Each year, the Society of Actuaries (SOA) Research Institute’s Student Research Case Study Challenge invites students to tackle a complex actuarial problem that tests their technical knowledge, creativity and teamwork skills. Watching students collaborate, think critically and rise to a complex, real-world problem is a powerful reminder of the profession’s future.
While the Challenge is, by design, demanding for participating students, it is equally engaging for the volunteers who create and judge it. A dedicated team of SOA volunteers takes on a substantial commitment: building the Challenge from the ground up. From September through the mid-January release, this group meets weekly to design a case study that is rigorous, relevant and worthy of the next generation of actuaries. Their work doesn’t stop there. From mid-March through April or early May, they complete three rounds of judging, carefully evaluating submissions from student teams around the world.
They consistently note that the experience is both intellectually rewarding and genuinely fun. Just as importantly, the volunteers themselves gain new perspectives and insights along the way. Their effort is not just an act of service—it’s a meaningful professional experience that strengthens the entire actuarial community.
The Challenge’s value is reflected in the work of the students who take it on. To learn more about that experience, we spoke with Jie Zhong of Team Exoplanet from Renmin University of China, a member of the third-place team in the 2026 SOA Research Institute Student Research Case Study Challenge. Jie shared how the team approached this year’s futuristic problem and collaborated and what they learned from the experience.
Fang Yang (FY): Congratulations on your outstanding performance in the 2026 SOA Research Institute Student Research Case Study Challenge! Please introduce yourself and your team.
Jie Zhong (JZ): Hello! We are Team Exoplanet from Renmin University of China. I’m Jie Zhong, a second-year master’s student in Risk Management and Actuarial Science. Jinming Wen, Xiaoxi Li and Shangyu Yang are first-year students in the same program. When I decided to take on this challenge, I mentioned it to my friend Xiaoxi, and as it turned out, she knew two other actuarial students who were also looking for a team. Soon after, the four of us came together, and that unexpected connection became the start of this unforgettable journey.
FY: How did you divide responsibilities to leverage each team member’s strengths?
JZ: All of us have an actuarial background. In the early stage, we each took responsibility for data cleaning and modeling for one line of coverage. We also drew on our academic and internship experiences to bring different perspectives to the project: some members contributed insights from property & casualty (P&C) internships, others from data science and others from quantitative risk management. Regular team meetings helped us share progress and integrate new ideas, allowing us to continuously refine the product design for each coverage.
FY: What was your initial reaction when you first read the 2026 case study, and how did your team approach the problem?
JZ: Our honest first reaction was a mix of surprise and shock; we never expected this year’s topic to go beyond Earth! The SOA truly is a pioneer in pushing the boundaries of our profession, encouraging us to explore new possibilities. Although the setting was novel, the deliverables were very close to an actuary’s daily work. In the early phase, we did three things: we reviewed our technical actuarial knowledge, we gathered extensive background information on the space environment, and we studied insurance products used in terrestrial mining operations. Ultimately, we successfully transferred what we had learned to a completely new domain.
FY: What models or analytical techniques did you use, and why were they the right fit?
JZ: We primarily used generalized linear models (GLMs) for pricing, mainly because they provide clear guidance for developing our rate tables. While analyzing the loss distribution for each coverage, we noticed that some had heavy tails. So we also learned about catastrophe loss modeling, modeled the tail risk separately and designed reinsurance programs accordingly. I think the reason we ended up with the right modeling choices was largely due to how thorough and solid our preliminary data analysis was.
FY: What was the most challenging part of the project, and how did your team work through it?
JZ: I think product design was the hardest part. This area is quite new and frontier, so to do a good job we had to deeply understand space science. Throughout the competition, we continuously gathered materials from open-access encyclopedias, academic papers and reports, and industry analyses. In addition, we needed to understand the structure of these insurance products. We found textbooks in insurance science relevant to each coverage, studied them carefully and kept an eye on innovative product designs in the market today. That gave us a fairly comprehensive perspective on product design.
FY: Was there a pivotal moment when your team had to rethink your strategy or had a major breakthrough?
