Leadership

Jay Vadiveloo Portrait

Jay Vadiveloo, PhD, FSA, MAAA, CFA, is a Professor at the University of Connecticut and Director of the recently endowed Janet & Mark L Goldenson Center for Actuarial Research at the University of Connecticut.  Jay has a doctorate in statistics from the University of California, Berkeley, is a Fellow of the Society of Actuaries, a Member of the American Academy of Actuaries, and a Chartered Financial Analyst. Jay has over 25 years of experience with the life insurance industry which includes senior level appointments at Connecticut Mutual, Mass Mutual, Aetna Financial Services, ING,  Deloitte Consulting and Towers Watson.

As Professor and Director of the UConn Goldenson Center, Jay works on applied actuarial research projects using teams of academicians, students and industry professionals. Jay’s research work has also enabled him to supervise several PhD students in a variety of topics including integrated retirement financial planning, measuring and analyzing the volatility risk for individual disability income (DI), and analysis of efficient financial modelling techniques. The Enterprise Risk Management for Small Businesses (ERMSB) initiative is one example of the research projects undertaken by the Goldenson Center.

Jay has published several articles in the actuarial literature and is a frequent speaker at actuarial conferences and seminars. One of Jay’s important contributions to the financial services industry is the invention of a patented new algorithm (Replicated Stratified Sampling or RSS) for risk modelling which exponentially reduces processing time at a pre-determined accuracy level for any complex actuarial modelling. More recently, Dr. Vadiveloo has obtained a provisional patent on a claims tracking and monitoring process which allows a company to easily detect significant deviations in claims experience and recognize whether it is only a one-time occurrence or shows a historical trend as well. Dr. Vadiveloo is also editor and co-author of a new text by the Society of Actuaries on Enterprise Risk Management for Small and Medium-Sized Enterprises.

ERM Initiative

Selected Publications

  • “Some results on Optimum Premium Payment Plans” – Scandinavian Actuarial Journal, 1982
  • “On the Theory of Modified Randomization Tests for Nonparametric Hypotheses” – Communications in Statistics, 1983
  • “Multivariate Analysis of Pension Plan Mortality Data” – Contingencies 2001
  • “Stochastic DAC unlocking for Variable Annuity Products” – Financial Reporter, 2001
  • “Pricing for the volatility risk of traditional actuarial liabilities” – Financial Reporter, 2003
  • “Actuarial Analysis of Different Interpretations of SOP 03-1” – Financial Reporter, 2005
  • “Micro Risk Management – Identifying Small Business Risk” – Contingencies, 2012

Education and Professional Development

  • Econ. Hon., University of Malaya
  • MS, Ph.D. (Statistics), University of California, Berkeley
  • Fellow of the Society of Actuaries (FSA)
  • Member of the American Academy of Actuaries (MAAA)
  • Certified Financial Analyst (CFA)
  • Towers Watson  Professor & Director, Janet & Mark L. Goldenson Center for Actuarial Research, University of Connecticut, 2008 to present
  • Deloitte Professor & Director, UConn Actuarial Center, University of Connecticut, 2001 to 2008
  • Adjunct Professor of Actuarial Science, University of Connecticut, 1990 to 2001
  • Assistant Professor, Department of Mathematics and College of Business, University of Oklahoma, 1980-1983
  • Assistant Professor, Department of Mathematics, Syracuse University, 1977-1980

Research Supervision

Major thesis advisor for  several Ph.D. students in Actuarial Science at the University of Connecticut. A sample of Ph.D. research topics include the following:

  • Model to develop a Provision for Adverse Deviation (PAD) for the mortality risk of impaired lives.
  • Stochastic modelling of post retirement financial planning.
  • Stochastic modelling of long term care insurance
  • Measuring and analyzing volatility risk in disability income
  • Efficient modelling algorithms for deferred annuity lines of business
  • Replicated Stratified Sampling – theoretical properties and applications
  • Claim Cost Management for Property & Casualty lines of business

 

 

Gao Niu, PhD, ACAS, MAAA is the Assistant Director of the Janet & Mark L Goldenson Center for Actuarial Research at the University of Connecticut.Gao has a doctorate in actuarial science from the University of Connecticut, is an Associate of the Casualty Society of Actuaries and a Member of the American Academy of Actuaries. Gao has 6 years experience in actuarial research and practice.

