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The Many Benefits of the CAS Student Programs

If you were at a CAS meeting or seminar in the last year and overheard screams, laughter and cheers from one of the rooms, you were likely passing by a CAS Student Program interactive session.

The shrieks come courtesy of Eric Schmidt of Allstate Insurance, who has introduced a fun activity that breaks the ice with students while teaching the basics of ratemaking.  (For more on how to play the game, see the sidebar.)

Today, the CAS incorporates its one-day student programs into all national CAS meetings and seminars. The student programs offer a full-day of learning and networking. Sometimes a Career Session is added that includes conducting mock interviews and taking professional headshot photos.

Students play a basic ratemaking game at a CAS Student Program interactive session.

To participate, students must be members of CAS Student Central, and with more than 3,000 members, the student programs fill up fast! Each program hosts up to 30 students per event, consisting of both local students and those who fly in from other cities. More than 230 students from over 50 schools throughout North America have attended CAS Student Programs since they were first introduced in 2013.

The response to CAS Student Programs has been overwhelmingly positive. Students appreciate the opportunity to learn more about the CAS and the property-casualty field. One student stated, “I’m walking away from this program having learned a great deal about what a P&C actuary does.” Another student enjoyed meeting practicing actuaries and “getting a sense of the environment and energy of the actuarial field.”

Mentoring is a key feature of the program. Students are paired with CAS members who act as mentors throughout the event day. They network and attend sessions together. Nearly every evaluation submitted by students identified the time spent with a mentor as a highlight of the day. As one student shared, “The pairing with a mentor was incredibly valuable and an excellent experience to learn about the daily life and responsibilities of an actuary.”

The value that students receive from participating in CAS student programs extends beyond the one-day event.  “The opportunity we provide students to network with practicing actuaries and to make connections has been leading to interviews and jobs,” said Melissa Tomita, chair of the University Engagement Committee.

Yuval Halperin, president of the Actuarial Student Association at the University of California at Santa Barbara, was so intrigued by one of the CLRS sessions he attended that he approached the presenter with questions. “My further interest led to an internship opportunity with the presenter’s firm, Oliver Wyman, this summer,” said Yuval.

A typical CAS student program schedule.

For Railya Ismailova, a 2014 graduate of Virginia Commonwealth University, connecting with one of the mentors would have a significant impact upon her career after graduation. While attending a program at the Ratemaking and Product Management Seminar during the spring semester of her senior year, Ismailova met her mentor, Kelly Sullivan of Markel Corporation. It just so happened that Markel had an opening that summer for an internship in the actuarial department. “Railya was already one of our top choices,” said Markel. “She was then such a good fit that we ended up hiring her full time. The Student Program was a great opportunity for everyone.”

The University Engagement Committee continues to infuse new and exciting ideas to enhance the student experience. Two programs remain in 2015 — the Casualty Loss Reserve Seminar in Atlanta and the Annual Meeting in Philadelphia. To volunteer as a mentor or to assist with other aspects of the program (planning, speaking, etc.) please contact Melissa Tomita, University Engagement Committee Chair at TOMITAM1@nationwide.com or Tamar Gertner, CAS University Engagement Manager at tgertner@casact.org.

Basic Ratemaking: The Rules of the Game

The Basic Ratemaking activity has been extremely well received, and students have been so impressed that they have been replicating the activity in their own student clubs. Here’s how to play:

The game creates an insurance marketplace with dedicated insurance companies and consumers. The students divide up with a small group playing the part of insurance company employees and the remainder participating as consumers. A CAS member acts as the regulator, and through a series of rounds, the consumers attempt to throw a ball into a basket. Each missed toss simulates an accident. Over the course of 4-5 rounds, the regulator places restrictions on the marketplace, changing the dynamics of the loss trigger in real time. The Students have to adapt on the fly. After each round, the insurance companies evaluate their rates and then sell insurance to the consumers.