Spring 2021

Hello!
Welcome to the Spring 2021 Drake Actuarial Science & Risk Management Newsletter. Your time is greatly appreciated, and we look forward to sharing the following update with you.

As I am sure you know, the COVID-19 pandemic has presented higher education (and the rest of the world) with many challenges. Despite optional remote coursework and on-campus restrictions, the Drake actuarial science department has continued to prioritize the students and ensure that the focus on academics and professionalism is not lost.

The past year has bestowed many accomplishments. From the Center of Actuarial Excellence designation being renewed to hosting virtual networking events, the department has helped students remain equipped to win prestigious awards and experience the insurance industry through educational internships.

Lastly, thank you to our alumni for all of your support during these challenging times. All of your efforts to remain connected to Drake and the students are greatly appreciated. Be sure to check out the upcoming opportunities section which highlights a few events designed just for you!

By Gabrielle Prill, Editor-in-Chief

Center of Actuarial Excellence Renewal

Drake University has again been awarded the prestigious Center of Actuarial Excellence (CAE) designation by the Society of Actuaries (SOA), signifying that its School of Actuarial Science & Risk Management is among a small number of programs accredited as best in the world in this burgeoning field of study. Drake is one of 17 programs in the United States and 33 globally with this designation. The five-year designation recognizes outstanding actuarial science programs that meet rigorous requirements related to their curriculum, faculty, and graduates.

Upcoming Opportunities

ActSci Alumni Event

When: Tuesday, January 26th, 4:00 pm CT

Gather with your actuarial science alumni during a virtual happy hour. This is a chance to see old friends, meet new ones, and celebrate our Stuart Klugman Alumni Award recipient, Randall Horn, BN ’74. Randall retired as the President and CEO of Colonial Supplemental Insurance in 2015. Prior to this company, Randall had a 27-year career with Mutual of Omaha. Alejandro Hernandez, the new dean of the College of Business and Public Administration, will also speak during the event. Stuart Klugman and current actuarial faculty will join, as well.

Catastrophe Risk Conference

When: February 19th

Hosted by the School of Actuarial Science & Risk Management, this virtual risk and insurance workshop on catastrophic risk will serve as a platform for academic researchers and industry practitioners to exchange research ideas and disseminate recent advances in catastrophe insurance and related fields.

#networkwithDrake campaign

Network with former and current Bulldogs by using and following the #networkwithDrake hashtag on LinkedIn!

(Virtual) Events

First-Year Connect

The actuarial program held its annual speed networking event last week in a virtual format utilizing Zoom. The professionals were all positioned in a different breakout room, and the students rotated rooms every 10 minutes. We received great feedback from professionals and students on this format. A few professionals commented that they missed seeing the students in-person, but others said that the virtual format was more convenient for them. This is a good example of continued engagement with the business community during the pandemic!

Actuarial Science Career Fair

The CBPA hosted a virtual career fair for our actuarial science students. Using the platform Handshake, the event managed to assist students with their job/internship search and to connect students with employees. This year, 123 students and 40 companies participated with 402 virtual interviews being conducted over the two-day recruiting event.

Student Update

CAS Trust Scholarship

Asrielle Allen, a senior studying actuarial science and data analytics at Drake University’s College of Business and Public Administration, was one of eight students across the United States and Canada to have won a prestigious Casualty Actuarial Society (CAS). “I am very thankful to the Casualty Actuarial Society for selecting me as a CAS Trust Scholarship Recipient,” said Allen. “I have looked up to past recipients of this award, so to receive it myself is truly an honor. I would like to thank God, my parents, Drake University, my professional network, and this society for encouraging me as I pursue a career as an actuary.” This is the fourth year in a row that a Drake student has been selected.

Gamma Iota Sigma Scholarship

One of our Drake students received the Alan C. Williams award which is "established to recognize the one individual member of Gamma Iota Sigma that sets the best example for all other members and is our best ambassador to the insurance, risk management, and/or actuarial science industries at the international level as well as at the local and regional levels. In other words, the Alan C. Williams Leadership Award is the highest honor an individual member can receive from the Grand Chapter." Jack Richards, a spring 2020 graduate of our program, was bestowed this honor at the fall GIS International Conference.

Summer Internship Highlights

"Hi! I’m Emily Woitas, a senior studying Data Analytics. This past summer I successfully completed my second internship with Liberty Mutual, one of the top property & casualty insurers in the country. While I wish we could’ve been in person in the Seattle office, I enjoyed my remote experience as an intern in the Analyst Development Program.
My project was to forecast the capacity and demands of my team to guide future management decisions. I got a lot of experience with modeling, using new tools, and discovering important insights. I was even recently featured in a Forbes article related to these opportunities. I’m so glad to have been able to make a difference in the company these past two summers and can’t wait to join the team full time following my graduation!"

