IRisk Lab People
Faculty Members

Tolulope Fadina
Assistant Professor of Actuarial Science
Dr. Tolulope Fadina's research lies at the intersection of financial mathematics and actuarial science, with a focus on climate risk, fairness in AI, model uncertainty and contagion, financial derivatives, and risk measures. The aim is to develop practical, data-driven approaches that help navigate emerging environmental and financial risks.
Short Bio
Dr. Tolulope Fadina is an Assistant Professor in Actuarial Science and Risk Management at the University of Illinois at Urbana–Champaign. With a strong commitment to bridging the gap between academic research and industry application, Dr. Fadina recently completed the Climate Risk Certificate Bundle: Life and Investment/Finance Track, a professional program offered by the Society of Actuaries (SOA). This training has further enhanced her ability to translate advanced climate risk and uncertainty models into actionable insights for insurers and asset managers. Dr. Fadina welcomes collaborative partnerships with industry stakeholders who are tackling complex challenges in climate risk, financial modeling, and risk measures. With regard to recognitions, in 2025, she was featured as a distinguished mathematician by Mathematically Gifted and Black. In 2022, she was named one of the Black Heroes of Mathematics by the International Centre for Mathematical Sciences.

Eric Icaza
Instructor of Actuarial Science
Eric Icaza's research lies at machine learning, neural networks, Monte Carlo simulation, data analysis and visualization, actuarial science and mathematics education, arbitrage strategies, portfolio allocation.
Short Bio
Eric Icaza is an instructor of actuarial science and former Sun Life actuarial analyst. My teaching and projects merge actuarial science with applied mathematics and data science. Courses include financial mathematics, linear algebra, regression modeling, loss models, and insurance regulation. Projects include Neural Networks from Scratch, Actuarial Applications of Machine Learning, Testing Portfolio Management Theories, and Introduction to Monte Carlo Simulation.

Xiaochen Jing
Assistant Professor of Actuarial Science
Xiaochen Jing is interested in a variety of research topics including actuarial pricing, life insurance product innovation, textual analysis, machine learning, and risk management & insurance.
Short Bio
Xiaochen Jing is an Assistant Professor at the Department of Mathematics of the University of Illinois at Urbana-Champaign. He graduated from the University of Wisconsin-Madison with a Ph.D. in Actuarial Science, Risk Management & Insurance. He also completed his Master’s degree in Actuarial Science from the University of Illinois at Urbana-Champaign. His research mainly employs empirical methods and focuses on insurance product design and market behavior, with particular interests in variable annuities and decentralized insurance. In 2025, he received an Individual Grant Competition award from the Society of Actuaries.

Feng Liang
Professor of Statistics
Feng Liang is interested in a variety of research topics, including Bayesian analysis, statistical learning, and high-dimensional analysis.
Short Bio
Feng Liang is a Professor in the Department of Statistics at the University of Illinois at Urbana-Champaign (UIUC), where she also serves as the Director of the Actuarial Science and Risk Management Program. She received her Ph.D. in Statistics from Yale University and was previously an Assistant Professor at Duke University.
Dr. Liang has published in top statistical journals and AI conferences, advised 19 Ph.D. students, and served as Associate Editor for several leading statistical journals. Her research has been supported by the National Science Foundation (NSF), the Department of Energy (DOE), and other funding agencies.
Her research focuses on Bayesian methodology, machine learning, and information-theoretic approaches, with recent interests in the theoretical foundations and modern statistical inference in AI. Her recent work, in collaboration with Sandia National Laboratories, addresses the challenge of improving and assessing the quality of uncertainty quantification in deep learning. One of her recent papers—providing a mathematical foundation for score-based diffusion models, a class of generative AI models—was selected as a spotlight paper at the 2025 International Conference on Machine Learning (ICML), a highly competitive venue. She is also actively working on transfer learning via Bayesian approaches, with a focus on compressing, explaining, and transferring neural networks in a principled and interpretable manner.

