The Actuarial Foundation Fall 2023 Newsletter

The Actuarial Foundation Volume 23, Issue 2

Building Futures

Feature articles: Meet the STEM Stars NASA and FEMA present at MTFC Scholarship winners and their stories

Math Motivators: origins and new horizons

Plus:

Emeritus Trustee runs marathon to support math education The Actuarial Foundation awarded top charity ratings Inaugural Shapiro’s Heroes event highlights

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Meet the STEM Stars “We are committed to empowering our Stars and making sure they find their twinkle within the industry. Among them, Tyler, Emily, and Naomi are prime examples of those who are shining bright and on a trajectory toward extraordinary success as actuaries, embodying the transformation we aspire to see in the future of the profession.”

Reko Daye, STEM Stars Actuarial Scholars Program Manager

How did you first learn about the actuarial profession?

How has STEM Stars helped you with your educational goals?

What interests you about actuarial science?

Tyler: I first learned about the profession when my mother suggested it to me when I was interested in finding a career that was related to math.

But when I really fell in love with it is when she gave me an example of what they really do. She insured the equipment that I used during my grass cutting business, so if I paid her a small premium, she would guarantee that she would pay for my equipment when it broke.

That was the first time I really had a chance to have some kind of financial indeTyler Shaia pendence. So looking back and realizing what she was able to do for me, I think it’d be very powerful for me to enable other people to have that same financial freedom.

Emily: The program was able to give me a dictionary of what the actuary life is. Coming from the South Side of Chicago, not a lot of people are actuaries. My family haven’t gone to college, so this was a new experience for me. My college doesn’t have an actuarial science major, so the STEM Stars program and scholarship was able to give me a list of mentors I’m able to connect to and ask questions, like about tracks. I didn’t know what a track was, but now I do know what tracks to pick and choose from.

Naomi: I am absolutely in love with math. I don’t think anything else would make me happy other than doing something with math.

“Having a mentor makes

a big difference with what kind of career path you have. We put together a plan for how I was able to get an internship during my freshman year. ” Where do you see yourself in ten years?

I’ll most likely be working at a consulting firm utilizing the experience and the knowledge that I’ve gained over the course of my actuarial profession to help other people with their businesses.

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Emily Roman

What interests you about actuarial science?

One thing that interests me about actuarial science is that it has a component of both math and computer science. I love computer science, but I don’t want to be a programmer. I also love math, but not the theoretical. I took my first internship and it exactly reflected what I imagined. I was more on an analytical side, and I learned there were more aspects to actuarial life.

The analytical internship I took was like a perfect balance for me.

“ To the professional

actuaries reading this, I hope you get involved with organizations like STEM Stars and The Actuarial Foundation so you can help people like me. We have potential in becoming actuaries, but it’s not tapped yet. ”

How has STEM Stars helped you with your educational goals?

My parents didn’t go to college, so it really helped me through the college process and helped me achieve my goals so far.

Naomi Maufort

What advice would you give to high school students who may be wondering about pursuing math in higher education?

Make sure you love it. You have to do a lot of studying, at least in my experience. And you will be spending a lot of time with a notebook and a textbook. So make sure you love it. And if you do, that is a wonderful thing.

“ In ten years I see myself as an actuary, but also I want to be helping the Foundation continue the STEM Stars program because they’ve helped me so much so far. ”

Is there anything you’d like to say to the actuaries reading this article?

I am so excited to join you in the profession, and I can’t wait.

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The Actuarial Foundation earns highest non-profit ratings from Charity Navigator and Candid T

The Charity Navigator rating system includes four Beacons:

In 2019, Candid was formed when GuideStar and Foundation Center merged. Candid’s data tools on nonprofits, foundations, and grants are the most comprehensive in the world. As of late 2020 (the most recent information available from Candid), only 5% of the more than 1.7 million nonprofits registered with the IRS earned a Candid Seal of Transparency. For a nonprofit to earn a seal, Candid considers several metrics: finances, goals, program information, strategies, capabilities, achievements, progress indicators, people involved, and impact. Candid awards four levels of transparency seals: Bronze, Silver, Gold and Platinum.

Accountability and Finance: The charity is accountable, transparent, financially efficient, and sustainable.

