We were very pleased to be chosen to participate in the Pinnacle U program for 2020. We decided to investigate the ever-evolving role of simulation in insurance, with a focus on the practicality and implementation of the Monte Carlo Simulation (MCS). Our presentation followed a funnel approach starting with the general procedure for any type of simulation. We then narrowed in on theoretical and practical methods and uses of simulations for the insurance industry. Finally, we focused specifically on MCS and a few applications of that particular simulation technique.

One of the interesting trends during the COVID-19 quarantine was the dramatic increase in pet adoptions. Furry, four-legged family members require financial investment in their daily care. Typically, the costs of food, toys and grooming are well understood by first-time pet owners. Owners may be less aware, however, of veterinary expenses and liability claims that can costs thousands of dollars. They should understand these often unforeseen and potentially costly pet expenses to understand how risk can be mitigated through pet insurance. 

Pinnacle University (Pinnacle U) is a complex program to pull off. Designing, planning and executing an event like Pinnacle U, usually requires a lot of flexibility in the process. This year, however, required a higher level of flexibility than we might have ever expected. Pinnacle U is an immersive, in-person symposium at which students, professionals, panelists and participants meet and spend the day discovering and debating important actuarial issues of the day. 

Pinnacle University is an annual event hosted by Pinnacle Actuarial Resources, Inc., where analysts and actuarial science students from various universities collaborate to research and present on a relevant topic in the insurance industry. This year, our group explored how universities obtain insurance.

Our annual “Pinnacle U” pairs small groups of college students with one or more of our actuarial analysts in order to research a topic of interest, culminating in a day full of presentations. The format of Pinnacle U hasn’t changed much over the years, but our approach to the event has evolved to foster a real-world business experience for everyone involved.