Canada | Case Study | Skills development

Engaging Actuarial Students’ Curiosity

University of Waterloo’s ‘Team Factuarial’ details its Student Research Case Study Challenge victory

SOA Staff

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Teamwork. Perseverance. Intellectual curiosity. Three traits UWaterloo’s (Ontario, Canada) Team Factuarial —William Zhang, Ki Yan Chan and Kevin Jiang—relied on to take first place in the Society of Actuaries (SOA) Research Institute’s 2025 Student Research Case Study Challenge.

Each year, the SOA Research Institute invites college students to work on a hypothetical case study. Teams of two to five students research the case study, conduct actuarial analysis, formulate solutions and present recommendations in a report. The top teams receive grants and additional funds for team members.

In 2025, teams were tasked with developing a national insurance program for earthen dams. More than 65 teams from 42 universities in 17 countries spanning six continents took part in the challenge. After three rounds of judging by a panel of actuarial volunteers, Team Factuarial came out on top.

Teamwork and persistence

Zhang, Chan and Jiang heard about the Student Research Case Study Challenge during a student-run actuarial conference in Niagara Falls, Ontario. They had already worked together in other academic competitions, so they decided to tackle the challenge.

“We knew we would learn a lot and that it would be fun,” said Zhang.

Throughout their work as a team, the trio demonstrated a tremendous drive to learn. Early on, their determination stood out to their faculty advisor, Dr. Ben Feng, ASA, Associate Professor, Actuarial Science.

“These guys struck me as having a lot of motivation,” said Feng. “They were really enthusiastic about this challenge, and they wanted to do it well.”

The challenge itself was far from simple. Teams analyzed complex data to calculate the risks posed by earthen dams, created actionable solutions, and developed recommendation reports. Then, six teams chosen as finalists presented their conclusions to seasoned actuaries.

“One of our biggest takeaways was the importance of clear and effective communication,” said Zhang. “It wasn’t enough for our analysis to be technically sound; we had to make sure our findings were accessible and our rationale easy to follow.”

Each student brought a unique skill set to the team. Some focused more on technical modeling, while others specialized in writing or research. This allowed the team to play to their strengths and blend their efforts into a cohesive, well-structured report.

The team noted that their initial encounter with the dataset felt daunting. With no prior knowledge of flood insurance, they had to begin with in-depth research to understand the issue at hand.

“We spent a lot of time just researching flood risk and how insurance pricing works across different countries,” Chan explained. “At the same time, we were getting familiar with the dataset itself, exploring what variables were available, how clean the data was, and what kind of insights we could realistically extract.”

This phase involved quite a bit of trial and error, but gradually they began identifying patterns that laid the foundation for their recommendations.

“Participating in this challenge taught me actuarial work is more than numerical analysis,” said Jiang. “Ultimately, we found that actuarial work is the art of translating numbers into risk, recessive trends into policy.”

As their faculty advisor, Feng played a crucial role in supporting the team. He helped them interpret the case, manage messy data, and improve their presentation strategy. He admired their initiative, noting how they sought feedback not only from him but also from other faculty and policy experts.

According to R. Dale Hall, FSA, MAAA, CERA, Managing Director of Research at the SOA, the teams demonstrated their ability to blend strong data analysis with effective communication.

“They used the data to study and form solutions and communicated those ideas and the value of their solution in a very compelling way,” said Hall.

Creating a valuable experience for students

The SOA Research Institute offers the annual Student Research Case Study Challenge to give university students a taste of real-world actuarial work, blending technical analysis with practical, policy driven recommendations. The competition attracts teams from across the globe and provides a platform for students to put their math skills and actuarial knowledge to the test and to demonstrate their creativity, teamwork and ability to communicate their ideas in a report.

This project would not exist without a dedicated group of SOA volunteers. Each year, a committee of 15 to 25 SOA members develops a new case study from scratch. Past years’ case studies have included a wide range of topics, from relocation social insurance as a way of dealing with climate change to the creation of a national soccer team and, this year, a national insurance program for earthen dams. Volunteers also judge the final projects.

“The Case Study Challenge is a fun SOA volunteer opportunity,” said Case Study Challenge Committee Chair Hal Tepfer, FSA, EA, MAAA, Actuarial Science Program Director, Boston University Metropolitan College. “It’s also intellectually stimulating and collaborative. For anyone committed to growing the profession and nurturing actuarial students, this is a great program to support.”

For students considering the challenge in the future, Jiang offered the following advice: Dig deep into fundamentals, try to understand the global policy landscape, consult experts and stay persistent. “Trust the process, trust your intuition. The effort you put in will pay off,” he added.

Nurturing the future of the profession

The Student Research Case Study Challenge is about growth, curiosity, and passion, and the actuarial students from UWaterloo showed that with the right mindset and collaborative spirit, students can tackle complex actuarial problems and offer meaningful, real-world solutions.

FOR MORE INFORMATION

Explore the Challenge first-place report and other finalist entries and see a complete list of the semifinalist teams.
Hear an interview with the students from Team Factuarial in a recent Research Insights Podcast.

The SOA recognizes the importance of partnering with colleges and universities to help develop future actuaries and to advance education and research for the actuarial profession.

“The Case Study Challenge is an important tool to give our candidates and future actuaries a way to use their growing research skills,” said Hall, “and to get a first look at driving solutions for the world around us.”

Statements of fact and opinions expressed herein are those of the individual authors and are not necessarily those of the Society of Actuaries or the respective authors’ employers.