In order to be awarded the platinum-level seal, The Actuarial Foundation provided detailed documentation related to our finances, goals, strategies, capabilities, and progress.

he Actuarial Foundation has earned top ratings from both Charity Navigator and Candid (formerly GuideStar).

These charity watchdogs help individuals find and support charities that align with their passions and values.

The 4-Star Rating on Charity Navigator reflects that The Actuarial Foundation “exceeds or meets best practices and industry standards across almost all areas.”

Leadership and Adaptability: The charity has the leadership capacity, strategic plan, and ability to adapt or respond to changing circumstances to better achieve its mission.

Culture and Community: The charity implements practices that strengthen its overall organizational health and is responsive to its beneficiaries.

Impact Results: How much benefit the charity’s program(s) achieves relative to the cost required to run it.

In addition to Charity Navigator’s four-star rating, The Actuarial Foundation has received the 2023 Platinum Seal of Transparency from Candid for the fourth consecutive year. The Platinum Seal is awarded to only 0.1% of U.S. charities, and even fewer are granted the Seal four years in a row!

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These significant accomplishments reflect our commitment to sharing open and honest information with the public about our goals and impact. Our donors can be assured that their contributions are used in the most effective and efficient manner to provide critical and meaningful math tutoring, competitions, and scholarship programs for students across the country.

Our deep gratitude to our volunteers, staff, trustees, and all our partners who help ensure our organization remains a top-rated charity that creates brighter futures for students of all ages through math tutoring, competition, financial empowerment, and scholarship programs.

Visit our Candid and Charity Navigator portals using the QR codes below:

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NASA and FEMA experts present at Modeling the Future Challenge events

T his fall, The Actuarial Foundation hosted two exciting Modeling the Future Challenge workshops. In September,

we were joined by Casey Zuzak, Senior Risk Analyst for Natural Hazards at FEMA (Federal Emergency Management Agency), and at October’s event NASA (National Aeronautics and Space Administration) experts presented, speaking about the collaboration of aeronautics, science and space technology to address natural disasters.

To an audience of aspiring actuaries, Mr. Zuzak discussed how FEMA analyzes and identifies communities at risk for natural disasters and evaluates the geographic and social vulnerability for loss and damage. They assess past losses in areas such as agricuture by measuring frequency and severity, mapping these factors and risks using the National Risk Index. He outlined how property and casualty actuaries develop computer models of various types of disasters, interpreting and applying the model results to key business and community issues arising from potential disasters.

Students were shown how the robust FEMA data can be explored in greater detail for their modeling projects.

Mr. Zuzak also explained how the National Risk Index (NRI) helps inform recovery in communities. The Risk Index can be used to support resilience-building efforts and ensures that resources go where they are needed most. The focus is on learning lessons from the disaster event and thinking about how we can rebuild differently to avoid similar adverse circumstances in the future.

During the “Mitigating Natural Disaster Risks with NASA” virtual workshop, students learned how climate change increases the risk of natural disasters and how NASA’s innovative technologies combat these risks.

Presenters included NASA’s Dr. Mamta Patel Nagaraja, Associate Chief Scientist, NASA Office of the Chief Scientist; April Lanotte, STEM Integration Lead, Aeronautics Research Mission Directorate; Devin Boyle , Manager, RVLT eVTOL Propulsion Subproject, NASA Glenn

Research Center; and Dr. Marcus Johnson, Project Manag er, Advanced Capabilities for Emergency Response Operations (ACERO), NASA Ames Research Center.

During the opening remarks, Dr. Patel Nagaraja explained that Mission Control focuses on the concept of Failure, Impact, Workaround (FIW) when discussing potential risks in their projects. She discussed problem-solving and finding a permanent solution, reclaiming what is lost if it possible to do so. The concept of FIW corresponds to the five steps of the Actuarial Process where MTFC teams identify the problem and its risks, find and analyze data, mathematically model the risks, and make recommendations to mitigate those risks.

Panelists discussed how NASA’s ACERO project works to combat increasingly prevalent and dangerous wildfires. Experts from NASA’s Advanced Air Mobility team showcased how drone technologies can mitigate the effects of floods, hurricanes, droughts, and more. Actuaries Paul Heffernan, FSA, MAAA and Yinran (Jack) Huang graciously helped students understand and apply the abundance of resources that NASA offers and leverage the data into a robust risk mitigation Modeling the Future Challenge mini-scenario.

