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Center of Actuarial Excellence Actuarial Science at Illinois State University
Our faculty are engaged in cutting edge research, funded by various external agencies, and published in books and top-level journals.

Any questions about our Actuarial Program can be sent to: actuary@IllinoisState.edu.

Illinois State University Actuarial Program

Online Library of Case Studies, Projects, and Theses

 



Spring 2021


Master degree project
• ,Nutcha Jitchanvichai "Earth's Magnetic Field and Anomalies" supervised by Xing Wang,Jim Jones and Krzysztof Ostaszewski.

2021 Pinnacle U projects (under Professor Krzysztof Ostaszewski's supervision and in cooperation with Pinnacle Actuarial Resources):
• "An Introduction to Machine Learning and Its Use in Predicting IBNR" by Joseph Alberts, Tatiana Garcia and Clinton Aboagye.
• "Impact of Vehicle Technology on Auto Insurance" by Nathan Dotterer, Toyin Larinde & Evan Harris.
•
"Climate Conscious Initiatives in the Insurance Industry" by Katelyn Maner, Mark Murdoch, and Rishabh Mohta.
• "Vector Autoregression (VAR) to Forecast Ultimate Loss" by Ernest Tamekloe, Grant Manley, Matt Kaufman.
• "Artificial Intelligence – Reshaping Insurance Markets" by Mitch Caster, Maggie Sun and Elze Van Zyl.


Fall 2020

Master degree projects

• Clinton Aboagye, "Pricing of a proposed Parametric Unemployment Insurance Product," supervised by Professor Krzysztof Ostaszewski.
• Kelvin Lartey-Abrahams "Finding a relationship between risk perception of coronavirus and the various responses to combat the pandemic" supervised by Professor Krzysztof Ostaszewski.
• Celdrick Ndze Kuta, "Regression analysis of COVID-19 confirmed casews and mortality rate," supervised by Professor Krzysztof Ostaszewski.
• Yimin Zeng, "Mobility Change and Its Effect on COVID-19 Growth Rate in the United States,"  supervised by Professor Krzysztof Ostaszewski.


Spring 2020


2019/2020 Predictive Analytics Competition (under supervision of Professor Fuxia Cheng and Professor Krzysztof Ostaszewski)

• "Assessing the impact of interest rates on the stock market," by Samuel Anang. This project won the first prize in the competition.
• "A Predictive Analysis of a US Recession and its Duration," by Augustine Anaman and Peark Hammond. This project won the second prize in the competition.
• "Loss of Value Sports Insurance," by Kyle Stablein. This project won the third prize in the competition.

2020 Pinnacle U projects (under Professor Krzysztof Ostaszewski's supervision and in cooperation with Pinnacle Actuarial Resources):
• " 'To Some Arbitrary n, and Beyond!': The Ever-Evolving Role of Simulation Theory in the Insurance Industry'" by Taylor Daigle, Steve Jagodzinski and Mani Venkateswaran.
•
"Michigan’s Auto Insurance Reform," by Kyle Stablein, Mitch Caster, and James Ridgeway.


Spring 2019


2018/2019 Predictive Analytics Competition (under supervision of Professor Fuxia Cheng and Professor Krzysztof Ostaszewski)

• "Modeling of FOREX" by Noah Du and Andrew Stouffer-Lerch. This project received the first prize of $3200 in the competition.
• "Longevity Risk: A Blessing or a Bane?" by Emmanuel Agyare and Samuel Anang. This project received the second prize of $1800 in the competition.
• "The Impact of Catastrophes on Insurers’ Supply Decision in the United States" by Lenny Kormedoda and Philip Ocran.
• "Sentiment Analysis of Trending Twitter Hashtags" by Alberta Savage.

