleball socials. In 2024 the foundation awarded $1.83 million across 105 scholarships and a record number of grants, and in April 2026 received a $1 million pledge from Allied World to expand scholarships and needs-based Intern Success Grants.

Spencer operates with 1-10 employees from a single New York mailing address and does not operate a proprietary technology platform beyond a basic website and online application portals (ApplyIStS and GrantInterface) for scholarship and grant submissions. The foundation distributes funds — rather than products — through direct scholarship awards to students, grants to universities, internship grants to risk managers and their employers, and grants that fund practitioner visits to campuses, with the Risk Management Challenge providing an event-driven distribution channel that culminates at the annual RIMS RISKWORLD Conference.

Name

Spencer Educational Foundation

Legal name

Spencer Educational Foundation, Inc.

Website

https://spencered.org

Company type

Private

Founded year

1979

Operating status

Operating

Headcount range

1–10 employees

Short description

Spencer Educational Foundation is a 1979-founded nonprofit that funds risk management and insurance education in North America through scholarships, university grants, internships, and student competitions, serving RMI students, universities, and industry donors.

Ownership category

akta.pro rank

Product category

Insurance Education and Workforce Development

NAICS

Educational Support Services (6117)

SIC

Services-Educational Services (8200)

akta.pro primary industry

Foundation/NGO & Philanthropic Scholarships (EDAIAOAH)

akta.pro secondary industries

College Access, Scholarships & Student Success Nonprofits (BPAGADAE), Education Grantmaking Foundations (BPAGAKAK), Scholarship & Fellowship Foundations and Trusts (EDADAHAC)

Keywords

• Risk management education
• Insurance scholarship programs
• Educational grant funding
• Internship grant programs
• Insurance workforce development

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Others, Personnel, Marketing or Sales

Revenue model

1. Donations and Sponsorships: The foundation raises funds through corporate donations, sponsorships, and individual contributions from insurance industry professionals and companies. Major corporate pledges like Allied World's $1 million commitment represent significant funding sources.
2. Event-Based Fundraising: Annual fundraising events including the Funding Their Future Gala, golf tournaments, 5K fun runs, and pickleball socials generate revenue through sponsorships, registration fees, and participant donations. The 2023 gala raised over $1.5M and the 2024 golf tournament raised over $130,000.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Spencer Educational Foundation provides no-cost scholarships, stipends, and grants to students, colleges, universities, risk managers, and risk management and insurance nonprofit organizations. Its programs support RMI study, curriculum development, internships, campus engagement, and experiential learning in the United States and Canada.

Product overview

Spencer Educational Foundation operates as a non-profit educational foundation that offers a portfolio of scholarship programs and grants to support students, colleges, universities, and RMI non-profit organizations. The foundation's core offerings include Scholarships (undergraduate, Masters, Ph.D.), Course Development Grants, General Grants, Internship Grants, Risk Manager on Campus Grants, Risk Management Challenge, Spencer Success Stipend, and the iCon University Program. These programs collectively aim to fund education and grow the talent pipeline for the risk management and insurance industry.

Differentiator

Problem solved

Functional benefit

Products and services

• Scholarships Financial assistance for undergraduate, master's, and PhD students pursuing risk management, insurance, actuarial science, and related fields in the United States and Canada.
• Course Development Grants Grants supporting the creation and expansion of risk management and insurance courses and programs at colleges and universities in the United States and Canada.
• General Grants Grants supporting student conference attendance, high-school outreach, inclusion in RMI education, and other experiential-learning initiatives at universities and RMI nonprofit organizations.
• Internship Grants $7,500 grants for risk managers who wish to hire interns within their risk management function, providing students with real-world business experience.
• Risk Manager on Campus Grants Grants enabling universities to invite practicing risk managers to campus for classroom visits, panel discussions, lectures, luncheons, and receptions.
• Risk Management Challenge An international student competition in which university and college teams develop and present comprehensive risk management reports based on real-life case studies, with top teams presenting at the RIMS RISKWORLD Conference.
• Spencer Success Stipend A stipend program supporting students pursuing careers in risk management and insurance.
• iCon University Program A university program providing resources and support for risk management and insurance education.

Quantifiable outcome

• Over $11 million in scholarships awarded since 1980
• +3 more outcomes

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core.

• PLRB (Property & Liability Resource Bureau)coreStrategic or Co-development Partner · 21 January 2025PLRB partnered with Spencer Educational Foundation to support insurance and risk management education. The collaboration was showcased at the PLRB Claims Conference in Indianapolis, Indiana (March 30 - April 2, 2025). PLRB also launched a donation campaign with dollar-for-dollar match on the first $10,000 in contributions to fund scholarships and internships.
• RIMS (Risk Management Society)coreStrategic or Co-development PartnerSpencer partners with RIMS for the annual Risk Management Challenge, an international student competition where teams present risk management strategies at RIMS RISKWORLD Conference. Spencer also hosts multiple events during RISKWORLD including the 5K Fun Run, Golf Tournament, and Soiree.
• SedgwickcoreGTM or Marketing PartnerSedgwick is the title sponsor of the annual Spencer-Sedgwick 5K Fun Run held at RIMS RISKWORLD Conference. This partnership supports fundraising for future risk management and insurance leaders.
• Arthur J. Gallagher (Gallagher)coreGTM or Marketing PartnerArthur J. Gallagher is the title sponsor of the annual Spencer-Gallagher Golf Tournament. The partnership has continued for over 30 editions of the golf event.

Scale indicators15 records

Recent moves5 records

Expansion highlights5 records

Broad incumbents

• Insurance Information Institute (Triple-I): Industry-funded nonprofit that communicates and educates about property/casualty insurance; comparable non-profit education mission and overlapping corporate donor base within the insurance ecosystem.
• RIMS (Risk and Insurance Management Society): Global risk management professional society that partners with Spencer on the Risk Management Challenge and RISKWORLD events; broader industry membership and educational programming make it an incumbent peer.
• PLRB (Property & Liability Resource Bureau): Insurance claims education organization with a matching donation partnership with Spencer; shares the same corporate donor universe and educational conference footprint (Claims Conference).

Emerging players

• International Insurance Society (IIS): Global insurance industry organization focused on education, research, and talent development; shares Spencer's mission of growing the insurance talent pipeline at an international level.
• ASHRM Foundation: Foundation arm of the American Society for Healthcare Risk Management; comparable scholarship and grant structure for a sub-vertical of the broader risk management profession.
• International Risk Management Institute (IRMI): Provides risk management and insurance reference, training, and continuing education content; operates in an adjacent education niche with overlapping corporate and practitioner audience.
• CAS Trust (Casualty Actuarial Society): Charitable and educational arm of the Casualty Actuarial Society funding scholarships and research; similar scholarship/foundation model targeted at a narrower actuarial sub-discipline.

Direct peers

• The Actuarial Foundation: Nonprofit foundation providing scholarships and grants for students pursuing actuarial careers; directly comparable mission, structure, and donor base to Spencer's risk management and insurance scholarship programs.
• The Institutes (AICPCU/IIA): Leading provider of insurance and risk management professional education and designations (CPCU, AINS); overlaps with Spencer's mission of developing RMI talent and shares corporate sponsors and university channels.

Others

• CIAB (Council of Insurance Agents & Brokers): National trade association for commercial insurance brokers; complementary industry association that supports insurance education and shares corporate member donors with Spencer.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/SpencerEdFnd
• Facebookfacebook.com/SpencerEdFnd

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Spencer Educational Foundation