Engaging Students with Actuarial Science and the MTFC Webinar, July 11, 2017

Transcription

1 Engaging Students with Actuarial Science and the MTFC Webinar, July 11, 2017

2 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

3 Introductions Hosted by: The Actuarial Foundation Gold Sponsors: Roy & Georgia Goldman Bronze Sponsors: Supported by: Institute of Competition Sciences Outreach and Mentorship Committee 31 actuarial professionals and university professors volunteering to support students and educators.

4 Webinar Agenda What goes into an MTF Challenge submission?

5 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)

6 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?

7 Your MTF Challenge submission Transportation Industry Changes (Up to 10 pages max) Start with the data on 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.

8 Your MTF Challenge submission Insurance Industry Changes (Up to 10 pages max) Start with the data on 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!

9 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: 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?

10 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?

11 Webinar Agenda Actuarial Science tools and tips. How do actuaries do it?

12 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!

13 Actuarial Science tools and tips Clark Slipher, FSA, MAAA Clark is a retired Principal of Milliman, Inc. He worked at Milliman for 20 years as a health insurance consultant. Most recently, he served as the National Director of Milliman's health practice and was on the firm's Board of Directors for seven years. Clark graduated from Ball State University. Clark also served on the examination committee and health insurance task forces. As a recent retiree, Clark volunteers for the Red Cross and Milwaukee Rescue Mission (tutoring and mentoring on professional development). Nate Worrell, FSA Nate Worrell helps actuaries around the world model the future. He's on the actuarial support team for AXIS, an insurance modeling software from GGY, a Moody's Analytics company. He is a graduate of the University of St. Thomas, and currently lives in the Pacific Northwest with his wife and kids. In addition to modeling the future, Nate also loves to write about it. This year is his fourth time competing in the Actuarial Speculative Fiction Contest.

14 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?

15 Webinar Agenda Tips for Getting Started with MTFC

16 6 Tips for Getting Started Do the background research. Understanding what information is available and which questions to 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 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 you have multiple sets of data and showcase how they affect one another in your models.

17 6 Tips for Getting Started Dig Deep into the Data. At first glance, many datasets may not tell you a lot. However, when you 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 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 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.

18 Webinar Agenda Finding a Mentor

19 Finding a Mentor A simple 2 question form can get you an actuarial mentor for your class.

20 Webinar Agenda Educator Math Grant Announcement

21 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!

22 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.

23 Educator Math Grants Lori Woods Danville High School Danville, IL To support a class visit to Purdue University where her students will explore careers in mathematics and STEM. While there they will also visit Purdue s Discovery Park, which has extensively researched autonomous vehicles, to build the students background knowledge on the technology and support their participation in the MTF Challenge.

24 Educator Math Grants Madison Shipley DSST Public Schools Denver, CO To support a subscription to new Mathalicious lessons that will help her class address the Common Core Standards while challenging students to think critically about the world. The lessons will be used by Ms. Shipley s students to help develop the skills necessary to participate in the MTF challenge.

25 Educator Math Grants Susan Baloun Cochrane Fountain City High School Fountain City, WI To support Ms. Baloun s expansion of her school s Math Team and to purchase statistical software (SPSS), a number of laptops for the team, graphing calculators (TI-84+CE) and other materials that will help the Math Team conduct the statistical analysis required in the MTF Challenge.

26 Educator Math Grants Thank you to all who applied We hope all who applied will continue to participate in the MTF Challenge and look forward to finding new ways to support you and your work to engage students in applied math and actuarial science!

27 Webinar Agenda Registering your team(s)

28 Registering Your Team(s) MTF Challenge uses the ICS Team Registration & Submission Platform. Register multiple teams of students. Manage all teams from one master account, or allow students to setup their own teams.

29 Webinar Agenda What s Next?

30 What s Next Upcoming Milestones July 11, 2017 Team Registration open. Sep 19, rd webinar: Autonomous Vehicles & Actuarial Science. Oct 17, th webinar: Completing Successful Submissions. Oct 28, 2017 Student or team registration due & Submissions Open Nov 25, 2017 Submissions due Dec 20, 2017 Finalists announced Feb 25-26, 2018 MTF Symposium, presentations, and final awards

31 Questions Thank you for joining us! We look forward to helping you engage your students with the Modeling the Future Challenge. Questions? Contact: