Tim Koenig

Building Trust Is the Key to Success

What led you to become an actuary, and what attracted you to the profession?

My dad is a health actuary, so I always knew about the profession. The apple didn’t fall far from the tree, though I made sure to pick a different track (life) to avoid completely copying him. While majoring in actuarial science at Penn State, people like [longtime Academy volunteer] Ron Gebhardtsbauer—who was leading the actuarial program at the time—helped me see a clear path forward and get excited about the future. Early on, I could see this was a field where one could apply analytical reasoning in a dynamic, real-world business environment. Years later, that’s exactly what it has turned out to be.

Describe a time when your professionalism training has helped you in your career.

Through our continuing education and professionalism training, we often review the Code of Professional Conduct, and Precept 2, which reminds us that we must only perform actuarial services for which we are qualified—these stand out to me, reminding me to continually assess and expand my knowledge base as I take on new roles and responsibilities.

Recently, my team began redesigning some of our experience studies. While I had prior experience in this area, I saw it as an opportunity to revisit foundational concepts and deepen my understanding. This is a simple example, but generally, the need to dive back in not only enhances my own development but also elevates the quality of our team’s work product.

Tell us about a time when your actuarial expertise influenced an important decision in your workplace.

I once led an effort to enhance our source of earnings analysis and insights. We had a block of business that consistently underperformed relative to expectations, but our existing tools made it difficult to pinpoint the root causes. Drawing on my actuarial background, we built an automated data pipeline that periodically processed data and mapped reported versus expected results at a granular level. Using visualization tools, we developed interactive dashboards that allowed stakeholders to slice and dice the results.

This new approach became a staple of our quarterly review process and led to actionable insights—prompting updates to our actuarial models and ultimately improving the accuracy of our business plan projections. This experience reinforced the value of combining actuarial expertise with emerging technologies to solve complex business problems in innovative ways.

What’s one of the biggest lessons you’ve learned in your career?

One of the biggest lessons I’ve learned is that while our work often revolves around numbers—statistics, probabilities, and models—success ultimately comes down to people. Building trust is the most critical component of any professional relationship, and it’s also one of the hardest qualities to develop over time. Technical expertise is essential but cultivating trust across the actuarial organization—and beyond—is what truly propels teams toward success.

What advice do you wish you were given at the beginning of your career?

A few years ago, one of our leaders shared some advice with our broader actuarial team along the lines of “your job is more than your job description.” At some point in my career, I realized that some of the most meaningful and valued contributions come from stepping outside my immediate ­responsibilities—whether that’s offering an idea in a different area, challenging the status quo, or volunteering to help with something that benefits the broader team or company.

People rarely turn down someone who genuinely wants to help or improve things. The sooner one starts thinking beyond a specific role and looks for ways to add value across the organization, the more opportunities will present themselves.

What do you value most about your Academy membership and volunteer work? What does the MAAA designation mean to you?

I appreciate the structure provided by the U.S. Qualification Standards (USQS), especially that we are encouraged to continue learning beyond the exam phase of our careers. I particularly value the requirement for some learning to occur in-person. In-person attendance to industry meetings and conferences is twice as beneficial—not only for deepening understanding on specific topics, but also for the networking opportunities they create across the profession. That’s one of the reasons I continue to volunteer with the Actuaries Club of Philadelphia—I think it’s important to maintain a strong actuarial community, especially at the local level.

What advice would you share with aspiring or new actuaries, or those interested in volunteering for the Academy?

My advice to aspiring or new actuaries is to actively seek out situations that push you beyond your comfort zone. Throughout my career, I’ve made a point to raise my hand for opportunities even when they have felt like “extra work” or unnecessary—going out of my way to network with another actuary, stepping up to present to senior leadership, taking on roles that span beyond a strictly actuarial domain. Your job is not just the bullets in a job description, but to learn from others and seek out stretch opportunities for growth and development. Leaving one’s comfort zone almost always pays off, helps to build confidence, and open new doors. If you ever feel comfortable in your day-to-day routine—change that! I believe our profession rewards curiosity, initiative, and adaptability.

Beyond work—what are your hobbies or personal interests?

I really enjoy staying active—whether it’s running, biking, working out, playing golf, or pickleball. I like to clear my head and keep some balance. I’m also a big Philadelphia and Penn State sports fan, though I’ll admit it’s been a rough couple of months on that front. Luckily, I’m distracted from the pain there, as my wife Abbey and I recently bought a house, so we’ve been quite busy with the new responsibilities.

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