2019 Pinnacle U projects (under Professor Krzysztof Ostaszewski's supervision and in cooperation with Pinnacle Actuarial Resources):
• "Cyber Security: The Evolving Threat," by Amanda Conklin, Linda Der Schwartz, and Sarah Schwarzentraub.
• "The Evolving Role of AI in Insurance," by Michael Kelch, Sam Heil and Adam Ramos.
•  "Generalized Linear Models: Theory vs. Practice," by Hannah Kaufmann, Patryk Wiech, and Nathan Schuele.
•  "Catastrophe Modeling Methods," by Emmanuel Agyare, Taylor Daigle, Scott Damery and Trenton Lipka.
•  "On Demand Insurance," by Judy Cheng, Elisha Corlew, and Noah Sierer.
•
"Insurance Goes to College," by Steve Jagodzinski, Tristan Rhodeside and Henry Haase.


Spring 2018

 

2017/2018 Statistical Project Competition (under supervision of Professor Fuxia Cheng and Professor Krzysztof Ostaszewski)

• "The Future of Money: A Statistical Analysis on Cryptocurrencies" by Ama Ampadu-Kissi and Isaac Owusu. This project received the first prize of $3500 in the competition.

• "Own Price Elasticity of Gasoline-As it affects Vehicle Miles Traveled" by Lenny Kormedoda. This project received the second prize of $1500 in the competition.

• "Department Level Sales Forecasting in Retail" by Lun Ai.

 

2018 Pinnacle U projects (under Professor Krzysztof Ostaszewski's supervision and in cooperation with Pinnacle Actuarial Resources):

• "Risk Management in Cybersecurity" by Kristen Marshall, Scott Damery and Tyler Shalitis.

• "Cryptocurrency-Where is this market headed?" by Eric Schuneman, Amanda Conklin and Patryk Wiech.

• "DD&R Reserves for Claims-Made Professional Liability Coverage" by Kwaku Okrah, Grant Manley and Danielle Ireton.

• "Lemonade & Peer-To-Peer Insurance" by Micheal O'Reilly, Nicole McArdle and James Wencil.

• "Changes in Florida Homeowner's Insurance and Reinsurance Programs" by Larry Nuehring Jr., Hannah Kaufmann and Adam Ramos.

• "Unique Coverages and How to Price Them" by Zachary Lew and Brittany Brinkman.

• "The Niche World of Insurance" by Shaun Griffith, Tristan Rhodeside and Judy Cheng.

• "Parametric Insurance-Creating new and efficient markets around the globe" by Justin Garber, James Ridgeway and Linda Der.


Summer 2017

 
Master degree project

• "The Relationship Between Traffic Volume and Auto Accident" by Jinhui Zhang, supervised by Professor James Jones and Professor Krzysztof Ostaszewski.


Spring 2017

 

2016/2017 Statistical Project Competition (under supervision of Professor Fuxia Cheng and Professor Krzysztof Ostaszewski)

• "A predictive modeling approach for optimal prediction of the probability of credit card default" by Ernest Aboagye, this project received a prize of $2500  in the 2016/2017 Statistical Project Competition

•  "Annual Illinois Tornado Count" by Katie Ruben, this project received a prize of $1250  in the 2016/2017 Statistical Project Competition

•  "Prediction of mortality in preterm infants in the United States" by Ni Huijuan, this project received a prize of $1250  in the 2016/2017 Statistical Project Competition

• "Reevaluating the effect of education on earnings in the United States" by Hoa Duong and Chau Nguyen
• "Predicting House Price in King County, Washington" by Li Wiles
• "Predicting Insurance Claim Severity" by Syed Hussein

2017 Pinnacle U projects (under Professor Krzysztof Ostaszewski's supervision and in cooperation with Pinnacle Actuarial Resources):

• "Drones: Usage, Risks, and Insurance" by Ernest Aboagye, supervised by Danielle Ireton and Mike Paradiso

• "Development, Case Outstanding, Bornhuetter-Ferguson, Cape Cod, and the Benktander Methods" by Zach Fairchild, supervised by Nick Easley and Rose Duzick

• "The Ultimate Guide to Telematics" by Vaibhav Kishore, supervised by Lilli Kiel and Brittany Brinkman