“This innovative work with NASA and FEMA elevates our already successful Modeling the Future Challenge to new heights, encouraging more students to learn data analysis, math modeling, and risk mitigation in addition to discovering engaging analytical careers like actuarial science,” said Jason Leppin, Executive Director at The Actuarial Foundation. “We’re excited to see where these opportunities will help lead our students toward bright futures.”

Visit mtfchallenge.org to learn more Fall 2023

View the interactive FEMA maps here 4

Showcasing 2023 scholarship recipients Actuarial Diversity Scholarship “Being a recipient of the Diversity Scholarship allowed me to complete my actuarial degree at Drake University. I was also able to expand my Celeste Trevino actuarial network and connect with new mentors through the scholarship program. I am pursuing my ASA and hope to attain this designation within my first 1 to 2 years of full-time work.

I also hope to increase the pipeline of diverse students entering the actuarial field either through an organization (The Actuarial Foundation, Organization of Latino Actuaries) or internally through my company. After completing my time abroad in Spain, I plan to start as an Actuarial Analyst at Cigna in Philadephia. I would like to extend my gratitude to those on the scholarship committee and all those involved in making this scholarship possible.”

Actuary of Tomorrow: Stuart A. Robertson Scholarship “This scholarship will allow me to leave college with more financial stability and reinforces my motivations for pursuing the actuarial profession.

Andrew Johnson It is a testament to all of the hard work that has gone into my education throughout the years. I am currently a senior at the University of Notre Dame with majors in Economics and Statistics and a minor in Actuarial Science. This past summer I interned at Allianz Life in Minneapolis, and I will be returning there full-time as an Actuarial Analyst in their Product Development department after I graduate in the spring. I am excited about entering a profession where I can use my abilities to make an impact by supporting the financial security of others. I look forward to working alongside like-minded and talented colleagues to accomplish this goal.”

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Robert D. Shapiro Memorial Scholarship for Actuarial Excellence “I recently finished my summer internship with Nationwide.

It was a fantastic experience and they really enjoyed having me, so much so that they’ve agreed to let Ryan Diaz me continue working remotely during the school year. I’ve also recently accepted an offer from Milliman’s Financial Risk Management practice, based in Chicago. I am very excited to experience consulting, and to be in Chicago, a city I’ve heard great things about. Additionally, I passed my third actuarial exam and am studying for my fourth.”

Caribbean

Actuarial Scholarship “I am eternally grateful to the sponsors of this award as it has tremendously assisted me. Not only am I able to relieve my parents of some Chenille Mundell of the financial strain that comes with my tuition, but it also affords me a greater peace of mind so that I can focus more on my studies. I am in the second year of my pursuit of a BSc. in Actuarial Science at the UWI Mona, and I am the Vice President of the UWI Actuarial Society. The future is filled with a myriad of technological advancements which will surely allow me and my fellow future actuaries to access and model different forms of data, consequently allowing us to better analyze and produce even more accurate predictions. In addition to this, I eagerly anticipate the opportunity to finally be able to give back to my parents, brother, and friends as they have all consistently shown me an insurmountable amount of love and support, especially when I needed it the most.”

Curtis E. Huntington Memorial Scholarship “The Curtis E. Huntington scholarship has enabled me to complete my education without taking on debt or having my parents spend Samiksha Padiyar an extremely large amount to support my education. If not for the scholarship, I would have had to work multiple jobs on-campus to help me afford my education. With the additional time, I am now able to go to industry events, network, and have opportunities I never would have before. The resume boost that the scholarship provides is also immeasurable, since being acknowledged by The Actuarial Foundation has no doubt given me an edge.

I am very grateful for the support of The Actuarial Foundation. Thank you so much for awarding me the scholarship. It has truly been life changing. I am very excited to graduate and start working full-time!”

Elizabeth M. Mauro Reimbursement Program “What I find most captivating about statistics and the field of actuarial science is the ability to tackle historical data to forecast future outcomes.

Jessie Jeon It is extremely satisfying to search into the intricate reasoning behind premium calculations and risk assessment. The aspect that truly sparks my passion is the craft of predicting possibilities before they occur, as it provides an opening into a world of fascinating insights and potential outcomes. This award has provided invaluable support for my preparations for the second actuarial exam. I am currently focused on completing my graduation in December, actively preparing for my second actuarial exam, and simultaneously exploring opportunities for a full-time actuarial position.”

