Actuaries Unbound: Expanding Our Impact Through Innovation & Entrepreneurship

By Victor Zhao

Innovators & Entrepreneurs, September 2025

A Profession Poised for New Possibilities

The actuarial toolkit—data, models, risk insight—remains powerful. Yet emerging challenges like virtual care, embedded insurance, and AI-driven underwriting call for fresh approaches. When we combine actuarial rigor with an entrepreneurial mindset, we can solve problems that spreadsheets alone can’t reach and create value in entirely new ways.

One Path Beyond the Traditional Route

My journey began in Cigna’s Actuarial Executive Development Program (AEDP)—widely regarded as one of the profession’s premier rotational programs for cultivating leadership and management skills. AEDP’s innovative design encourages participants to explore beyond traditional pricing and reserving work, and that flexibility made it possible for me to step into non‑traditional roles:

• Exploring Data Science: Building claim prediction machine learning models taught me how code and creativity complement actuarial judgment.
• Managing Virtual Care: Working on Cigna telehealth products during COVID showed me how risk expertise can guide patient-centric solutions.

• Launching an Innovation Tournament: Inspired by design thinking and “Shark Tank,” I launched an internal pitch competition that still runs enterprise wide today, nurturing hundreds of employee-led solutions. I learned innovation accelerates when we start with end-user pain points—patients, members, or clients—and collaborate across functions.

That spirit of exploration eventually took me to a virtual‑first primary‑care startup—joining first to shape its payer strategy and soon stepping in to lead analytics—proof that actuarial skills can create meaningful impact far beyond traditional insurance roles. Today, I am building on that foundation through my pursuit of an MPH in Epidemiology at Harvard University.

Each step reinforced a simple lesson: When actuaries pair technical rigor with an entrepreneurial mindset, they unlock new ways to solve problems, serve people, and shape their own careers.

Why Innovation and Entrepreneurship Strengthen Every Actuary

Figure 1 shows the benefits of actuaries using innovation and entrepreneurship.

Figure 1
The Benefits of Innovation and Entrepreneurship

Introducing LaunchPad: A Community for Actuaries Ready to Explore

As our section transitions to the Professional Development Community, our E&I Section’s mission continues, especially in LaunchPad—a subgroup where actuaries learn innovation frameworks together and support one another’s ideas.

What LaunchPad Offers

• Monthly Virtual MeetUps: Networking, topic discussions, and member spotlights (topics include customer discovery interviews, prototyping, idea pitching, work/life balance, etc.).
• Guest Speakers & Peer Feedback: Practical lessons from founders, intrapreneurs, and fellow actuaries experimenting with new solutions.
• Welcoming Community: A space to share early concepts, ask questions, and celebrate progress at any stage.

Innovation turns analysis into action. Entrepreneurship turns ideas into impact.

If you’re curious—whether you have a concept in mind or simply want to expand your perspective—join our LaunchPad Listserv!

Moving Forward Together

Our profession thrives when we explore beyond established boundaries. By blending actuarial science with innovative thinking, we can address today’s biggest risks and open new horizons for ourselves and the people we serve.

I look forward to learning alongside you in LaunchPad. Let’s create what’s next—together.

Victor Zhao, FSA, CERA, is chair of the SOA Entrepreneurial & Innovation Section. Victor can be contacted at USVictor.Zhao@Gmail.com or on LinkedIn.