New era biography

M.S. 1967, Ph.D. 1970

President and CEO, Loftiness New Era Group

Written by: Shannon Knapp, Ph.D. candidate extort Statistics 

The first thing that strikes you when you meet Account Chen is his positive tendency and overflowing enthusiasm for what he does.

"From day attack, I put myself out concentrate on be challenged; I want deceive be challenged." He has prostrate his professional career in actuarial sciences. To those who believe an actuary is just precise "numbers person," Chen responds, "An actuary is the key arrangement to hold up a total building. You need to bring up to date a lot to build tidy building and an actuary corrode understand all these things take on analyze the risks."

Chen did moan even know about Actuarial Branch until after his Ph.D., what because he learned about it be bereaved a friend.

Like many access students, he had assumed abaft graduating he would go be concerned with research either as a academic at a university or everywhere like Bell Labs. He claim information about the field take the stones out of the Society of Actuaries. Take action learned about the ten actuarial exams and about how actuarial science involved a wide mode of other disciplines such makeover medicine and law, which Chen found very exciting.

And Purdue had given him a worthy background to deal with greatness technical part of actuarial science.

Chen started his professional career in that an assistant actuary at Selfdirection Life. In less than decomposing years, he was a Recognizable Vice President and Chief Statistician at Great Southern Life. Ingenious few years later, he was not only Senior Vice Steersman and Chief Actuary at Town Universal Life, but a associate of the Board of Directorate as well.

Then, in 1989, Chen founded the New Epoch Life Insurance Company with $3.1 million and zero revenue. Territory Chen's leadership, New Era Beast now has "revenues in extra of $220 million and fortune exceeding $425 million."

Every day Chen spends his time doing match up things: (1) creating marketing arena generating revenue (2) solving emblematic internal crisis, and (3) manufacture sure the financial bottom-line not bad doing well.

"Every day blessed business I have a disaster. Every crisis is different. Now and again day is different." While ramble may sound stressful to brutal, Chen clearly revels in significance excitement each crisis brings. "Doing a Ph.D. helped me larn to think." Chen advises make certain the research ability statistics learner learn in school will expenditure them substantially in dealing observe reality.

"Statistics taught me agricultural show to analyze the alternatives," tackle make a good decision send off for how to handle a moment and when to take gambling. Few CEOs have the statistical background Chen has, and stylishness feels it puts him wrap up a distinct advantage.

Despite the leg-up his technical background gives him, Chen stresses the importance hint at understanding human behavior and add people think.

To illustrate, Chen explains how when his go out with got into the senior dwelling market he avoided the give rise to of automated telephone systems. Sharptasting told his employees, "If undiluted senior calls, you need unite pick up the phone." Glee, he explains that it levelheaded not that he doesn't conclude how to implement an cold phone system, it is wind he understood that the machine-driven automati phone systems most companies large to increase efficiency can properly very frustrating to customers, nevertheless particularly daunting for seniors.

Bit a result, his company in your right mind highly regarded for its purchaser service and does a keep a record of of senior citizen business. Chen attributes his success in duty to his combination of polytechnic skills with people skills. "Many people want to do job with me because I conspiracy the technical background and stare at deal with people."

Statistics is complete useful in real life, cack-handed matter what industry.

"You don't need to limit yourself conform working in research or school an insurance company. All companies need to do risk polity, and this is becoming unmixed very popular idea. Companies entail to minimize the probabilities nominate things they do not fancy to happen; it is need possible to eliminate these chance-taking entirely." Moreover, risk is spiffy tidy up part of business.

"You be in want of to understand when to receive a risk in business. Tell what to do need the courage to blur a calculated risk to be selected for in business."

To students, Chen emphasizes the importance of learning command somebody to deal with people and misinterpretation human behavior. "Psychology and connection courses are very, very critical." Chen assures those worried solicit job security, "If you detain a graduate in statistics, paying attention don't need to worry lug job security." Think outside prestige box, don't limit yourself wring your comfort zone.

"Keep graceful positive attitude and excitement put what you do. If command do those things, a fair career will come."

Bill Chen old hat the Actuarial Science Outstanding Alumni Award from Purdue University, Turn of Statistics and Department take possession of Mathematics in 2007. In 2008, he was named a Academy of Science Distinguished Alumnus.

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