Maurice R. Greenberg School of Risk Science

Rose All Day 🌹 | Women in Insurance Leadership & Legacy

The Maurice R. Greenberg School of Risk Science (GSRS) and Liz White hosted an afternoon well spent celebrating leadership, connection, and the women shaping the future of the insurance industry.

The “Rose All Day” gathering event brought together executive women in the insurance industry for meaningful networking and recognition of their impact across the field. Guests experienced Liz White, National Property Director at Bridge Specialty Group and Advisory Board member for the GSRS, alongside fellow industry leaders.

Guests also received updates on GSRS growing programs from Dr. Stephen Shore (director of GSRS) and had the opportunity to meet standout students who are already shaping the next generation of risk and insurance professionals.
More than a networking event, the event was a reminder of the legacy being built by women in insurance—through leadership, mentorship, and community.

📸: [From Left to Right]
Kathleen Murphy, Regional Vice President, Starr Insurance Companies
Kathy Cao, GSRS RMI major
Mya Rasberry, GSRS RMI major
Stephen Shore, Director of the Maurice R. Greenberg School of Risk Science
Liz White, National Director Property Group, EVP Bridge Specialty & Host
Aissata Hann, GSRS RMI major
Leslie L Smith, Director of Development, M.R. Greenberg School of Risk Science

The Maurice R. Greenberg School of Risk Science’s GSU Course Demand Insights and Forecasts Final Presentation showcased the semester-long hard work of our graduate research assistants. The graduate research assistants used advance models to predict course demand for undergraduate students for future semesters.

Sprint Top Performer Award announcements:
• Kadian – for outstanding leadership and coordination throughout the Sprint
• Kia – for well-structured and impactful research efforts
• Masoud – for relentless effort in developing and improving models
• Mi – for in-depth analysis and strong progression toward research maturity

Today, the Maurice R. Greenberg School of Risk Science welcomed Julian Reif from the University of Illinois Urbana-Champaign to Georgia State University to conclude the GSRS Spring 2026 Seminar Series. Dr. Reif examines the real-world impact of removing medical debt from consumer credit reports, developing credit scoring models to share what the research uncovered.

Paper title: The Effects of Deleting Medical Debt from Consumer Credit Reports
Author(s): Julian Reif, Victor Duarte, Julia Fonseca, and Divij Kohli

Abstract: In April 2023, credit bureaus stopped reporting medical debt collections below $500. We study the effects of this information deletion on credit access and financial health. Regression discontinuity estimates comparing individuals just above and below the $500 threshold show that deletion reduced reported medical collections by 61 percent. We find no evidence of benefits over the subsequent two years. To interpret these findings, we build credit scoring models and show that medical debts, regardless of size, add minimal information for default prediction. Our results suggest that eliminating medical collections entirely from credit reports would be unlikely to affect credit outcomes.

The M.S. in Quantitative Risk Analysis & Management in the Maurice R. Greenberg School of Risk Science in the J. Mack Robinson College of Business, Georgia State University is ranked #1 in the Southeast by TFE Times in 2026!

Through rigorous, quantitatively driven training, the QRAM program prepares students for industry roles by developing expertise in:

• Risk Modeling & Analytics
• Credit Risk Modeling & Assessment
• Quantitative Risk Management
• Data-Driven Decision Making in Finance

Graduates are equipped to apply models, data, and analytical thinking to real-world risk and investment challenges across financial institutions.

Learn more: https://t.gsu.edu/4s7Hy8y

🎓 Alum Name: Jeekwon Lee, CPCU, CRIS

💼 Current Role
Senior Underwriter, Excess Casualty, Allied World Assurance Company

Jeekwon currently serves as a Senior Underwriter in Excess Casualty at Allied World Assurance Company, where he evaluates complex risks and makes strategic underwriting decisions. In this role, he applies analytical thinking and sound judgment to assess exposures and deliver well-reasoned underwriting solutions in a dynamic and evolving market.

📘 Degree Earned
B.B.A. in Risk Management and Insurance, at the Maurice R. Greenberg School of Risk Science in the J. Mack Robinson College of Business, Georgia State University

Jeekwon's time in the M.R. Greenberg School provided a strong foundation in underwriting principles and prepared him to confidently navigate complex risk scenarios in the insurance industry.

🧠 A Lasting Lesson from the M. R. Greenberg School
Jeekwon carries with him today the ability to rationalize decisions clearly and concisely as one of the most impactful lessons. Through Professor HAROLD WESTON free-response exams, he developed the ability to think critically and defend his reasoning—an essential skill in underwriting, where decisions must often be justified to stakeholders with differing perspectives.

👨‍🏫 Memorable Professors & Experiences
Professor Weston played a pivotal role in Jeekwon’s academic journey, inspiring him to pursue his CPCU designation and commit to a career in underwriting.

One standout experience for Jeekwon was his underwriting course, students explored the campus to identify real-world risk exposures—bringing classroom concepts to life.

Another memorable opportunity was attending the WSIA Extreme Risk Takers Symposium in Atlanta, Jeekwon engaged with wholesale brokers and underwriters, gaining valuable insight into the industry and expanding his professional network.

🚀 Advice for Future Students
Jeekwon strongly encourages students to take advantage of every opportunity to engage with the industry:
✨ Attend conferences, networking events, and professional gatherings
✨ Build relationships early—connections are key in insurance
✨ Take initiative—industry professionals are eager to support and guide students

With organizations like WSIA, RIMS, and YRP active in Atlanta, he emphasizes that getting involved early can provide a significant advantage when launching your career.

💬 Final Thoughts
Jeekwon is grateful for the opportunities and support provided by M.R. Greenberg School. He encourages students to fully immerse themselves in both academic and professional experiences.

🌟 We are proud to celebrate Jeekwon’s journey and accomplishments, looking forward to the continued impact he will make in the underwriting and insurance industry. 💙

Today, the Maurice R. Greenberg School of Risk Science (GSRS) welcomed Dr. Zhiwei Tong from the University of Iowa as the speaker for the GSRS Seminar Series sharing his insights on dependent default systems.

Title: Tail Risk in Dependent Default Systems with Systematic Risk and Sector-Specific Common Shocks

Abstract: This paper studies multiple defaultable institutions from two distinct sectors that are exposed to a shared systematic risk factor and sector-specific common shock factors. While most existing studies focus on default losses within a single sector, we investigate the joint tail risk of two sectors under different factor dominance regimes and dependence structures. Specifically, we consider three scenarios in which defaults are driven primarily by the shared systematic risk factor, by the two sector-specific common shock factors, or jointly by all three factors. Under the limiting regime in which the reference default probability tends to zero, we analyze, for each scenario, the probability that default losses in an individual sector exceed a threshold, the conditional exceedance probability of default losses in one sector given a threshold exceedance in the other, and the expected loss in one sector given a threshold exceedance in the other. We also study the asymptotic behavior of value-at-risk and expected shortfall for the default loss of an individual sector. Across all three scenarios, we establish asymptotic equivalences, which show that the marginal exceedance probability decays to zero at a rate proportional to the reference default probability, whereas the conditional exceedance probability and the conditional expected loss across sectors converge to positive constants, with substantial variation across scenarios. These results imply that, although the probability of large losses in any single sector is small, it is not negligible conditional on large losses in the other sector.

🎓 Alumna Spotlight: Jessica Morse, FSA, MAAA
We are proud to highlight Jessica Morse, an accomplished alumna of the Maurice R. Greenberg School of Risk Science at the J. Mack Robinson College of Business, Georgia State University

🏢 Current Role
AVP, Actuary – Model Risk Governance, Lincoln Financial

🎓 Degree Earned
B.B.A. in Actuarial Science, Maurice R. Greenberg School of Risk Science

✨ A Lasting Lesson from the M. R. Greenberg School
Jessica Morse, FSA, MAAA carries persistence as her most impactful lessons today. Jessica's professors emphasized the importance of staying committed, pushing through complexity, and continuously striving for excellence—qualities that remain essential in her actuarial career.

🌟 Memorable Professors & Experiences
Dr. Lori Schneider played a pivotal role in Jessica’s academic journey. As both the RMI Program Director at that time and her Freshman Learning Community (FLC) professor, Dr. Schneider challenged her to go beyond surface-level thinking. She encouraged a deeper approach—taking the time to fully understand problems and develop thoughtful, well-rounded solutions. This mindset continues to shape Jessica’s professional decision-making today.

💡 Advice for Future Actuarial Students
Jessica shares that actuarial science is a challenging yet incredibly rewarding field. It offers the opportunity to engage with both technical analytics and strategic business decisions. For those who are curious, analytical, and passionate about learning, it’s a path full of growth and opportunity.

💙 Final Thoughts
Jessica is grateful for her time at Georgia State University and remains proud to be a lifelong .

Artificial intelligence (AI) and technology advancements are rapidly reshaping and augmenting the actuarial profession. AI and machine learning are revolutionizing how actuaries perform core functions including pricing, reserving, and assessing risk. Technical competence is no longer optional but essential.

The Maurice R. Greenberg School of Risk Science introduces the Master of Interdisciplinary Studies with a concentration in actuarial science, artificial intelligence (MIS-ASAIIS), and information systems addresses this market demand. Through the program, you will develop advanced information technology and AI skills with a focus on actuarial applications and also build comprehensive actuarial science knowledge aligned with professional credential requirements.

Today, the Maurice R. Greenberg School of Risk Science at the J. Mack Robinson College of Business, Georgia State University hosted Dr. Daniel Bauer from the University of Wisconsin-Madison for another engaging seminar as part of our Seminar Series

🎓 Title:
Life Insurance and Annuity Pricing during the Financial Crisis, Revisited

📄 Abstract:
We reexamine insurance and annuity pricing during the 2008 financial crisis. We find that the existing narrative—of insurers selling policies at significant economic loss to gain statutory accounting benefits—is false. In fact, a substantial number of contracts decreased statutory capital upon sale. Instead, we show that pricing was set to produce high rates of return on capital, consistent with standard theories of pricing in the presence of financial frictions. We establish that the experience in 2008 was not extraordinary but mirrored other episodes of bond market stress where corporate borrowing rates rose quickly, such as in 1994, 1999, and 2013. A key finding across these periods is an inversion of the expected relationship between price and default risk, where—in contrast to the existing narrative—financially weaker companies quoted higher, not lower, prices than their stronger counterparts.

A big thank you to Dr. Daniel Bauer for sharing his research and to everyone who joined us for a thoughtful and engaging discussion.

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🌟Explore the M.R. Greenberg School's Graduate Programs

🔵Master of Actuarial Science (MAS): https://t.gsu.edu/4bZ1jcn

🔴Graduate Certificate in Actuarial Science: https://t.gsu.edu/4sGSgnL

🔵Quantitative Risk Analysis & Management, M.S.:https://t.gsu.edu/4s7Hy8y

🔴Master of Interdisciplinary Studies with concentration in Actuarial Science, Artificial Intelligence, and Information Systems: https://t.gsu.edu/4m4GAIM