An actuary is a professional who uses math, statistics, and financial theory to analyze the risk of future events and helps create policies to reduce these risks.
This year, teams from different schools showcased their skills by analyzing data and offering new solutions through complex case studies.
The winners of this competition are:
- First Place: University of New South Wales, Australia – Team StatSmart Solutions, awarded a $5000 USD grant and a $500 prize for each team member.
- Second Place: University of New South Wales, Australia – Team Luminous Lake Lifeguards, awarded a $3000 USD grant and a $500 prize for each team member.
- Third Place: Salisbury University, U.S. – Team Mew Consulting, awarded a $2000 USD grant and a $500 prize for each team member.
Additional finalists included teams from Ball State University and the University of New South Wales.
Special attention goes to local Garrett County resident Carly Pfaff, representing Mew Consulting, who led her Salisbury University team to third place with the team’s “SuperLife Wellness” report and presentation.
This project integrates health and wellness programs into life insurance products, demonstrating significant potential in enhancing policy attractiveness and reducing policyholder mortality.
Submissions were evaluated by a panel of judges from the SOA Research Institute, with top teams presenting their recommendations virtually in late April.
“There is a perception that insurance rates are determined by very basic math but there is innovation happening in the industry. It’s very exciting as the SOA makes a point to develop contests that are timely and relevant to our current society,” said Pfaff.
Pfaff’s teammate, Cameron Cash came up with the team’s name Mew Consulting. The Greek letter mu (pronounced “mew”) is used prominently in actuarial work to represent mortality rates. Thus, Cash determined that mew is also another word for seagull which correlates with the Salisbury University mascot.
“This project has provided me the background I need to make a real difference in the life insurance industry,” said Pfaff. “The person-focused initiatives are an overall net-positive. Health and wellness programs benefit the company and are also good for society.”
Pfaff has secured an actuarial internship with Guardian Life insurance company this summer.
For more information on the challenge, please visit SOA Research Institute website.