• "Car Warranties and Extended Service Contracts" by Kristen Marshall, supervised by Amanda Conklin and Christina Henry

• "Impact of Marijuana Legalization on Insurance" by Jenna Marston, supervised by Nick Gurgone and Linda Der

• "Risk Transfer" by Lionel Tchadji, supervised by James Wencil, Jordan Paszek, and James Ridgeway

• "Transportation Networks and Home Sharing" by Mateusz Wajda, supervised by Matt Meade and Candace Howell

• "The Effect of Climate Change on the P&C Industry" by Jinhui (Gloria) Zhang, supervised by Nicole McArdle and Tyler Shalitis



Spring 2016

2015/2016 Statistical Project Competition (under supervision of Professor Fuxia Cheng and Professor Krzysztof Ostaszewski)

• "Analysis of U.S. and European stock market indices" by Richard Haar, this project received a prize of $3500  in the 2015/2016 Statistical Project Competition

•  "Capital Mobility in Germany" by Syed Hussein, this project received a prize of $1500  in the 2015/2016 Statistical Project Competition

• "Predicting Energy Efficiency of a Building" by Jiale Wu

2016 Pinnacle U projects (under Professor Krzysztof Ostaszewski's supervision and in cooperation with Pinnacle Actuarial Resources):

• "Comparison of Workers Compensation programs–United States vs Germany" by Tanja Burkhart, supervised by Nick Easley and Aaron Minnis

• "Terrorism Insurance" by Judy Cheng, supervised by Tom Montgomery and Lilli Kiel

• "Assignment of Benefits" by Amanda Conklin, supervised by Nicholas Alicea and Danielle Ireton

• "Micro-Insurance" by Katja Grothmann, supervised by Lee Xiong and Nick Gurgone

• "Illustrating Actuarial Concepts Through Baseball" by Christopher Audino, supervised by Jordan Paszek and Matthew Meade.

• "The Bornhuetter-Ferguson Method: Explanations and Modifications of a Useful Tool" by Ishmael Asamoah, supervised by Christina Henry and Nicole McArdle

• "Solvency Regulation for P&C Insurers: US vs Canada" by Tao Huang, supervised by Daniel Teuma

• "Telematics and Usage-Based Insurance" by Uktamjan Kamilov, supervised by Ryan Hoch and Stacy Hoefert



Fall 2015

Master degree project
• "Pension Plan Legislation: Overview of ERISA and its Shortcomings" by Ms. Erin Alston, supervised by Dr. Krzysztof Ostaszewski


Spring 2015

2014/2015 Statistical Project Competition

• "Major League Baseball Pitchers and the Disabled List" by Ms. Holly Hart, supervised by Dr. Nan Zhu

• "Predicting the probability that someone will experience financial distress in the next two years" by Mr. Adolph Okine, supervised by Dr. Nan Zhu, this project received a prize of $1629.48  in the 2014/2015 Statistical Project Competition

• "Whether to Intervene: The Case for the Allee Effect in Global Terrorism Data" by Mr. Collin S. Philipps, supervised by Dr. Nan Zhu, this project received a prize of $1660.82 in the 2014/2015 Statistical Project Competition

• "Global earthquake frequency prediction: time series regression approach" by Ms. Yan Jin, supervised by Dr. Nan Zhu, this project received a prize of $1096.77 in the 2014/2015 Statistical Project Competition

2015 Pinnacle U projects (under Professor Nan Zhu's supervision and in cooperation with Pinnacle Actuarial Resources):

• "Earthquake Insurance" by Deng Pan, supervised by Ashley Smith and Nicholas Alicea

• "Estimating the Probability of Financial Distress" by Haoxiu Yang, supervised by Christina Henry and Andrew Kubiak

• "Tail Policy for Claims-Made Professional Liability, Death, Disability, and Retirement " by Tyler Shalitis supervised by Matt Meade

• "Correlation of Reserve Development Between Lines of Business" by Christopher Swindell supervised by Aaron Minnis

• "Measles -- The Virus Strikes Back" by Dale Day, supervised by Leslie Simmons and Lee Xiong

• "Pricing Cyber Insurance with Introduction to Copulas" by Adolph Okine, supervised by Zach Dietz

• "Overview of the Cape Cod, Benktander, and Case Outstanding Development Techniques" by Anjelic Owens, supervised by Patrick Newell and Nick Easley


Fall 2014

Master degree projects
• "Modeling rear-end car crash fatalities" by Ms. Elizabeth Luft, supervised by Dr. Krzysztof Ostaszewski

• "Pricing of index insurance using Black-Scholes framework: A Case study of Ghana" by Mr. Adolph Okine, supervised by Dr. Krzysztof Ostaszewski


Summer 2014

Master degree project
• "The retirement system in China" by Ms. Xiaoying Zhou, supervised by Dr. Krzysztof Ostaszewski


Spring 2014

Master degree projects
• "The pension system of Ghana" by Ms. Phyllis Dere, supervised by Dr. Krzysztof Ostaszewski

• "Analysis of the National Flood Insurance Program" by Mr. Ronald Otoo, supervised by Dr. Krzysztof Ostaszewski

• "The impact of increase in retirement age on the social security trust fund in the midst of declining birth rate" by Mr. Akwasi Sarpong, supervised by Dr. Krzysztof Ostaszewski


Spring 2012

Master degree project
• "Loss Reserve Manipulation and Risk-Based Capital" by Mr. Carlos McReynolds, supervised by Dr. Krzysztof Ostaszewski


Spring 2011

Master degree projects
• "Overview of Enterprise Risk Management in Insurance" by Ms. Anyamanee Seetongsook, supervised by Dr. Krzysztof Ostaszewski

• "Is Area Yield Crop Insurance Appropriate in Ghana" by Mr. Purev Baatarchuluu, supervised by Dr. Krzysztof Ostaszewski and Dr. Askar Choudhury

• "CPCU Society Membership Decline Analysis" by Mr. Shiliang Deng, supervised by Dr. Krzysztof Ostaszewski and Dr. Askar Choudhury

• "Effect of Political and Macroeconomic Shock on Insurance Pricing" by Mr. Zhao Jian, supervised by Dr. Krzysztof Ostaszewski

• "Explaining Maize Price in Northern Region of Ghana by Linear Regression Model" by Mr. Zhongkai Wen, supervised by Dr. Krzysztof Ostaszewski, Dr. Askar Choudhury, and James Jones

• "Parameterization of Crop Yields and Pricing of Crop Insurance Contracts Using the Actual Production History Method" by Mr. Mark Wise, supervised by Dr. Krzysztof Ostaszewski


Fall 2010

Master degree projects
• "Statistical Analysis of the Changing Membership Trends of the CPCU Society" by Ms. Catherine Macharia, supervised by Dr. Krzysztof Ostaszewski

• "IFRS Insurance Contract Valuation" by Ms. Vivian Tan, supervised by Dr. Krzysztof Ostaszewski


Fall 2009

Master degree projects
• "Construction and Evaluation of Actuarial Models" by Mr. Rajapaksha Premarathna, supervised by Dr. Krzysztof Ostaszewski

• "Crop Microinsurance: Developing a Weather-Indexed Crop Insurance Project in Africa" by Ms. Genevieve Amamoo, supervised by Dr. Krzysztof Ostaszewski

• "US Bank Stress Test Supervisory Capital Assessment Program" by Mr. Shishir Paudel, supervised by Dr. Krzysztof Ostaszewski

• "Actuarial Analysis of Secondary Market in Life Insurance" by Mr. Vladimir Kustov, supervised by Dr. Krzysztof Ostaszewski


Spring 2009

Master degree projects
• "CPCU Society: Factors Affecting the Decline in Membership" by Mr. Harmit Patel, supervised by Dr. Krzysztof Ostaszewski

