MATH 3670W (291W): Technical Writing for Actuaries

 

 

Catalog Description:

 

Students will write a technical report on an advanced topic in actuarial science.

Prerequisites:

 

ENGL 1010 or 1011 or 3800; Consent of Director of Actuarial Science is required.

Offered:

 

Either semester for 3 credits

 

Goal:

 

The primary goal of Math 3670W is to learn to communicate effectively as a professional actuary.  The student will improve in the ability to speak and write clearly about actuarial topics in a manner that is understood by actuaries and non-actuaries.  Students will also gain a better understanding of the actuarial profession, potential roles for actuaries, the business needs for actuaries, and how best to manage actuarial talent.

 

Learning objectives:

 

1.  Write clearly, using correct grammar, in a well-organized manner.

2.  Speak in a professional manner in a way that is understood by others

3.  Use clear and appropriate examples to explain ideas and illustrate points

4.  Develop documents and presentations that effectively communicate ideas

5.  Prepare for a successful role as an actuary

6.  Determine and explain a mathematical model for actuarial talent management

 

Instructor:

Michael M. Braunstein, ASA, MAAA, Assistant Director, Actuarial Science Program

Room MSB 121; (860) 486-4236; braunstein@math.uconn.edu

Office hours are Mon/Tue 2-4; Wed/Thu 10-12; or by appointment

 

Grading Plan:

 

Thirteen writing assignments, two short presentations and a final exam will be assigned and graded.  Each will be weighted as indicated below and each graded on a scale of 0-10.  A student’s overall score will be based on the product of the weight and the grade for a potential of 1000 points in total.  Additionally, there will be two 50-point extra credit opportunities.    The final numeric grade will be determined by dividing the student’s overall score (including any extra credit earned) by 100 and then converting to the corresponding letter grade.

Assignment topic

Weight

Due Date

 

 

 

1.    Initial Assessment Essay

5*

Sept 3

2.    Vision/Assessment Statement

5

Sept 10

3.    Resume               

5

Sept 17

4.    “Elevator” speech

5*

Sept 24

5.    Job Response                  

5

Oct 1

6.    Thank you note               

5

Oct 8

7.    Company organization options

5

Oct 15

8.    “I need staff” speech      

5

Oct 22

9.    Healthcare—the uninsured        

5

Oct 29

10   MCR Summary              

5

Nov 5

11.  Annual Statement Analysis        

5

Nov 12

12.  Pricing Argument email             

5

Nov 19

13.  Talent Management Model        

5*

Dec 3

14.  Ethics Case Study                       

5

Dec 8

15.  Negotiation                     

5

Dec 10

16.  Final examination                                  

25

Dec 15-17

Total              

100

 

 

*Unlike the other assignments, the grades for the 1st, 4th, and 13th assignments (i.e. the Initial Assessment Essay, the “Elevator” Speech, and the Talent Management Model) will be based entirely upon timeliness relative to due date with the quality of work not used as a factor in grading.  Grades for these 3 assignments will be either 0 (if not done on time) or 10 (if done on time).

 

Assignments:

 

1.  Prepare a one-page essay on what you currently know about the actuarial profession.  Discuss what interests you about the field, why you believe the actuarial profession is important, the direction you see the profession moving, and include whatever else you deem appropriate.  Due date 9/3.

 

2.  Prepare a short vision statement for yourself as it relates to your career.  Be certain that it is SMART, i.e. specific, measurable, achievable, relevant, and timed.  Discuss it with someone who knows you and share their insights about it in a second paragraph.  Also write several paragraphs on your strengths and your areas of needed improvement with respect to technical skills and to business skills.  Explain how you intend to gain the skills you seek.  Due date 9/10.

 

3.  Prepare a resume that you can use to get a job as an entry-level actuarial student. Due date 9/17.

 

4.  Prepare a 1-minute “elevator” speech that you can use to introduce yourself during a chance encounter with the CEO of your firm or in some other networking capacity.  Be prepared to demonstrate that speech in class. Due date 9/24.

