engaging students with actuarial science and the mtfc€¦ · • actuary is consistently rated as...

Engaging Students with Actuarial Science and the MTFCWebinar, July 11, 2017

www.mtfchallenge.org | A Program of The Actuarial Foundation

1. Introductions2. 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 Challenge5. Finding a mentor for you or your students6. Educator Math Grant Announcement7. Registering your team(s)8. What’s Next?9. Q&A

Webinar Agenda


Hosted by:

The Actuarial Foundation

Supported by:

Institute of Competition Sciences

Introductions

Outreach and Mentorship Committee

31 actuarial professionals and university professors volunteering to support students and educators.

Gold Sponsors:

Roy & Georgia Goldman

Bronze Sponsors:


What goes into an MTF Challenge submission?

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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)


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?



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.


http://www.mtfchallenge.org/resources/transportation-industry-data/


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!


http://www.mtfchallenge.org/resources/insurance-industry-data/


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?


https://www.mtfchallenge.org/resources/societal-impact-data/


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?



Actuarial Science tools and tips.How do actuaries do it?

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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!

Actuarial Science tools and tips



Nate Worrell, FSANate 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.

Clark Slipher, FSA, MAAAClark 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'shealth 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).


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?



Tips for Getting Started with MTFC

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6 Tips for Getting Started

1Do 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.

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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.


6 Tips for Getting Started

4Dig 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.

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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.


Finding a Mentor

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A simple 2 question form can get you an actuarial mentor for your class.

www.mtfchallenge.org/support/mentorship/

Finding a Mentor

http://www.mtfchallenge.org/support/mentorship/


Educator Math Grant Announcement

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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!



Geoffrey EstesHarrisonburg 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.



Lori WoodsDanville High SchoolDanville, 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.



Madison ShipleyDSST Public SchoolsDenver, CO

To support a subscription to new Mathaliciouslessons 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.



Susan BalounCochrane 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.



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!


Registering your team(s)

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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.

Registering Your Team(s)

https://www.competitionsciences.org/competitions/modeling-the-future-challenge/

https://www.competitionsciences.org/competitions/modeling-the-future-challenge/


What’s Next?

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Upcoming Milestones

• July 11, 2017 – Team Registration open.• Sep 19, 2017 – 3rd webinar: Autonomous Vehicles & Actuarial Science.• Oct 17, 2017 – 4th 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

What’s Next


Questions

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

Questions?

Contact:

[email protected]

engaging students with actuarial science and the mtfc€¦ · • actuary is consistently rated as...

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