Engaging Students with Actuarial Science and the MTFC Webinar, July 11, 2017
Webinar Agenda 1. Introductions 2. What goes into an MTF Challenge submission? 3. Actuarial Science tools and tips - how do actuaries do it? 4. Tips to getting started in the Challenge 5. Finding a mentor for you or your students 6. Educator Math Grant Announcement 7. Registering your team(s) 8. What’s Next ? 9. Q&A www.mtfchallenge.org | A Program of The Actuarial Foundation
Introductions Gold Sponsors: Roy & Georgia Goldman Hosted by: The Actuarial Bronze Sponsors: Foundation Supported by: Outreach and Mentorship Committee Institute of 31 actuarial professionals and Competition university professors volunteering to Sciences support students and educators. www.mtfchallenge.org | A Program of The Actuarial Foundation
Webinar Agenda What goes into an MTF Challenge submission? www.mtfchallenge.org | A Program of The Actuarial Foundation
Your MTF Challenge submission Submissions include: 1. Executive Summary (Up to 2 pages max) 2. Transportation Industry Changes (Up to 10 pages max) 3. Insurance Industry Changes (Up to 10 pages max) 4. Society at Large Changes (Up to 5 pages max) 5. Conclusions and Recommendations (Up to 3 pages max) www.mtfchallenge.org | A Program of The Actuarial Foundation
Your MTF Challenge submission Executive Summary (Up to 2 pages max) A short narrative description of the rest of your report. It should include key findings/recommendations from your mathematical models. Think of answering these questions: 1. How did you create your mathematical model of each of the 3 required sectors? 2. What was the result of your mathematical analysis of the data in each of the 3 required sectors? 3. What specific changes did your models identify, and what recommendations would you make for us to manage any negative effects of those changes? www.mtfchallenge.org | A Program of The Actuarial Foundation
Your MTF Challenge submission Transportation Industry Changes (Up to 10 pages max) Start with the data on www.mtfchallenge.org/resources/transportation-industry-data/ to answer the questions in the challenge statement. Do not limit yourself to this data, and remember to include your math! 1. What is the difference between your expected industry growth with and without autonomous vehicles (in terms of sales, revenue, profit, and employment)? 2. Are there other ways the adoption of autonomous vehicles could impact the transportation industry? 3. Be specific and include all the data and mathematical calculations you made to determine your projections. www.mtfchallenge.org | A Program of The Actuarial Foundation
Your MTF Challenge submission Insurance Industry Changes (Up to 10 pages max) Start with the data on www.mtfchallenge.org/resources/insurance-industry-data/ to answer the questions in the challenge statement. Do not limit yourself to this data, and remember to include your math! 1. How would you expect insurance claims to change in the next 10 years without autonomous vehicles? 2. How would you expect autonomous vehicles to change the size or quantity of these expected claims? 3. What other effects could autonomous cars have on the insurance industry? 4. Be specific and include your math! www.mtfchallenge.org | A Program of The Actuarial Foundation
Your MTF Challenge submission Society at Large Changes (Up to 5 pages max) Start by selecting an area of society you think will change with autonomous vehicle adoption. Then research the data available online (start here for ideas: https://www.mtfchallenge.org/resources/societal-impact-data/) 1. Explain how you expect this sector of society to change as autonomous vehicles are adopted. 2. Use and show your math! 3. Will the change be beneficial or a detriment to society? 4. How can we plan for this change? www.mtfchallenge.org | A Program of The Actuarial Foundation
Your MTF Challenge submission Conclusions and Recommendations (Up to 3 pages max) Review the information you gathered about each of the three sectors for the report and create statements on how you think we can best prepare for those changes. 1. Are the changes your models identified beneficial or detrimental to the industry? To society? 2. How can the companies, government, or communities best prepare for these changes? What do they need to do? www.mtfchallenge.org | A Program of The Actuarial Foundation
Webinar Agenda Actuarial Science tools and tips. How do actuaries do it? www.mtfchallenge.org | A Program of The Actuarial Foundation
Actuarial Science tools and tips Put math to work for your future! Actuaries use applied mathematics to help their companies, communities, and governments. • Actuary is consistently rated as one of the best jobs in America. • Actuaries earn great starting salaries that can double within the first five years. • Actuarial jobs are always in high demand. • Actuaries participate in high-level business decision-making and solve real problems in every • industry. Actuaries require top skills in Mathematics! • www.mtfchallenge.org | A Program of The Actuarial Foundation
Actuarial Science tools and tips Clark Slipher, FSA, MAAA Nate Worrell, FSA Clark is a retired Principal of Milliman, Inc. He worked at Nate Worrell helps actuaries around the world model Milliman for 20 years as a health insurance consultant. Most the future. He's on the actuarial support team for AXIS, recently, he served as the National Director of Milliman's an insurance modeling software from GGY, a Moody's health practice and was on the firm's Board of Directors for Analytics company. He is a graduate of the University of seven years. Clark graduated from Ball State University. St. Thomas, and currently lives in the Pacific Northwest Clark also served on the examination committee and health with his wife and kids. In addition to modeling the insurance task forces. As a recent retiree, Clark volunteers future, Nate also loves to write about it. This year is his for the Red Cross and Milwaukee Rescue Mission (tutoring fourth time competing in the Actuarial Speculative and mentoring on professional development). Fiction Contest. www.mtfchallenge.org | A Program of The Actuarial Foundation
Actuarial Science tools and tips What do actuaries actually do? What different types of actuaries are there? How would an actuary approach this Challenge? Where would they start for the Transportation Section? For the Insurance Section? For the Society at Large Section? What other tips do you have for students taking on this Challenge? www.mtfchallenge.org | A Program of The Actuarial Foundation
Webinar Agenda Tips for Getting Started with MTFC www.mtfchallenge.org | A Program of The Actuarial Foundation
6 Tips for Getting Started Do the background research. Understanding what information is available and which questions to 1 ask before students start writing can be critical to organizing a well thought-out and well-organized report. Take it one step at a time. Work on one section of the report at a time. Focus first on the 2 Transportation section, then move on to insurance, and society. Or have students form teams of 3 and let one student take each section. Use multiple sets of data. Don’t rely on just one type of information to tell your story. Make sure 3 you have multiple sets of data and showcase how they affect one another in your models. www.mtfchallenge.org | A Program of The Actuarial Foundation
6 Tips for Getting Started Dig Deep into the Data. At first glance, many datasets may not tell you a lot. However, when you 4 apply math to the data, and start to analyze it in more depth, you’ll see that many insights can be inferred from even simple datasets. Communicate & Collaborate. Submissions can be the work of 1 to 3 students. Whether your students 5 submit as a team or not, we encourage students to connect with friends on the projects, and help one another with interesting insights. Use graphs and figures. Don’t rely on pure text to tell your story. A picture really is worth a 6 thousand words. Have strong graphs and figures to demonstrate the mathematical trends projected by your analysis of the data for each section of the report. www.mtfchallenge.org | A Program of The Actuarial Foundation
Webinar Agenda Finding a Mentor www.mtfchallenge.org | A Program of The Actuarial Foundation
Finding a Mentor A simple 2 question form can get you an actuarial mentor for your class. www.mtfchallenge.org/support/mentorship/ www.mtfchallenge.org | A Program of The Actuarial Foundation
Webinar Agenda Educator Math Grant Announcement www.mtfchallenge.org | A Program of The Actuarial Foundation
Educator Math Grants Supporting Math Education across the country, The Actuarial Foundation has selected 4 High School Educators to receive its first round of MTFC Educator Math Grants! www.mtfchallenge.org | A Program of The Actuarial Foundation
Educator Math Grants Geoffrey Estes Harrisonburg High School Harrisonburg, VA To support connecting the MTF Challenge to an “ethical reasoning unit” which Mr. Estes uses with his robotics students after building robots that have basic driving sensors, and teaching them the mathematics behind these sensors. www.mtfchallenge.org | A Program of The Actuarial Foundation
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