The Rewards of Teaching and Mentorship in the Actuarial Profession
By Dave Dillon
Expanding Horizons, June 2023
As an accomplished actuary with 24 years of expertise in health care consulting, I have had many fulfilling moments in my career; however, I also derive immense satisfaction from instructing and guiding emerging professionals in the field. Recently, I have had the privilege of teaching actuarial students at Georgia State University and delivering a guest lecture at Boise State University’s master’s program in Population & Health Systems Management.
My passion for teaching can be traced back to my upbringing—my mother was an educator, and my father trained insurance agents. Early in my career, while pursuing actuarial examinations, I decided to teach mathematics at a community college. I found inspiration in the determination and commitment of my students, who were primarily older individuals seeking to enhance their professional standing. Despite the demanding schedule of my first job and sitting for actuarial exams, I honed my communication skills and understood the profound impact of hard work and dedication on one’s life.
Although I chose to temporarily suspend my teaching endeavors to concentrate on finishing my actuarial exams and obtaining my credentials, I resumed my involvement in similar pursuits in 2008 by volunteering for the Society of Actuaries (SOA). Since then, I have developed and conducted more than 40 educational sessions at SOA and other conferences. These engagements allowed me to realize the value I could bring to the actuarial community as an educator.
In 2021, Mark Florian, FSA, MAAA, an actuary at PacificSource Health Plans and a faculty member of Boise State University’s Value-Based Healthcare Program, and Jenni Gudapti, the program’s director, invited me to serve as a guest lecturer, drawing on my extensive actuarial professional development experience. I gladly accepted the opportunity. My hour-long presentation on the Affordable Care Act and its societal impact reinvigorated my desire to mentor and teach those pursuing actuarial careers.
Coincidence, or fate, soon stepped in. Shortly after my guest lecture at Boise State, Stefanos Orfanos, FSA, MAAA, a professor at Georgia State University (GSU), approached me to design a health insurance course for GSU’s actuarial science graduate students. Despite initial concerns about balancing the commitment with my professional responsibilities, I recognized this as an excellent opportunity to share my expertise with aspiring actuaries. By adopting effective planning strategies and adhering to a structured lecture preparation schedule, I successfully managed my professional and personal obligations.
Communicating to Be Understood, Not to Impress
My work typically encompasses three distinct teaching domains: acquainting young students with the actuarial profession, educating nonactuaries about public policy issues related to health insurance (such as the Affordable Care Act), and instructing current actuaries on advanced methodologies and principles within the field. Each context presents its unique challenges, necessitating an initial assessment of the audience’s knowledge. I place particular emphasis on clarifying terminology, as comprehension hinges on their understanding of terms and definitions.
It is said that there are three phases in the educational journey of a professional:
- The first phase involves learning the technical terms, which enables them to grasp the complexities of their chosen profession.
- The second phase entails becoming proficient in using these terms and engaging in effortless discourse with fellow professionals in the same domain.
- The third and final phase consists of learning to abstain from using technical jargon to communicate effectively with a layperson.
Upon reaching the third phase, one can truly consider oneself a professional.
Last fall, I instructed a Life & Health Qualifications seminar hosted by the American Academy of Actuaries. The content of this presentation and the audience of senior actuaries was markedly different from the course I taught to actuarial students at Georgia State University. As an educator, I must be attentive to my audience’s preexisting knowledge and adapt my vocabulary accordingly, often steering clear of industry-specific jargon.
An additional consideration in teaching is to envision oneself as a novice in an unfamiliar situation, which offers valuable perspective and keeps one grounded. For example, if I were a student in an advanced botany course on pteridology (the study of ferns), how much would I comprehend? It is essential to put oneself in the shoes of one’s audience.
The most rewarding teaching moments arise when students pose thought-provoking questions or contest my claims, exhibiting their engagement and inquisitiveness. These dynamic interactions cultivate a mutually beneficial learning atmosphere for all parties. In a recent Georgia State class, international students raised perceptive questions about health care systems based on their personal experiences, which helped spark discussions about the operation of the US health care system. Simultaneously, I learned from the conversation by gaining further insight into health care practices in other nations.
Working with Teams
Collaboration with fellow actuaries for research purposes offers avenues for ongoing learning and development, a crucial aspect of any profession. For instance, while spearheading the SOA’s strategic initiative Commercial Health Care: What’s Next?, I collaborated with a devoted team of 20 actuaries to research, devise, review, amend and publish a collection of white papers that examined critical issues affecting health reform, such as the Affordable Care Act.
Engaging in collaborative research with professionals can be demanding. Teams often have disparate views, influenced by each individual’s background, expertise, position and perspective. Challenges concerning the distribution of tasks and sharing of resources arise. It is essential to strike a balance between personal priorities and the collective objective of making a significant contribution to the existing knowledge base.
Through that experience I learned that it would have been helpful to involve academics in a collaborative way with my team. With their scholarly expertise, academics can offer fresh perspectives, innovative approaches and rigorous methodologies. Academics possess a deep understanding of theoretical foundations and the ability to critically analyze complex issues, which can greatly enhance the research outcomes. Moreover, their experience in conducting research and publishing in academic journals fosters a culture of robust intellectual inquiry and ensures adherence to the highest standards of quality. By integrating the practical insights of business professionals with the theoretical knowledge of academics, collaborative efforts can produce well-rounded, evidence-based solutions that address real-world challenges more effectively and contribute to the advancement of both industry and academia.
Effective communication skills are equally important in this context. The success or failure of collaborative research largely hinges on how well divergent opinions and differences are articulated, mediated and presented as potential solutions for the team to consider.
Looking Ahead
I hold an optimistic view of the future of actuarial science, as innovative programs and notable student accomplishments regularly garner attention. The SOA is dedicated to broadening the scope of our profession and fostering diversity through initiatives such as the SOAR Education Pathway, the complimentary Affiliate Membership and the Career Mentor Program. These programs forge invaluable relationships between emerging professionals and seasoned industry practitioners.
With every teaching or mentoring opportunity, I contribute—albeit modestly—to the expansion and prosperity of the actuarial profession. I earnestly urge my fellow actuaries to embrace similar endeavors.
Statements of fact and opinions expressed herein are those of the individual authors and are not necessarily those of the Society of Actuaries, the editors, or the respective authors’ employers.
Dave Dillon, FSA, MAAA, is a senior vice president and principal at Lewis & Ellis. Dave can be reached at ddillon@lewisellis.com.