Dr. Hu’s Paper on InsurTech Innovation Wins NAAJ Annual Prize

In a significant recognition of collaborative research, a team led by Dr. Changyue Hu from Drake University’s Zimpleman College of Business has been awarded the prestigious North American Actuarial Journal (NAAJ) Annual Prize for the best paper of 2025. The paper, which explores the impact of InsurTech data on insurance loss predictions, marks a notable contribution to the field of actuarial science.

Dr. Hu coauthored the acclaimed research paper titled “Improving Business Insurance Loss Models by Leveraging InsurTech Innovation” alongside Zhiyu Quan, an assistant professor at the University of Illinois Urbana-Champaign; Panyi Dong, a Ph.D. student at Illinois; and Emiliano A. Valdez, a professor at the University of Connecticut.

A Collaborative Approach to Unanswered Questions

The research addressed a critical question within the insurance industry: the extent to which data from InsurTech companies can refine loss predictions, particularly in the diverse realm of business insurance. This endeavor involved collaboration with an insurer and Carpe Data, an InsurTech firm, with the University of Illinois providing a neutral platform for secure data analysis.

“This collaboration allowed us to study a question that would have been difficult to answer otherwise,” Dr. Hu remarked.

Through their study, the team discovered that integrating InsurTech data with traditional insurance information significantly enhanced loss predictions. Key insights into business operations, locations, and environments unveiled risks not fully captured by existing insurance data.

NAAJ Editor-in-Chief Montserrat Guillen Estany noted that the paper demonstrates, “how industry-academic collaboration can strengthen loss modeling, uncover overlooked risk factors, and help insurers better understand the practical value of innovation.”

Dr. Hu regards the award as motivation to continue the collaborative efforts. “This work involved a great deal of collaboration, and it is rewarding to see that shared effort recognized by the NAAJ Editorial Board,” she stated. “It is also an encouragement for us to keep working closely with the industry and pursuing research that addresses the challenges they face in practice.”

Guidance for Aspiring Researchers at Drake

For students interested in the intersection of business and technology, Dr. Hu advises initiating dialogues to gain insight into the industry’s challenges.

“My advice is to talk with people working in the field and learn about the problems they face and the questions they need help answering,” she advised. “I think being able to identify a worthwhile question is one of the most important research skills, especially in the age of AI.”

Dr. Hu also encourages students to collaborate with individuals from diverse backgrounds to uncover unique perspectives and ideas.

The award-winning paper will be available for free online for one year starting late October 2026. It can be accessed here.