- Slides: 14
Case Study Workshop
What is a Case Study? Practice Closing Thoughts
What is a Case Study? “A Case Study Interview is a miniature simulation of a typical client engagement, centered on a business problem that a client has likely contended with. ”
What kinds of questions? Guesstimate / Market-sizing • How many people in Michigan own life insurance? Solution Finding • Given [problem], how should the company respond? Data Insights • Given [chart, other data], what’s going on? Issue Framework • What factors would influence the solution to [problem]?
What skills are tested? Think like a business leader Think like an actuary Business Thinking Technical Analysis Summarize and present your thoughts clearly Communication Skills Tested
What’s the format? Fill the space Individual Group Teamwork Leadership Delegation
What’s the format? One big question, Methodology is more important than results Smaller questions, a bit more results focused
Case Studies: Practice Ready To Practice?
Case Studies: Practice Pineless Auto Insurance is one of the nation’s oldest insurers, but it is going through some tough times. It has an aging customer base, and has struggled to reach out to younger consumers. They have an idea for a new insurance product that involves placing a tracker on a customer’s vehicle to measure their driving behavior. Good driving will result in cheaper auto insurance, and vice versa. The Chief Actuary is all in for this idea, but the CEO wants your opinion as a consultant. 1. What are some of the positives of this idea? 2. What are some of the negatives? 3. What alternatives might you recommend to this client?
Case Studies: Practice Overall Type A Type B Type C 2016 92 77 45 100 2017 85 82 50 90 2018 78 85 53 80 Flynn Mutual gives you the following table. There are 3 types of policyholders (A, B, C), and each entry on the table represents the average claim per customer of that type. What’s going on in this table?
Case Studies: Practice Overall Type A Type B Type C 2016 92 77 45 100 2017 85 82 50 110 2018 78 85 53 120 Some of the data was wrong in the last table. The values in red are the updated values. How can you explain the trend(s) you see?
Case Studies: Practice Nabil’s Nerd Crew is a growing tech start-up based out of San Francisco, California. NNC is looking to expand by building a new office in Houston, Texas. This new office would potentially double the size of NNC’s workforce. You are a health actuarial consultant brought in to give your expertise on NNC’s potential expansion. 1. What are some unique factors that a company like NNC should consider when it comes to their health insurance? 1. Should a company like NNC be fully-insured with their health insurance, or self-insured? 1. What are some strategies that a company like NNC can take to lower their health insurance costs?
Case Studies: Practice Life insurance companies have faced some serious challenges over the past 30 years. What are some of these issues, and how have they impacted the industry?
Takeaways Easy or Hard? Industry Knowledge Helps Practice Makes Perfect Case Studies Vary by Company