This year, I completed my Junior year majoring in Actuarial Science and Risk Management and Insurance. I have enjoyed previous Co-Curricular Learning Board (CCLB) events, and this year was no exception. In two separate events we explored the current issues of artificial intelligence (fall semester) and climate risk (spring semester) and discussed solutions with our CCLB members, department faculty, and other students. These events were fast-paced and interesting, and an excellent opportunity for students to learn about the topic and interact with company representatives.
It was clear that this year’s event topics were very thoughtfully chosen. Both Artificial Intelligence (AI) and climate risk are emerging topics in our ever-changing society that have clear, direct impacts on the way insurance companies do business. I was extremely interested in both topics and the opportunities and difficulties they present. I entered both events with numerous questions swirling in my mind and left energized with increased knowledge about the topic, new professionals in my network, and additional questions for me to explore.
At our AI event, Risk and Insurance Department Chair Dani Bauer began with a brief introduction of the topic and an overview of the rapid advances in the field over the past year. He then shared current and possible uses in the insurance industry, impacts on automation and employment, repercussions on insurance regulation, and ethical implications. His fast-paced and informative presentation was separated into multiple segments which allowed for meaningful discussion. These discussions gave us the opportunity to explore specific questions related to the respective topic with both the CCLB representatives and the other students at small tables. We all then came together as a large group to discuss. Reflecting on this event, one major takeaway that I have is that, although there are some jobs in the risk and insurance industry that may get replaced by AI, there are also opportunities for the creation of new jobs such as AI engineers and compliance monitors. Another takeaway was that the implementation of AI in the industry will create new considerations regarding biases and fairness in decision making that will need to be addressed.
At our panel-style climate risk event, Bauer facilitated faculty panelists Ty Leverty and Philip Mulder, who discussed possible implications for insurance markets and regulation as well as innovative ways that insurance companies are mitigating their exposure and building resilience. They then moved to a more specific discussion focused on the topic of California and Florida and the decision of some insurers to stop offering new contracts in these states. This event also included small-table and large group discussions. From this event, I learned that a company’s dedication to adapting to climate risk will have a direct impact on their ability to stay solvent due to the catastrophic losses that can come from climate-related events. I also learned about several innovative risk-mitigation techniques that are already being implemented to be more averse to climate risk.
This year’s CCLB events were some of the most enriching events I have attended. I, along with many other students, had the opportunity to dig deep into topics that will continue to shape my future career. Being able to do this with industry professionals from our five CCLB companies is an opportunity that I am so grateful to have. Thank you to everyone who helped make these events successful and I am eager to attend the CCLB events in the coming academic year.
The CCLB consists of 5 companies—American Family, M3, Milliman, Swiss Re, and TruStage. These companies host multiple events per year specifically designed to foster further education for students in an informal, outside-the-classroom environment.