The actuarial profession is navigating a period of significant change, largely driven by the advancements in artificial intelligence (AI). This technological shift prompts a critical discussion among educators and industry leaders about the ideal skill set for the next generation of actuaries. While technical precision remains indispensable, there is a growing conversation around the need to complement this expertise with professional competencies. These include critical thinking, creative problem-solving and the ability to adapt to new challenges—competencies that are hallmarks of what is often called “learning agility.”
The question is how to effectively integrate these skills into a packed academic curriculum. This challenge is particularly acute in foundational courses like probability and financial mathematics. These are often the first courses aspiring actuaries take, making them a crucial opportunity to spark a deep and lasting interest in the profession. However, the sheer volume of technical topics required for exam preparation makes it difficult to dedicate class time to traditional, in-depth case studies.
To address this challenge, the Department of Finance, Insurance and Real Estate at Virginia Commonwealth University has been developing a pedagogical model called Online Quick Case Discussions. This is an asynchronous, online forum designed to enrich the core technical curriculum without competing with it. The goal is not to find a single “correct” answer but to provide students with a structured opportunity to practice reexamining complex problems, developing critical insights and bridging the gap between theoretical knowledge and professional judgment.
How Online Quick Case Discussions Cultivate Professional Competencies
Our model uses carefully designed case studies to systematically strengthen key professional skills.
Developing Multifaceted Analysis
We use “role-based perspective adoption” to train students to analyze problems from the viewpoints of various stakeholders, building the empathy and holistic understanding required in real-world business scenarios.
Case Example: A Promise in Nairobi. Students act as investment analysts for a social impact fund and must recommend investing in one of two microinsurance start-ups in Kenya. One, FarmProtect, uses technology to offer weather-indexed insurance to farmers, while the other, Amani Life, uses a high-touch, community-based model to provide funeral insurance. This task forces students to move beyond a simple financial analysis and weigh the merits of scalability and technology against the deep-seated importance of community trust and human connection in delivering a promise to the vulnerable. They learn that the “best” solution is context-dependent and requires a nuanced understanding of human needs.
Fostering Critical Thinking and Problem Reframing
We encourage students to question the underlying assumptions of conventional practices, which promotes higher-order critical thinking.
Case Example: Car Purchase Choice (No-Math Edition). In this exercise, students analyze the “buy now vs. wait” decision for a used car without using any financial formulas. Instead, they must apply qualitative risk assessment frameworks like scenario testing (creating mini-stories of potential outcomes), sensitivity analysis (identifying how a change in one assumption impacts the decision), and stress testing (defining severe-but-plausible shocks like a transmission failure or sudden income loss). This process teaches them that robust risk analysis is not just about quantification; it’s about understanding hidden dependencies and communicating complex risks in a clear, accessible manner.
Nurturing Creative Problem-Solving and Innovation
Select cases challenge students to move from analysis to creation, fostering an entrepreneurial mindset.
Case Example: Risk as Opportunity—A Strategic Foresight Challenge. Using the World Economic Forum’s Global Risks Report as a backdrop, students become “risk surfers.” Their mission is to select a long-term global risk (e.g., adverse outcomes of AI, extreme weather events) and design an innovative product, service or business model that allows a real-world company to transform that risk into a driver for growth. This reframes risk from a purely defensive concept to a catalyst for strategic innovation.
Strengthening Communication and Collaboration
The asynchronous discussion format hones students’ ability to articulate their thoughts logically and persuasively in writing. The mandatory peer feedback component transforms the activity into a collaborative learning experience.
Case Example: Finding the Hidden Story in Financial Statements. A student, role-playing a new employee, first proposes a legal but ethically “gray” accounting strategy (e.g., channel stuffing, capitalizing costs) to meet quarterly targets. Then, in the peer feedback phase, classmates assume the roles of potential investors. They must challenge the proposal, asking pointed questions like “As an investor, I’d be worried about this strategy,” or “If I could ask the CEO one question, it would be ‘By how much do you expect Q4 sales to decrease as a result of this Q3 strategy?’” This interaction creates a dynamic learning community where students sharpen each other’s ethical reasoning and analytical rigor.
Conclusion: A Step Toward Future-Ready Education
The Online Quick Case Discussions model is one practical approach to enriching the education of aspiring actuaries. It is continuously evolving as we refine our cases and assessment methods each semester. However, our experience shows that it is an effective way to transcend the traditional limitations of technical courses. By providing a dedicated space for students to practice and develop professional judgment, we can better prepare them, not just for their next exam, but for the complex and ever-changing challenges of their future careers.
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.
Sang Ahn, ASA, FIAK, MS, MAAA, is an assistant professor of the Department of Finance, Insurance and Real Estate at Virginia Commonwealth University, as well as the 2025 vice-chair and coeditor for the SOA’s Education and Research Section. Sang can be reached at shahn27@vcu.edu.