Completed Research and Industry Projects:

  • Constructed a combination annuity loss simulation model for an actuarial consulting firm
  • Contributed to the design and calculation of the National Retirement Sustainability Index
  • Analyzed logistic and gamma regression for a major utilities’ storm damage prediction model
  • Created a GLM model for a major Long Term Care carrier to predict incidence, mortality and lapses
  • Agent Based Modeling for Property and Casualty Underwriting Cycle
  • Performed Insurance Portfolio Importance of Hierarchy analysis for a major insurance company
  • Tracked and Monitored Incidence, Termination and Utilization Rates for a major Reinsurance company’s LTC
  • Call center staff allocation Optimization to minimize waiting time for a health insurance company
  • Optimal lifetime individual financial planning model which combined pre and post retirement phases, with different insurance and financial products at each phase used in the optimization process for a major life insurance company
  • Agent Based Modeling for a major life insurance’s call center’s optimal skill based staff allocation study
  • Modeling the optimal portfolio investment strategy of an individual lifetime financial management for a national insurance distributor
  • Performed a premium persistency study for a major insurance company’s universal life insurance
  • Generalized Linear Modeling of industry (participating companies) variable annuity’s surrender rate for an insurance consulting firm
  • Longevity Study (Focused on SOA RP and IAM tables) for a major insurance company
  • Retirement Delay effect on Employer’s Aggregate Cost for a major insurance company
  • Cyber Risk Insurance Study sponsored by a major cyber risk carrier, a brokerage company and an anti-virus software companies.
  • Connecticut special education state insurance proposal sponsored by a non-profit organization.
  • Accountable Care Organization Pricing Research

Current Research and Industry Projects:

  • Two stage frequency-severity longitudinal study for industry (participating companies) GLWB partial withdraw study for an insurance consulting firm
  • Claims Tracking and Monitoring for a major insurance carrier’s life business
  • The Impact of Climate Change on Commercial and Personal Auto’s Insurance Cost

Presentations and Papers

  • “A Financial Protection Strategy Using a Combination Annuity for Families with a Down syndrome Child”, Accepted and upcoming, Journal of Financial Counseling and Planning Special Issue Health and Consumer Finance in 2016, Coauthored with Dr. Jeyaraj Vadiveloo (University of Connecticut) and Cary Lakenbach (Actuarial Strategies)
    Video Link: https://youtu.be/xeCbHz6ha-k
  • “Unlocking reserve assumptions based on retrospective loss random variable”, Paper accepted with revisions, Coauthored with Dr. Jeyaraj Vadiveloo (University of Connecticut), Dr. Emiliano Valdez (University of Connecticut) and Dr. Guojun Gan (University of Connecticut). Actuarial Science and Quantitative Finance: ICASQF2016, Cartagena, Colombia, June2016
    Video Link: https://youtu.be/KGQxgw-oFHo
  • Working Paper: Submitted “Agent Based Queuing Model for Call Center Agent Optimal Allocation” to Annual of Operational Research in 2016, Coauthored with Dr. Jeyaraj Vadiveloo (University of Connecticut) and Mengnong Xu (Travelers)
    Video Link: https://youtu.be/baNLc_gmfuI
  • Working Paper: Submitted “Skill-based Call Center Agent Allocation Optimization” to Annual of Operational Research in 2016, Coauthored with Dr. Jeyaraj Vadiveloo (University of Connecticut)
  • Presented “A Financial Protection Strategy Using a Combination Annuity for Families with a Down syndrome Child”
    2017 Perspective on Actuarial Risks in Talks of Young Researchers (Ascona, Switzerland)
    2016 SOA Actuarial Research Conference (Minneapolis, MN) – Winners (Honorable Mention) Presentation Prizes
    2016 Goldenson Center for Actuarial Research Board Meeting (Storrs, CT)
  • Presented “Claims Tracking and Monitoring: A GLM and Retrospective Loss Random Variable Approach”
    2016 Actuaries’ Club of Hartford & Springfield Spring Meeting (Hartford, CT)
  • Presented “Agent Based Queuing Model to Optimize Call Center Agent Allocation”
    2015 SOA Actuarial Research Conference (Toronto, Canada) – Winners (Honorable Mention) Presentation Prizes
    2015 Goldenson Center for Actuarial Research Board Meeting (Storrs, CT)
  • Presented “Tracking and Monitoring Claims Experience: A Practical Application of Risk Management” 2014 Goldenson Center for Actuarial Research Board Meeting (Storrs, CT)
  • Presented “Agent Based Modeling for Property and Casualty Underwriting Cycle”
    2014 SOA Actuarial Research Conference (Santa Barbara, CA) – Winners (Honorable Mention) Presentation Prizes
    2013 UCONN Actuarial Student Conference (Storrs, CT)
  • Presented “National Retirement Sustainability Index”
    2013 Goldenson Center for Actuarial Research Board Meeting (Storrs, CT)
  • Coauthored “Tracking and Monitoring Claims Experience: A Practical Application of Risk Management” Risk Management, December 2014, Issue 31