Actuarial science is an interdisciplinary research area that focuses on the quantification, assessment and managing of risks and uncertainty arising from insurance and financial industries.
There are many ways of classifying research topics in actuarial science, one of which is based on areas of practice in the actuarial profession, such as
- Life and annuities
- Property and casualty
- Pension and retirement planning
- Finance and investment
- Enterprise risk management
However, as a scientific discipline, actuarial science is more broadly defined and extends beyond traditional boundaries of areas of actuarial practice. Researchers are at the forefront of expanding actuarial knowledge and developing cutting edge analytical and statistical techniques in a wide range of topics, including predictive modeling, asset and liability management, dependency modeling, etc.
Housed in the Department of Mathematics, known for its world-renowned probabilists, the Illinois Actuarial Science Program is a unique place for the coalescence of world-class mathematical education and actuarial research.
Our actuarial faculty members are actively involved in a wide range of research projects, many of which are sponsored by the Society of Actuaries and the Actuarial Foundation. The actuarial science group also leads the I-Risk Lab which provides educational and research activities to provide innovative solutions for industry problems emerging in the areas of actuarial science, quantitative finance and advance analytics for risk management.