Zhiyu (Frank) Quan
Director of IRisk Lab, Assistant Professor of Actuarial Science
Zhiyu Quan has a broad spectrum of research interests in InsurTech innovation, Data science applications in insurance use cases, NLP and text mining, LLM localization and deployment, Federated Learning, Algorithm fairness and bias mitigation, Data-driven emerging risk quantification (climate risk, cyber risk), Foot-traffic analysis, and Financial planning.
Short Bio
Zhiyu (Frank) Quan is an Assistant Professor at the Program for Actuarial and Risk Management Sciences of the University of Illinois Urbana-Champaign, a Brad and Karen Smith Professorial Scholar of the College of Liberal Arts and Sciences, and a Finance and Insurance Sector Lead for Discovery Partners Institute. He holds a Ph.D. in Actuarial Science from the University of Connecticut. Before joining Illinois, he worked in a cutting-edge Insurtech company as a R & D data scientist developing data-driven solutions for major insurance companies. He has a broad spectrum of research interests in data science applications in insurance such as tree-based models, natural language processing, deep learning, and applies his actuarial expertise to build predictive models for claim research, rate making, etc. His research agenda is driven by real-life data and is inspired by collaborations with Insurtech and insurance companies. Besides, he is a director of the Illinois Risk Lab, which facilitates research activities that integrate academic training with practical problem-solving in real business settings. He has received the Arnold O. Beckman Research Award and has been awarded by the Society of Actuaries Research Institute and Casualty Actuarial Society.
Graduate Supervisor
Panyi Dong
Ph.D. Student in Mathematics at the University of Illinois at Urbana-Champaign
Panyi Dong is a Ph.D. student in the Department of Mathematics with concentration in Actuarial Science and Risk Analytics at the University of Illinois at Urbana-Champaign (UIUC). Before he joined the doctoral program, he obtained a master degree in Actuarial Science and Risk Management at UIUC. He has participated in IRisk Lab Automated Machine Learning project during Fall 2021 and has been supervising IRisk projects since then. His research focuses on innovations of Machine Learning and Data Science in Insurance.
Xiaoyu Dong
Ph.D. Student in Mathematics at the University of Illinois at Urbana-Champaign
Xiaoyu Dong is currently a Ph.D. student in the Actuarial Science and Risk Management Program at the University of Illinois at Urbana-Champaign. Prior to joining the doctoral program, she obtained her Master’s degree and Bachelor’s degree in Actuarial Science at the Southwestern University of Finance and Economics. Her research interests lie in mortality modeling and longevity risk.
Wenjin Duan
Ph.D. Student in Mathematics at the University of Illinois at Urbana-Champaign
Wenjin Duan is currently a Ph.D. student in the Actuarial and Risk Management Sciences program. Before she joined the doctoral program, she obtained her Master’s degree in Statistics at the University of Illinois and her Bachelor's degree in Actuarial Science at the University of Connecticut. Her research interests focus on cyber risk within actuarial science.
Jiayi Guo
Ph.D. Student in Mathematics at the University of Illinois at Urbana-Champaign
Jiayi Guo is currently a Ph.D. student in the Actuarial and Risk Management Sciences Program. Before she joined the doctoral program, she obtained her Master’s degree in Predictive Analytics & Risk Management at the University of Illinois. Her research interests focus on climate risk within actuarial science. She has been a graduate supervisor for Data Innovation and Consolidation projects at the iRisk Lab since 2024.
Changyue Hu
Ph.D. Student in Mathematics at the University of Illinois at Urbana-Champaign
Changyue Hu is a Ph.D. student in the Department of Mathematics at the University of Illinois at Urbana-Champaign, with a concentration in Actuarial Science and Risk Analytics. Prior to joining the doctoral program, she obtained her Master’s degree in Actuarial Science at the University of Illinois and her Bachelor’s degree in Mathematics at Nankai University. Her research interests lie in machine learning applications in actuarial science, especially with tree-based models. She has been a graduate supervisor of several InsurTech-related research projects in IRisk Lab since Spring 2021.
Seongyoon Kim
Ph.D. Student in Mathematics at the University of Illinois at Urbana-Champaign
Seongyoon Kim is currently a Ph.D. student in the Actuarial Science and Risk Management Program at the University of Illinois at Urbana-Champaign. His research interests are quantitative finance, probability theory, and decentralized finance. Prior to joining the doctoral program, he obtained his Master’s degree in Mathematics at the University of Illinois at Urbana-Champaign. He is currently researching on the decentralized insurance under the supervision of Professor Feng.
Zhonghe Wan
Ph.D. Student in Mathematics at the University of Illinois at Urbana-Champaign
Zhonghe Wan is a Ph.D. student in the Actuarial Science and Risk Management Program at the University of Illinois at Urbana-Champaign (UIUC). Before she joined the doctoral program, she obtained a master degree in Statistics at UIUC. She participated in the Research Reading Group of the Department of Mathematics as well as worked as a head teaching assistant for many courses in the Gies College of Business. She served as a graduate research assistant throughout 2021, and her research focused on random network modeling.
Yasintorn Wongwoottisaroch
Ph.D. Student in Mathematics at the University of Illinois at Urbana-Champaign
Yasintorn Wongwoottisaroch is a Ph.D. student in the Actuarial Science and Risk Management Program at the University of Illinois at Urbana-Champaign. Before joining the doctoral program, he obtained his Bachelor’s degree in Accounting (Major Integrative Business Accounting) at Thammasat University in Thailand and a Master’s degree in Insurance at Chulalongkorn University in Thailand. His first job was an accounting analyst at ExxonMobil (Thailand) and the most recent one was an adjunct instructor at Chulalongkorn University, teaching General Principles of Insurance. His research focuses on Enterprise Risk Management, Insurance Rules and Regulations, Quantitative Finance - Dynamic Hedging of Weather Derivatives or Catastrophic Loss Portfolio. In his leisure time, he likes to listen to music, watch comedies, and listen to the news or ghost stories from Thai channels. Recently, he received the Associate of the Society of Actuaries (ASA) credential from the Society of Actuaries as of April 2024. He also obtained another Master's Degree in Applied Mathematics at UIUC as of December 2025.