JZ: Yes. The hardest part was scenario testing. The case required best, moderate and worst-case scenarios, with worst being a “catastrophic correlated event.” But with three very different solar systems and no historical data to guide us, we struggled to define what that actually meant and how to keep the three scenarios logically consistent. The breakthrough came when we built a structured workflow that linked our scenario assumptions directly to loss outputs, making the process transparent and repeatable.
FY: What technical skills did you strengthen through this challenge (e.g., data analysis, modeling, programming)?
JZ: This competition effectively strengthened our overall capabilities. Through hands-on practice, we improved our data analysis and modeling skills, solidified our actuarial knowledge and gained a deeper understanding of insurance product design and risk management. I believe this challenge is extremely beneficial for the development of any actuary.
FY: What about nontechnical skills such as communication, teamwork, presenting to executives and project management?
JZ: Our teamwork skills improved significantly. The four of us lived in different cities during the competition, and most of us had internships at the same time. That made remote collaboration quite challenging; we had to plan our time carefully and find efficient mechanisms to keep the project on track. Additionally, our presentation skills were greatly improved. Before the final submission, we had to refine our script repeatedly to achieve the best possible delivery.
FY: How has this experience shaped your understanding of what actuaries do in the real world?
JZ: This experience made us think about the role actuaries might play in the future. The case is set in the year 2175—space mining, interstellar trade, cross-system risk management. It sounds like science fiction. But when you think about it, isn’t the actuary the one who steps forward when facing the unknown? When humanity enters a new frontier, facing risks no one has ever seen—no historical data, no ready-made models, no “standard answers” to rely on—who helps us understand those risks, price them and make sure business decisions aren’t made blindly? This experience made me realize that actuaries are more than people who work with numbers. They are navigators for humanity’s journey into the unknown, using reason and logic to draw a safe boundary around adventure in places where uncertainty is greatest. Maybe that’s the most romantic part of this profession.
FY: How do you see this experience helping you in interviews, internships or your future actuarial career? Have you already discussed it with potential employers?
JZ: This experience was a comprehensive exercise in P&C actuarial skills. For me, it confirmed my passion for non-life actuarial science and clarified the direction I want to pursue. Because the SOA brand is highly recognized, employers I’ve interviewed with have shown great interest in this experience. Overall, this has been an incredibly valuable experience.
FY: What advice would you give to a student preparing to compete in next year’s SOA Case Study Challenge?
JZ: We would first suggest that they make a study plan to review actuarial knowledge before the competition—find some authoritative textbooks and read them thoroughly. That way, everyone starts with a solid foundation and can develop solutions more quickly once the case is released. We would also encourage them not to limit themselves to actuarial coursework. For this challenge, knowledge from data science and financial risk management was extremely helpful. On one hand, build a strong internal foundation; on the other hand, stay open to knowledge from other fields.
FY: Any final thoughts or shoutouts?
JZ: Thank you to our advisor, who gave us patient and invaluable guidance. Thank you to every teammate who fought alongside each other. Thank you to everyone at the SOA and to every actuary who participated in this event to support the growth of the next generation. Thank you to ourselves for taking on the challenge. We believe the future of the actuarial profession will be even brighter.
You can find the 2026 Cast Study Challenge, as well as links to previous Challenges at https://www.soa.org/research/opportunities/2026-student-research-case-study-challenge/.
This article is provided for informational and educational purposes only. Neither the Society of Actuaries nor the respective authors’ employers make any endorsement, representation or guarantee with regard to any content, and disclaim any liability in connection with the use or misuse of any information provided herein. This article should not be construed as professional or financial advice. 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.
Fang Yang, Ph.D., ASA, is a clinical associate professor and the director of the undergraduate Actuarial Science program at the Maurice R. Greenberg School of Risk Science at Georgia State University, as well as an article co-lead for the SOA’s Career Development Community newsletter. Fang can be reached at fyang10@gsu.edu.
Jie Zhong is a second-year master’s student in Risk Management and Actuarial Science at Renmin University of China. Jie can be reached at zhongjie2610@ruc.edu.cn.