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Math Motivators in Hartford, CT Origins and New Horizons

The Actuarial Foundation’s Math Motivators program,

which provides tutoring to students who need and want tutoring but lack the financial resources for academic help, was first established in Hartford, CT in 2016.

Program Founder, Barry Jacobson, who has enjoyed a long, successful career as an actuary and businessman, was also a high school math teacher and private tutor in suburban Hartford. Barry was a trustee of The Actuarial Foundation at the time, and is now an emeritus trustee.

He also served six years on the board of Achievement First High School (AFHS), a Title 1 school in Hartford’s inner city. It was there, at AFHS, that he fully realized the need to provide free, high-quality math tutoring for students from traditionally underserved communities. The Math Motivators program took root when Barry and 13 actuarial science students at University of Connecticut provided free SAT math tutoring to 25 students at AFHS. Barry and the university students provided personalized tutoring for the high school students in the program, using a well-researched, effective model of one tutor to two students.

Over the next few years, with tremendous support from the actuarial community, the program grew to serve students in several cities across the nation and focused on providing tutoring to middle and high school students in Pre-Algebra and Algebra.

Barry Jacobson

“The kids were working hard, they cared about what they were doing and wanted to do well,” says Jacobson. “They had phenomenal teachers, but those in the inner city didn’t have the money to pay for tutors. I didn’t think that was fair, so I started Math Motivators in an attempt to level the playing field.”

Today, Math Motivators provides tutoring in math coursework, enrichment, and test preparation (ACT, SAT, and AP Calculus) for students in 21 states plus DC. Though the focus continues to be on Pre-Algebra and Algebra, the program now serves students in grades 3 through 12. Tutors may support students in person (in

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select cities) or virtually and, though the vast majority of tutoring is via partnership with school or community organizations, parents/guardians can also register students for math tutoring directly through the Math Motivators National Virtual Tutoring Center. Last year, volunteers from 95 companies and 24 colleges or universities provided math tutoring for nearly 1,500 students.

This progress is due to the program branching out to new cities, as well as growth in established cities, to which Hartford is no exception. Last year, Math Motivators served 147 students in the Hartford metropolitan area: 14 upper-elementary, 32 middle, and 101 high school students. The students came from Bulkeley High School South, Hartford High School, and The Legacy Foundation in Hartford; Great Path Academy in Manchester; Common Ground High School in New Haven; and CREC Academy of Aerospace and Engineering (Academy for Afro-centric Scholarship Club) in Windsor. Hartford students from Avon High School, Miss Porters High School, Renbrook High School, and King Phillip Middle School in West Hartford received services through the Virtual Tutoring Center.

To support these students, Math Motivators engaged, prepared, and coached 61 volunteers from our partner organizations, including the University of Connecticut, The Hartford, Travelers, and Aetna. Volunteers in the Math Motivators program find the experience to be rewarding and meaningful, as they are making positive differences in students’ lives.

“It’s been a great school year of tutoring at Great Path,” said Tiffany Christner, Math Motivators Hartford tutor. “I had multiple regular students, but no matter who I was working with, they were engaged. We made a ton of progress on exam strategies and formula review.”

This academic year, Math Motivators expects to serve nearly 200 students in the Hartford area, including running four SAT prep courses.

Visit mathmotivators.org if you are interested in joining us on our mission to bridge the opportunity gap and help students reach their potential.

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Inaugural Shapiro’s Heroes event a “super” success On Thursday, Oct. 5, 2023, the Loews Chicago O’Hare

Hotel in Rosemont, IL, was packed with more superheroes than a Marvel summer blockbuster!

That’s because everyone who attended The Actuarial Foundation’s inaugural “Shapiro’s Heroes” event qualified as a superhero for helping to ensure funding of the Robert D. Shapiro Memorial Scholarship Fund for Actuarial Excellence.

Together, event sponsors and attendees raised over $200,000 for the scholarship program. Earlier this year, the program awarded $50,000 in scholarships to four promising college juniors and seniors planning to pursue actuarial careers.

Also honored during the event were the two newest members of The Shapiro’s Heroes Actuarial Hall of Fame: Rod Rohda, retired executive, Fidelity Investments, and Robert Stein, retired partner, Ernst & Young and board member of Assurant and Talcott Financial Group. Both inductees were recognized for their exceptional contributions to the actuarial profession.

