In February, a team of four actuarial science students from Penn State Smeal College of Business placed second at the Munich RE Cup Annual Case Study Competition held in New York City. The competition is a prestigious event in the actuarial field that provides students with an opportunity to showcase their analytical and problem-solving skills in real-world business scenarios.
The case study for the competition focused on how life insurance companies can use technology and reinsurance solutions to manage growth and profitability. The challenge was to develop a pricing structure for a new insurance product that leverages behavioral data from wearable devices like smartwatches, while also creating a financial strategy to address the capital strain associated with launching this product.
The winning team consisted of third-year actuarial science major Anthony Padula, along with second-year actuarial science majors Matthew Bretz, Sean Gordon, and Olivia Lechthaler. They had eight weeks to analyze the case and prepare a detailed presentation outlining their analysis and recommendations. After being selected as finalists, the team presented their findings to a panel of judges.
The hard work and dedication of the Smeal team paid off, as they were awarded a $7,000 prize, which was divided equally among the four members. Mandy Hammell, the team’s faculty adviser and professor of practice in risk management, commended the students for their exceptional performance in the competition. She highlighted their critical thinking, creativity, and ability to succeed in a challenging environment as key factors that set them apart.