February 2018

From the Editors

By Chris Greig and Carlos Fuentes

Welcome to the first issue of Innovators & Entrepreneurs for 2018.

With a new year comes change, including the new members you elected to the section council. As one of those new members, I’ll be co-editing the newsletter this year with Carlos Fuentes, the veteran editor who’s been tirelessly putting together this newsletter for many years now.

Being the first newsletter of the year, I’d like to point you to the Chairperson’s Corner article, where our Chairperson Bill Rearden talks about some of the new initiatives the section will be undertaking for 2018.

Below are the articles for this issue. We’re lucky to have one particularly special article—an exclusive interview with Nobel Prize winning U.S. economist, Dr. Richard Thaler.

Human Nature and the U.S. Health Care System, Part I—By Carlos Fuentes

An intellectual look at the U.S health care system from the perspective of game theory.

Nudge for Good: Lessons From Nobel Prize Laureate Richard Thaler—By Amanda Hug & Mike Wong

The authors discuss Dr. Thaler’s work in behavioral economics and its impact on the insurance industry.

The Next AI: Actuarial Innovation, an E&I Section Town Hall with Michael Schrage—By Jay Jaffe and Bill Rearden

A summary of a Town Hall the E&I Section sponsored in November 2017 given by Michael Schrage, research fellow at MIT’s Sloan School of Management’s Center for Digital Business. The talk centered on digital innovation and considerations for actuaries to become part of the innovation revolution.

Quantifying the Unquantifiable: A Product Developer’s Dream—By Dr. Mildred Hastbacka

Product development expert Dr. Hastbacka discusses two success stories that demonstrate how proper risk management during product development can be a driving force behind that product’s eventual success.

Insurtech and Innovation: a Conversation with Erik Wenzel, FSA—By Chris Greig

I sit down with Erik Wenzel, actuary and Insurtech enthusiast, to get his thoughts on Insurtech, innovation and the future of our profession.

Thanks to all the authors who made this newsletter possible. If you’d like to submit an article, or have an idea for an article or topic to be discussed, we’d like to hear from you. We also appreciate any feedback you may have on the newsletter.

Newsletter editors:

Chris Greig, ASA, CERA, ACIA, is the president of TPX Technologies Inc., an actuarial technology company. He can be reached at chris@tpxtechnologies.com.

Carlos Fuentes, FSA, FCA, MAAA, MBA, MS, is president of Axiom Actuarial Consulting. His professional interests include strategy, entrepreneurship and public policy. He can be reached at carlos-fuentes@axiom-acturial.com.