Reflecting on the 2021 “Introduction to Modeling Bootcamp” and Changes for 2022

In July 2021, the SOA Modeling Section ran an “Introduction to Modeling Bootcamp” aimed at beginner modelers and students. This article discusses last year’s bootcamp, anticipated changes for this year’s bootcamp, and how you can get involved!

Who was the Bootcamp for?

The bootcamp was aimed at early career actuarial students, ranging from university students to those with 1 to 2 years of work experience. We had 30 attendees for our bootcamp: Approximately 70 percent were either still in school, recently graduated, or were new hires with no modeling experience.

What was the Structure of the Bootcamp?

• The bootcamp was held virtually on Zoom over three half-days in early July 2021.
• Each half-day covered three to four introductory modeling topics, with a 20 to 40-minute presentation followed by 10- to 15-minute small group discussions and then a five-minute large group discussion.
• The presentation portion of each session was given by volunteer speakers (one to three speakers), and each presentation concluded with a list of three to five prompts for discussion.
• For the small group discussion sessions, the attendees were broken out into breakout groups of 3 to 5 individuals and one volunteer facilitator to discuss the prompts from the presentation.
• Following the small group sessions, we shared the discussions with the larger group.
• On our final day, we ended with speed networking (five-minute meetings with five different attendees).

What Worked Well?

• According to feedback from attendees, they really enjoyed the small group format discussions, which allowed everyone to have a chance to participate in the discussion.
• Some of our sessions included polls and case studies—these were very well received and prompted great discussions during the breakout sessions.
• Attendees appreciated the wide range of speakers on various topics, and felt a much better understanding of how deep and complex modeling work can be.
• Our volunteer speakers and facilitators found the experience rewarding (to help foster the next generation of actuarial modelers).

What Didn’t Work Well?

• In terms of scheduling, the bootcamp was held during the busy quarter-end reporting season, so many registrants were not able to attend and some of the volunteer speakers were not able to facilitate during the small group discussions.
• Although we split up the bootcamp over three days, the 3.5- to 4-hour total time spent on presentations and discussions was tiring for attendees (and volunteers!).
• We also found that our topics toward the end of the bootcamp (e.g., Hot Topics: PBR and LDTI) were too advanced for most of our attendees who had no modeling experience.

Is There a Bootcamp This Year?

Yes! In November 2021, the SOA merged the Modeling Section, Predictive Analytics and Futurism Section, and Technology Section into the Emerging Topics Community (a new community engagement pilot running through June 2022). We are planning a modified version of the Bootcamp for Summer 2022.

What Will be Different About it?

• We will plan to schedule this series of sessions farther away from quarter-end reporting—we are considering a July 2022 timing.
• We will be trying a new structure: Over a period of five days, we will schedule a series of hour-long “Lunch and Learn” sessions. Each session will be comprised of a 20- to 25-minute pre-recorded presentation (ending with four to five discussion prompts), 15 to 20 minutes of small group discussion, and five to 10 minutes of large group discussion.
• We plan to cover the five most popular topics from last year’s bootcamp:

1. 1. Overview of Actuarial Models
   2. The Model Lifecycle/Workflow/Collaboration
   3. Data and Assumptions
   4. Types of Model Limitations and Simplifications
   5. Documentation and Communicating Results

• Registrations will be limited by the number of volunteer facilitators we have, but we hope that the pre-recorded nature of the presentations will allow us to easily repeat this format of bootcamp (if interest is high!).
• We plan to ask attendees during registration their level of modeling experience, so presenters can tailor their presentation to the correct experience level.

How can I Help? How can I Find out More?

• If you are interested in presenting on one of the topics above, or facilitating group discussions for one or more of the sessions, or have any other feedback or suggestions, please reach out to me at jennifer.wang@milliman.com.
• If you manage a promising young actuarial student with two to three+ years of modeling experience, please encourage them to volunteer as a speaker or as a facilitator! The small group discussions are a low-stress way to practice mentoring skills.

Statements of fact and opinions expressed herein are those of the individual authors and are not necessarily those of the Society of Actuaries, the newsletter editors, or the respective authors’ employers.