• "Agricultural Microinsurance: Managing Weather Risk with Index Insurance in Developing Countries (Ghana)" by Mr. Mukhtar Mahdi, supervised by Dr. Krzysztof Ostaszewski

• "Causes of CPCU Society Membership Decline and Possible Remedies" by Mr. Khyam Paneru, supervised by Dr. Krzysztof Ostaszewski

• "Agricultural Microinsurance: Managing Weather Risk with Index Insurance in Developing Countries" by Mr. Asliddin Odilov, supervised by Dr. Krzysztof Ostaszewski and James Jones


Summer 2006

Master degree projects
• "Asset-Liability Management with Multiple Shortfall and Tail Conditional Expectation Constraints" by Mr. Wolfgang Karcher, supervised by Dr. Krzysztof Ostaszewski, Dr. Hans-Joachim Zwiesler, and Dr. Kulathavaranee Thiagarajah

• "Enterprise Risk Management: Evolution of A Modern Theory" by Mr. Christian Wirtz, supervised by Dr. Krzysztof Ostaszewski, Dr. Hans-Joachim Zwiesler, and Dr. Kulathavaranee Thiagarajah


Summer 2005

Master degree projects
• "Methodologies of Health Insurance Reserving" by Ms. Christine Wiehe, supervised by Dr. Krzysztof Ostaszewski, Dr. Hans-Joachim Zwiesler, and Dr. Kulathavaranee Thiagarajah

• "A Comparison of the U.S. and German Health Insurance Systems" by Mr. Philipp A. Meves, supervised by Dr. Krzysztof Ostaszewski, Dr. Hans-Joachim Zwiesler, and Dr. Kulathavaranee Thiagarajah

• "Mortality Improvement and Select Birth Cohorts" by Mr. Frederik Weber, supervised by Dr. Krzysztof Ostaszewski, Dr. Hans-Joachim Zwiesler, and Dr. Kulathavaranee Thiagarajah

• "How Generalized Linear Model Can Be Applied to the Loss Reserving Problem" by Mr. Satadru Sengupta, supervised by Dr. Krzysztof Ostaszewski


Summer 2004

Master degree projects
• "Universal Life Insurance-Aspects of the Cash Value Development" by Mr. Martin Birkenheier, supervised by Dr. Krzysztof Ostaszewski, Dr. Hans-Joachim Zwiesler, and Dr. Kulathavaranee Thiagarajah

• "Asset-Liability Management for a Going Concern" by Ms. Melanie Maier, supervised by Dr. Krzysztof Ostaszewski, Dr. Hans-Joachim Zwiesler, and Dr. Kulathavaranee Thiagarajah

• "Dynamic Financial Analysis for Property/Casualty Insurers" by Ms. Rebekka Schaer, supervised by Dr. Krzysztof Ostaszewski, Dr. Hans-Joachim Zwiesler, and Dr. Kulathavaranee Thiagarajah


Summer 2003

Master degree projects
• "Estimating Coupled Lives Mortality" by Ms. Doris Dregger, supervised by Dr. Krzysztof Ostaszewski

• "Optimal Insurance and Reinsurance Contracts" by Mr. Markus Schicht, supervised by Dr. Krzysztof Ostaszewski, Dr. Hans-Joachim Zwiesler, and Dr. Kulathavaranee Thiagarajah

• "Optimal Retirement Investment Strategies" by Mr. Martin Stricker, supervised by Dr. Krzysztof Ostaszewski


2002

Master degree projects
• "Guarantees in Equity-Indexed Annuities and Variable Annuities" by Mr. Denis Toplek, supervised by Dr. Krzysztof Ostaszewski, Dr. Hans-Joachim Zwiesler, and Dr. James Carson

• "Variable Annuities and Variable Life Insurance: Actuarial Design, Reserves and Asset-Liability Management" by Mr. Jens Vischer, supervised by Dr. Krzysztof Ostaszewski, Dr. Hans-Joachim Zwiesler, and Dr. James Carson


Other projects and cases will be posted over time.