 

5.  Prepare a one-page letter explaining your interest in an actuarial position being advertised and, based upon your resume, make a convincing case to be considered for an interview.  Due date 10/1.

6.  Prepare a one-or-two paragraph “thank you” note to someone with whom you have just interviewed for a position you seek.  Also prepare a “thank you” note that you believe would be problematic.  In an additional paragraph, explain the differences.  Due date 10/8.

 

7.  Prepare a one-page summary from you, the Chief Actuary of ABC Insurance, to the CEO of ABC providing the various choices available to him in reorganizing the company.  Select your preference and, using pros and cons, make the case for such an approach.  Due date 10/15.

 

8.  Prepare a one-page summary, with a fictional chart, explaining to the CEO of ABC Insurance why you, as Chief Actuary of ABC, need to hire four additional staff.  Due date 10/22.

 

9.  Research the healthcare debate in the U.S., and prepare a one-page summary explaining how you believe the problem of over 45 million uninsured can be solved.  Due date 10/29.

 

10.  Summarize the article “Management of Medical Cost Ratios” for a company newsletter sent to all employees of your company.  Limit the article to no more than one page.  Due date 11/5.

 

11.  Prepare a half-page report for the other actuaries at your company explaining the changes in your firm’s reserves as indicated in the current and prior year Annual Statement.  Prepare another half-page report explaining the same change to the sales and marketing staff.  Due date 11/12.

 

12.  Prepare a short email explaining life insurance pricing assumptions to a new field sales staff person.  Explain how the assumptions impact the price of the product.  Due date 11/19.

 

13.  Read the articles, “What My Company Knows That Yours Doesn’t” and “What My Company Knows (and Yours Does, Too)” and, using prior assignments and class discussions, create a complex but realistic 10-year mathematical model for a 150-person actuarial community in a multi-line insurance company.  Consider possible hiring issues (interns, full-time actuarial students, and replacements for terminations of experienced personnel). Consider pass rates on actuarial exams and resulting promotions and exam raises.  Consider movement of personnel due to rotations from department to department.  Ultimately, paint a 10-year scenario for the number of anticipated staff at various job levels, and project the cost of that staff for each year over the next 10 years.  Articulate concerns that might arise and address changes in business needs.  Make sure to consider the overall distribution and levels of the actuarial staff relative to anticipated needs by department, within line of business, and across the various functions of the company.  Document the many assumptions necessary for the model. Class discussion is permitted and encouraged as an aid in designing the model.  Due date 12/3.

 

14.  Prepare a one-page explanation on the importance of the Actuarial Code of Conduct and on the importance of ethics in general to the actuarial students at your company.  Use the case study titled “The Case of the Information Found” as an example in your explanation.  Due date 12/8.

 

15.  Prepare a one-page summary and explanation of important basic and advanced negotiation techniques that can be utilized by actuaries, underwriters, sales staff, and others.  Due Date 12/10.

 

 

 

Final examination:

 

16.  As Chief Actuary of the multi-line ABC Insurance Company, prepare a well-written and clearly-articulated report on the company’s long-term actuarial staffing needs for your company’s newly-hired CFO.  Be certain that it is written in an appropriate format with a table of contents, supporting graphs and charts, and explanations of all assumptions.  Detail your 10-year projections on costs as derived via the execution of your mathematical model (as described in Assignment 13) as well as your concerns about staffing issues (e.g. adequate coverage, career development), and include all your solutions toward meeting your company’s anticipated actuarial staffing needs.  Address the benefits associated with the cost of that staffing, pay special attention the value that only actuaries can bring to a company, and explain why you see those costs as necessary relative to the business needs of the company.  To the extent that it is appropriate to your report, you may (and are encouraged to) include any or all of the prior class assignments within the body of your report or as appendices—but only if those assignments have since been modified consistent with earlier instructor feedback.  The report should be 15-20 pages in length including all supporting documents.  Due date 12/15-17.