Illinois State University, University of California, Santa Barbara (USCB), University of Connecticut and University of Illinois at Urbana-Champaign Share Honors
This June the CAS recognized four schools through its first-ever University Award Program: Illinois State University; University of California, Santa Barbara; University of Connecticut; and University of Illinois at Urbana-Champaign. These schools are awarded for their achievements in exposing students to the property-casualty insurance industry through curriculum, research, engagement and innovation.
Universities play a unique role in advancing the body of knowledge of actuarial science and preparing the actuaries of the future. The CAS University Award Program was created to facilitate the promotion and sharing of ideas around property and casualty curriculum and research within academic communities.
The CAS University Engagement Committee spent nearly two years developing the award program. In January 2016 the program was announced to the public, and schools were invited to be nominated. The positive response to the call for nominations was overwhelming; the CAS received over 70 nominations for 24 schools throughout North America, Asia and Australia. The nominations came in from alumni, current students, professors, administrators and CAS University Liaisons.
“The selection process was a challenge because there are so many schools doing really exciting work,” said Chris Coleianne, FCAS, who chaired the CAS University Award Program. “It is clear that with the evolution of the property and casualty industry, colleges and universities have made significant efforts to ensure that their students are fully prepared for a career in the industry.”
Following are brief descriptions of the 2016 CAS University Award winners.
Illinois State University
Led by Krzysztof Ostaszewski and consisting of 12 faculty and 210 actuarial students, Illinois State University counts a significant number of P&C actuaries among its alumni: During the program’s 20-year history it has produced 58 Fellows and 48 Associates of the CAS. Illinois State stood out for its industry engagement and innovations such as the Pinnacle University initiative, which, since 2014, has paired actuarial students with analysts from Pinnacle Actuarial Resources to solve case studies. Students are able to gain real-world P&C industry experience through internships, case studies, and case competitions made available through the actuarial science program. In terms of scientific study, Illinois State’s faculty has consistently produced research on P&C insurance topics; its students also have opportunities to conduct research in this area. Property-casualty insurance concepts are built into the actuarial science curriculum with specific courses that cover CAS Exam S at the undergraduate level and CAS Exams 5 and 9 at the graduate level.
University of California, Santa Barbara (UCSB)
Co-directors and professors Raya Feldman and Michael Ludkovski head up this program of five actuarial faculty including two FCAS and 266 students. Highlights of UCSB’s program include a commitment to incorporating property-casualty studies into the actuarial science curriculum, with topics covering material on CAS Exam S, property and liability coverages, and pricing and reserving methods. Other standouts include hosting the 2014 Actuarial Research Conference that had several P&C sessions; offering opportunities for students to work directly with P&C companies on research projects; and holding innovative events like Actuary Day and the California Actuarial Student Conference that expose students to the P&C insurance industry. At Actuary Day in 2015, more than 100 students were engaged in a reserving project. Students also gain additional industry exposure through participation in case competitions and P&C events hosted by the CAS and the Southern California Casualty Actuarial Society, a CAS Regional Affiliate.
University of Connecticut (UCONN)
In existence for 40 years, UCONN’s actuarial science program has several P&C insurance course offerings — ratemaking, loss models and risk theory, among others — which all make this school an outstanding award recipient. The program, led by director James Trimble, serves 450 actuarial students taught by six full-time faculty in actuarial science and 12 adjunct professors. UCONN faculty and students regularly attend meetings held by the local CAS Regional Affiliate Casualty Actuaries of New England; the goal is to expose undecided students to P&C actuarial work. UCONN also sponsors a strong internship program supported by all major P&C insurers, consulting and audit firms in New England. Additionally, through the Goldenson Center for Actuarial Research on campus, students and faculty have an opportunity to conduct research projects with P&C industry professionals.
University of Illinois at Urbana-Champaign
The University of Illinois has 430 students in its actuarial science program, with two full-time faculty members, Professor Runhuan Feng and Professor Shu Li, teaching actuarial science courses exclusively, and several other faculty members across the departments of mathematics, statistics and finance dedicated to the teaching of the program. Robust P&C courses and topics are incorporated into the actuarial science curriculum, including courses titled “Casualty Actuarial Science and Property and Liability Insurance,” as well as courses covering material on CAS Exam S. The University has strong connections to the P&C insurance industry, as reflected by campus visits in fall 2015 by 15 P&C companies. Students are able to participate in research with industry partners such as through the Axis Student Challenge, organized by Axis Capital. The University has also partnered with State Farm to offer student internships with State Farm’s research office in Champaign as well as scholarships and other research opportunities.
Congratulations to the Winners
The four winning schools will each receive a grant of $5,000, and will be honored at the 2016 CAS Annual Meeting in Orlando this November. The CAS is excited and enthusiastic to promote these schools for the work they are doing in preparing the next generation of CAS property-casualty actuaries!
