Act Sci / QRA Director Frederi Viens speaks about STEM pathways into insurance at Insuring MI Future event in Lansing
Prof. Frederi Viens drove to the west side of town, to an event organized by "Insuring MI Future", a group of Michigan insurance professionals who facilitate and promote opportunities for young people to pursue a great career in the insurance industry. The event, known as "STEM Pathways into Insurance" was held at Lansing Community College West Campus, across the street from the Lansing-based national insurance company Auto Owners. It was well attended by high-school and community college educators and counselors from Central Michigan, and representatives from insurance companies and actuarial science programs in the area. According to Keith Lambert, board member of Insuring MI Future, "This is a priority of ours [...] as building the tech talent pipeline is incredibly important to fuel our rapidly growing insurance industry." Prof. Viens's presentation was titled "What is risk? Examples from the front lines." In a 10-minute lively TEDx-style presentation, he covered four topics on risk from the business side and from research on climate risks: Hedging in finance vs. actuarial pricing; Reserving in insurance companies: expand business to lower prices; When actuarial pricing goes (badly) wrong: illiquid rain-index insurance markets in the US, vs. for smallholder farmers in India and Bangladesh; When messaging about risk ignores the facts: Lake Aral, Lake Chad, Naval Base Norfolk.