In February, four Penn State Smeal College of Business actuarial science program students placed second at the Munich RE Cup Annual Case Study Competition held at Munich RE’s office in New York City. This prestigious event is a showcase for students to display their analytical and problem-solving skills in real-world business scenarios.
The case study for the competition focused on how life insurance companies can use technology and reinsurance solutions to manage growth and profitability. The challenge was to create a pricing structure for a new insurance product that leverages behavioral data from wearable devices like smartwatches, while also developing a financial strategy to address the capital strain associated with launching this product.
Anthony Padula, a third-year actuarial science major, led the winning team alongside second-year actuarial science majors Matthew Bretz, Sean Gordon, and Olivia Lechthaler. They worked tirelessly for eight weeks to analyze the case and prepare a detailed presentation outlining their analysis and recommendations. After being selected as finalists, they presented their findings to a panel of judges in February.
Their hard work paid off as they were awarded a $7,000 prize, which was divided equally among the four members. Mandy Hammell, the team’s faculty adviser and professor of practice in risk management, commended their exceptional performance in the competition. She highlighted their critical thinking, creativity, and ability to succeed under pressure as key factors that set them apart from other teams.
This victory marks another milestone for Penn State Smeal College of Business students who have been consistently performing well in national competitions like these.