A highlight of our inaugural Shapiro’s Heroes event was “Exploring AI Innovation,” a presentation addressing the potential benefits and concerns around the explosive growth of AI. Speakers included: Alex Castrounis, author and professor, Northwestern University’s Kellogg/McCormick MBAi Program, and CEO of WHY of AI; Matt Foran, co-founder and president of Stoiclane, and board member of UFG Insurance; Nic Gorey, CEO and founder, Rocketer; and Roosevelt Mosley, principal, Pinnacle Actuarial Resources, and president of the Casualty Actuarial Society.

Chuck Ritzke, FSA, MAAA, owner of Problem Solving Enterprises, Inc., led the session.

The Actuarial Foundation thanks all sponsors and attendees for making this first Shapiro’s Heroes event a spectacular success. Special thanks to the event organizing committee members for their tireless efforts in putting together this unique event: Mike Corey, Ron Butkiewicz, Stacy Shapiro and Karen Shapiro, and Jason Leppin.

Emeritus Trustee Bob Conger runs marathon to benefit The Actuarial Foundation Recently, at age 70, I ran my first-ever marathon. It was extremely satisfying to set a very challenging goal, to work hard along the way, to be ready for the event, and to achieve even more than I had envisioned. Inspired by a long Robert Conger tradition among actuaries in the UK, I decided that I wanted to use my marathon for a greater good: to raise money and awareness for a charitable cause. I selected one of my family’s primary charities: the Actuarial Foundation. We are passionate about the Foundation’s mission to improve math and financial literacy among US students; and I have supported the Foundation for more than two decades as a committee member, committee chair, tutor, trustee, advocate, and donor.

Foundation staff were tremendously helpful in handling the mechanical details of the fundraiser, agreeing on a doable fundraising goal, and defining important elements such as a communication plan. We identified several tasks for me to do, and staff helped me keep on track with my tasks, while also giving me updates as donations came in and little notes of encouragement from time to time.

I had in mind that we would be doing something good for

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the Foundation with my fundraiser, which we did, but it turns out that the benefits go both ways. By “going public” with my fundraising goal, I suddenly was receiving words of encouragement from friends, colleagues, and even perfect strangers — words that helped keep me from giving up when things got tough during training or on race day. And equally, I became determined not to let down the students who benefit from the Foundation’s programs. I derived huge motivation from realizing that the goals these students are pursuing, with our help, are far more important and Photo credit: finisherpix.com more challenging than any hurdles the marathon posed for me.

I encourage you to take the first step in your fundraising journey: have a no-risk, no-obligation brainstorming chat with Foundation staff. Or message me on LinkedIn to learn more about how it went for me; I’d be happy to talk, to listen to what you have in mind, and to become one of your supporters and cheerleaders!

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Thank you to our foundation and corporate supporters. Your generosity makes brighter futures possible for our students.

Innovator ($250,000+)

Discoverer ($100,000+)

Pioneer ($50,000+) Foundation

Pathfinder ($25,000+)

Pacesetter ($10,000+) Allstate Insurance Company Ameritas Charitable Foundation Casualty Actuaries of New England CNO Financial Group Conference of Consulting Actuaries Grace Global Capital LLC Intact Insurance Specialty Solutions New York Life Insurance Company Northwestern Mutual Foundation One America Optum

Pacific Life Foundation Prudential Financial PwC LLP Rudd and Wisdom SCOR Global Life Americas The Hartford The Terry Group Trustmark Foundation UNUM Zenith Insurance Company

Builder ($5,000+)

Ambassador ($2,500+)

Buck Diversified Search Group F&G Gen Re Insperity KPMG Origin8 Rocketer

Securian Foundation Swiss Re Tokio Marine HCC UnitedHealth Group Zurich North America Pinnacle Actuarial Resources, Inc.

Aetna, a CVS Health Company Atlantic Recruiting Group EMC Foundation Gravoc StoicLane Verisk Analytics

Advocate ($1,000+)

Actuaries Club of Hartford & Springfield

To our readers: We hope you enjoyed this edition of our newsletter. Future editions will be available online only. Please email info@actfnd.org to be sure we have your correct email address.