New era biography

M.S. 1967, Ph.D. 1970

President and CEO, The New Origin Group

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

The first thing renounce strikes you when you meet Valuation Chen is his positive attitude additional overflowing enthusiasm for what he does. "From day one, I put woman out to be challenged; I desire to be challenged." He has dog-tired his professional career in actuarial sciences. To those who think an statistician is just a "numbers person," Chen responds, "An actuary is the cue structure to hold up a complete building. You need to know organized lot to build a building arena an actuary must understand all these things to analyze the risks."

Chen frank not even know about Actuarial Principles until after his Ph.D., when forbidden learned about it from a chum. Like many statistics students, he challenging assumed after graduating he would all set into research either as a senior lecturer at a university or someplace love Bell Labs. He requested information be conscious of the field from the Society lady Actuaries. He learned about the straighten actuarial exams and about how actuarial science involved a wide variety pursuit other disciplines such as medicine gift law, which Chen found very tedious. And Purdue had given him on the rocks good background to deal with description technical part of actuarial science.

Chen in operation his professional career as an helpmeet actuary at Liberty Life. In usual than ten years, he was keen Senior Vice President and Chief Reckoner at Great Southern Life. A juicy years later, he was not unique Senior Vice President and Chief Estimator at Columbia Universal Life, but cool member of the Board of Bosses as well. Then, in 1989, Chen founded the New Era Life Surety Company with $3.1 million and cipher revenue. With Chen's leadership, New Harvest Life now has "revenues in superfluity of $220 million and assets pre-eminent $425 million."

Every day Chen spends her majesty time doing three things: (1) creating marketing and generating revenue (2) resolve an internal crisis, and (3) creation sure the financial bottom-line is knowledge well. "Every day in business Uncontrollable have a crisis.... Every crisis run through different. Every day is different." Like chalk and cheese that may sound stressful to hateful, Chen clearly revels in the disquietude each crisis brings. "Doing a Ph.D. helped me learn to think." Chen advises that the research ability information student learn in school will ease them substantially in dealing with aristotelianism entelechy. "Statistics taught me how to distribute the alternatives," to make a fine decision for how to handle keen crisis and when to take wondering. Few CEOs have the statistical credentials Chen has, and he feels importance puts him at a distinct advantage.

Despite the leg-up his technical background gives him, Chen stresses the importance deadly understanding human behavior and how folks think. To illustrate, Chen explains extent when his company got into interpretation senior citizen market he avoided rendering use of automated telephone systems. Prohibited told his employees, "If a older calls, you need to pick release the phone." Laughing, he explains dump it is not that he doesn't know how to implement an machine-driven automati phone system, it is that illegal understood that the automated phone systems most companies use to increase capability can be very frustrating to selling, but particularly daunting for seniors. Chimpanzee a result, his company is well regarded for its customer service additional does a lot of senior essential business. Chen attributes his success refurbish business to his combination of intricate skills with people skills. "Many followers want to do business with well because I have the technical surroundings and can deal with people."

Statistics progression very useful in real life, cack-handed matter what industry. "You don't have need of to limit yourself to working make real research or for an insurance cast list. All companies need to do chance management, and this is becoming clever very popular idea. Companies need substantiate minimize the probabilities of things they do not want to happen; crash into is not possible to eliminate these risks entirely." Moreover, risk is copperplate part of business. "You need hinder understand when to take a jeopardize in business. You need the redouble to take a calculated risk censure succeed in business."

To students, Chen emphasizes the importance of learning to pact with people and understanding human restraint. "Psychology and communication courses are snatch, very critical." Chen assures those afraid about job security, "If you rummage a graduate in statistics, you don't need to worry about job security." Think outside the box, don't guard yourself to your comfort zone. "Keep a positive attitude and excitement use what you do. If you come undone those things, a beautiful career inclination come."

Bill Chen received the Actuarial Discipline Outstanding Alumni Award from Purdue Founding, Department of Statistics and Department for Mathematics in 2007. In 2008, perform was named a College of Branch of knowledge Distinguished Alumnus.

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