Our Mission

Our company is dedicated to supporting and promoting the success of educational institutions by providing the highest level of professional compliance and risk management services appropriate to the needs of the organization.

Our Values

Our core values are:

  • Excellence, which we demonstrate through the delivery of exceptional service and products.
  • Learning, which we demonstrate by continuous improvement.
  • Open and honest relationships, which we build through clear and open communication.
  • Teamwork, which we build by identifying and empowering all key individuals.
  • Our clients’ trust, which we earn by delivering the highest quality services with tangible outcomes in agreed-upon formats and timeframes.

Elizabeth Carmichael, CPCU

Carmichael Associates, LLC brings over 35 years of experience in insurance, risk management and compliance. Our principal, Elizabeth Carmichael, served Amherst, Hampshire, Mount Elizabeth Carmichael photoHolyoke and Smith Colleges as Risk Manager, culminating as the Director of Compliance and Risk Management of Five Colleges, Incorporated. She has essentially served as an internal “consultant” to these institutions, balancing their individual and shared needs.

Elizabeth’s communication skills, project leadership, technical abilities and knowledge have supported these colleges in developing award-winning solutions to manage their compliance and risk management needs. She knows the importance of delivering solutions that combine effective communication and appropriate technology with technical expertise. Her understanding of how organizational structures contribute to the success and/or failure of change efforts within institutions and how to effectively use these insights can help institutions achieve success.


Elizabeth Carmichael left her successful career in the commercial insurance and risk management field as account executive and vice president with Alexander and Alexander NYC (now Aon) in 1994 to focus on higher education risk management.

In 1994, Elizabeth piloted the position of Risk Manager for Five Colleges Incorporated, where she served the consortium’s private colleges: Amherst, Hampshire, Mount Holyoke and Smith College. She created the consortium’s captive insurance company in 2004 to  support and manage the colleges’ growing self-insurance portfolio. In 2011 the Risk Management Office expanded to include compliance management.

While working for the colleges, Elizabeth:

  • Provided organizational support and guidance for the colleges’ compliance programs;
  • Supported compliance self assessments;
  • Audited seven international studies programs, with four site visits to European locations
  • Managed the purchase and administration of the colleges’ property, casualty, student health, fine arts and other insurance policies;
  • Supervised the claims management for those policies;
  • Served as an “internal consultant” for the colleges’ workers compensation programs and claims;
  • Assisted the schools with their health and safety programs;
  • Developed on-line systems to reduce administrative friction in risk management administration;
  • And guided the colleges and their staffs in all areas of risk management.

Honors and Awards

Beyond her work with the colleges, Elizabeth is the 2004 recipient of the URMIA Distinguished Risk Manager Award.  She developed the URMIA TULIP Program in 2003 and served as program manager through 2009. She is a former URMIA (University Risk Management and Insurance Association) Board Member and Secretary; Chair of the URMIA Research & Development Committee and the Constitution & Bylaws Committee.

She has been a panelist/speaker for EACUBO, NACUBO, NAEB, NACUA and URMIA, and was a member of the Planning Committee and a Facilitator for the Vermont Insurance Institute’s Critical Issues Forum in 1997.

Elizabeth is a contributing author to several publications.

A graduate of Smith College, Elizabeth also holds an MLS degree from Columbia University.