By Emily Woitas

"Hi, my name is Kai Yee. I will be graduating in Spring 2021 with an actuarial science major and data analytics minor. In summer 2020, I had the opportunity to be an actuarial intern in the Business Intelligence unit at EMC Insurance Companies.
Due to the pandemic, it was a new experience for me and all other employees of the company to work from home. However, everyone at EMC was very helpful in trying to make ends meet! The company managed to organize fun events such as trivia, mental health talks, mock interviews, resume building workshop etc. for their interns which really shows how much they prioritize us!
Under the BI unit, I’ve learned a lot about building reports to assist other units such as pricing/reserving by pulling in data that are necessary to build reports. This involves utilizing SQL, Excel and Power BI! EMC has also offered to extend my internship through the Fall and Spring semester. Since then, I have also rotated to the Operations unit where I helped in building PowerBI reports for rate analysis and did some pricing work in Excel. It was a valuable experience and I greatly appreciate this opportunity given to me by the company despite the pandemic!"

By Kai Yee Lee

"My name is Brianna Ringen, and I’m a senior studying actuarial science with a minor in data analytics. I am an active member of the actuarial science fraternity Gamma Iota Sigma. This summer I interned at Principal Financial Group in their Retirement and Income Solutions (RIS) business unit on the Pension Risk Transfer team. Principal is a global financial investment management and insurance company.

I completed this internship virtually from my home in Minnesota which brought with it many challenges and learning experiences. I was able to strengthen my communication and collaboration skills through working with members of my team as well as other interns. During the summer I worked on moving Principal’s pension pricing plan for the NBA from Excel into R. My favorite part of my experience at Principal was the CodeJam project that I worked on all summer with two other interns. Everyone brought a different skillset and area of expertise to the project, and we were all able to both learn and teach each other.

This school year I am interning with Farm Bureau Financial Services as a Competitive Intelligence intern. This internship has also been virtual but has felt much different than my experience with Principal. I had previously interned at Principal and had a good feel of the company culture before going virtual. I was a little nervous working virtually for a company I didn’t have any previous experience with, but it has been a wonderful experience. Everyone is extremely friendly and helpful, and collaboration has been a key element of my internship.

I have accepted a full-time position at F&G Annuities & Life as an actuarial assistant upon my graduation in May.

I’m excited for my final semester at Drake and hope to be able to return to campus!"

By Brianna Ringen

Meet Professor Kevin Croft

In June of 2020 I was offered (and accepted!) the opportunity to join the Drake faculty as the distinguished EMC Associate Professor of Practice and Director of the Kelley Center for Insurance Innovation. I graduated from Drake in 1989 with a degree in actuarial science and returned to earn an MBA in 1995. I fondly recall connecting in and out of class with pillars of the profession including Warren Adams, Newt Bowers and Stuart Klugman. I began my career as an actuary yet spent most of my time in the industry leading teams that manage liability-driven investment portfolios. Identifying, measuring and managing risk has been at the heart of my career!

It is very exciting to be back in Aliber Hall in the role of a faculty member to carry on the strong tradition of preparing students for careers in risk management, insurance and finance. I seek to connect with students in a way my professors did for me! I have a role that combines classroom teaching and allows me to continue my engagement with the insurance industry. My priorities for the Kelley Center are to:

- Increase student awareness of and interest for employment in the insurance industry. Many of you drive innovation and evolution in the insurance industry every day. I want to share examples of these changes to build interest in adding the risk management and insurance minor specifically and industry employment generally. If you have some examples, please share them!

- Develop a forum for Chief Risk Officers, Chief Investment Officers, Chief Financial Officers, regulators, rating agencies, service providers and other stakeholders to discuss current and emerging issues, policies and employee development. Drake is uniquely positioned to partner with both large and small insurers to creatively solve today’s challenges. Let me know if you would like to participate.

- Seek input from stakeholders like you on how the Kelley Center can assist the industry, discover current challenges and create solutions. The Center sits at the confluence of actuarial, data analytics, finance and risk management disciplines. The industry’s needs will inform the priorities of the Kelley Center and long-term curriculum development.

- Increase visibility for the risk management and insurance minor with employers. Learn what skills and knowledge base employers need their new hires to possess and build it into Drake’s curriculum.

- Provide development programs, as needed, for mid-career professionals to accelerate personal advancement and organizational success.

I appreciate your input and partnership in leading the Kelley Center’s success!

By Kevin Croft, ASA, CFA, EMC Associate Professor of Practice, Director of the Kelley Center for Insurance Innovation

Gabrielle Prill, Editor-in-Chief

Drake University College of Business & Public Administration
School of Actuarial Science and Risk Management
2507 University Avenue, Des Moines, Iowa 50311-4505
Actuarial Science T 515-271-4029 E actuarial.science@drake.edu W drake.edu/actsci
Risk Management T 515-271-1897 E risk.management@drake.edu W drake.edu/actsci

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