Steven Armstrong of Chicago has been named the recipient of the 2020 Actuarial Science Alumnus of the Year Award by the Illinois Department of Mathematics for his exceptional career and contributions to the actuarial field and unwavering support of the advancement and continued excellence of the Illinois Actuarial Science Program.
Armstrong has 28 years of actuarial experience within the insurance industry. He has worked at several insurance industry leaders, including Plymouth Rock Assurance Co. in Red Bank, N.J., and QBE North America, and AIG Property and Casualty Co. in New York; however, he has spent the majority of his professional career as a member of the Allstate Insurance Co. team, where he worked from 1992 to 2012, and again from 2017 to present.
Over his 25+ years with Allstate, Armstrong has held numerous positions of increasing scope and leadership, and currently serves as vice president of pricing analytics and actuarial services. In this role, he has shared responsibility for pricing more than $20 billion in premiums and has a lead role in improving pricing sophistication through advancing actuarial methods. Notably, Armstrong was one of the first actuaries to be part of a team that brought forward a telematics, usage-based auto insurance program in the U.S., known now as Drivewise by Allstate.
“Steve is a well-regarded leader and is sought out as an expert on topics as varied as regulatory affairs and diversity and inclusion,” says Julie Parsons, executive vice president of Allstate Insurance Co. “In addition to Steve’s accomplishments within Allstate, he has exhibited exceptional dedication to advancing the actuarial profession broadly.”
Armstrong is also the president of the Casualty Actuarial Society (CAS), the premier credentialing organization of casualty actuaries in North America and around the world, where he has been a fellow since 1996. One of the youngest elected presidents, he previously served as president-elect, as a member of the CAS board, and has served and held chairmanships for numerous other CAS committees, including the leadership development committee, examination committee, and strategic planning committee. Additionally, he has been a member of several CAS task forces, including the Automotive Vehicles Task Force, Admissions Technology Task Force, Preliminary Education Task Force, and the Task Force on Educational Balance.
“I have had the pleasure to work with Steve on many occasions, and he has amazed me with his abilities, intelligence, and love of the profession,” says Brian Brown, principal and consulting actuary at Milliman and Armstrong’s CAS colleague. “He is willing to speak at universities and large employers of actuaries and has traveled the globe to develop relationships with actuaries around the world. He is a vocal supporter of the University of Illinois Actuarial Science Program.”
In addition to his years of membership with the CAS, Armstrong holds membership in the American Academy of Actuaries. He has written articles for a variety of publications, including Actuarial Review, Claims Journal, and Insurance Journal, and has spoken at numerous industry engagements, including several Joint Mathematics Meetings, and has contributed his time to his alma mater, most recently serving as a lecturer for the 2019 Distinguished Guest Lecturers in Actuarial Science on campus.
“I want to help put a spotlight on outstanding actuarial programs like the University of Illinois and also promote diversity in the profession by being a role model for LGBTQ actuaries and allies.”
Armstrong graduated Summa Cum Laude with a bachelor’s degree in actuarial science from Illinois in 1992. He later completed an MBA with a concentration in marketing from the University of Illinois at Chicago in 2003.
The Actuarial Science Program's Alumnus of the Year Award is given to alumni who have made outstanding contributions in one or more of the following ways:
- Exceptional accomplishment in the actuarial profession.
- Exceptional accomplishment in non-traditional areas of actuarial practice.
- Exceptional service in local, state, or national affairs.
- Exceptional service in support of the advancement and continued excellence of the Illinois Actuarial Science Program.
Learn more about the Department of Mathematics Alumni Awards at math.illinois.edu/department-mathematics-alumni-awards.