we’re allstate actuaries! explore the possibilities. proprietary of allstate insurance company....
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We’reAllstateActuaries!
We’reAllstateActuaries!
Explore the possibilities.
Proprietary of Allstate Insurance Company. Copyright © 2003
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We are here to provide you with:
Casualty Actuarial Information Opportunities at Allstate
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CASUALTY ACTUARIAL INFORMATION
What do Actuaries do? How do you become an Actuary? Where do Actuaries work? What are the career opportunities?
Casualty Actuarial
Information
Opportunities at Allstate
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WHAT DO ACTUARIES DO?
Casualty Actuarial
Information
Opportunities at Allstate
Analyze past events to predict future events Evaluate costs and risks Determine adequate, equitable prices for
contingent events Assist in developing new products Evaluate a company’s overall financial
condition Provide expert advice or testimony on financial
issues and ratemaking techniques Participate in decisions that shape company
direction and philosophy
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WHAT DO ACTUARIES DO?
Knowledge/Skills
Specialized math knowledge Keen analytical and problem solving skills Good business sense (i.e. economics, finance, etc.)
Solid communication skills Solid computer skills (i.e spreadsheets, databases, some
programming)
Broad understanding of insurance industry
Casualty Actuarial
Information
Opportunities at Allstate
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HOW DO YOU BECOME AN ACTUARY?
Undergraduate/graduate degree, typically in actuarial science, mathematics, statistics, economics, finance, business administration
Obtain Associate and Fellow designations by passing a series of actuarial exams offered by the Casualty Actuarial Society
Casualty Actuarial
Information
Opportunities at Allstate
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HOW DO YOU BECOME AN ACTUARY?
The Casualty Actuarial Society (CAS)
Formed in 1914 Administers actuarial exams nationwide
each May and November 7 Exams for Associateship (ACAS) 9 Exams for Fellowship (FCAS) over 3,589 CAS members Professionalism Course for
Associateship
Casualty Actuarial
Information
Opportunities at Allstate
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HOW DO YOU BECOME AN ACTUARY?
Why obtain Associateship and Fellowship?
Professional Designations Sign Financial Statements Provide Expert Testimony Professional Development…excellent continuing
education Personal Satisfaction Career Opportunities Attractive Compensation
Casualty Actuarial
Information
Opportunities at Allstate
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HOW DO YOU BECOME AN ACTUARY?
CAS Associateship Requirements
Exam Topic
1 Probability
2 Financial Mathematics
3 Statistics and Actuarial Models
4 Construction and Evaluation of Actuarial Models
5 Introduction to Property and Casualty Insurance and Ratemaking
6 Reserving, Insurance Accounting Principles and Reinsurance
7 Annual Statement, Taxation, Regulation (Nation Specific)
Casualty Actuarial
Information
Opportunities at Allstate
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HOW DO YOU BECOME AN ACTUARY?
CAS Associateship Requirements
Validation by Educational Experience
VEE – Applied Statistical Methods
VEE – Corporate Finance
VEE – Economics
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HOW DO YOU BECOME AN ACTUARY?
CAS Fellowship Exams
Exam Topic
8 Investments and Financial Analysis
9 Advanced Ratemaking, Rate of Return, and Individual Risk Rating Plans
Casualty Actuarial
Information
Opportunities at Allstate
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WHERE DO ACTUARIES WORK?
Insurance Companies
60.7%
Consulting Firms18.9%
Brokers & Agents2.6%
Government2.2%
Academic & Others 6.4%
Bureaus2.9%
CAS Fellows and Associates
Casualty Actuarial
Information
Opportunities at Allstate
Retirees 6.3%
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WHAT ARE THE CAREER OPPORTUNITIES?
Rated #2 in the Jobs Rated Almanac* based on: environment, income, outlook, physical demands,
security, and stress
Job satisfaction Very high job security Upward mobility
Highly valued employees that achieve senior leadership positions in various disciplines
Attractive salariesExperience Salary
New Analysts with 1 exam From $44,500
FCAS with 10-14 years $91,000-$158,600
Casualty Actuarial
Information
Opportunities at Allstate
* Jobs Almanac Sixth Edition, 2002
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UNIQUE ASPECTS OF CASUALTY INSURANCE
Universal Nearly everyone purchases some form of casualty
insurance
Unpredictable / Dynamic weather political
Regulated and Legislated new laws Department of Insurance requirements
Casualty Actuarial
Information
Opportunities at Allstate
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ACTUARIAL FUNCTIONS
State Pricing
Analysis Trends Profitability Rate Adequacy Competitive Position & Marketplace Considerations Other Considerations (i.e. customer impacts, regulatory climate, etc.)
Recommendations to Management Evaluation of Rate & Rating Plan Changes Impact to Customers
Implementation (Process owner) State Filings & Insurance Departments Integration with Product Operations, Regional Offices, Risk
Management, Claims, Marketing, Sales, etc. Automated System
Casualty Actuarial
Information
Opportunities at Allstate
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ACTUARIAL FUNCTIONS
Research & Development
Analyze Effectiveness of Rating Plans Discounts and Surcharges Classification Plans
Develop New Products
Develop Research Innovations New Actuarial and Statistical Techniques New Information Management Technologies
Consult For State Pricing on Legislative Issues Cost Implication of New or Proposed Laws Consumer Issues (i.e. equity, discrimination, etc.)
Casualty Actuarial
Information
Opportunities at Allstate
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ALLSTATE’S ACTUARIAL EXPERTISE
Types of Positions Held by Actuaries Outside of Traditional Career Path
Field Management Strategic Planning/Corporate Planning Research and Planning Center Finance Marketing Risk Management Product Administration Special Assignments Commercial
Casualty Actuarial
Information
Opportunities at Allstate
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WEBSITES OF INTEREST
www.casact.org (Casualty Actuarial Society)
www.soa.org (Society of Actuaries)
www.BeAnActuary.com
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Actuarial Club Presentation
FREE PIZZA!!!!!! Tuesday (11/16) at Pizza Hut,
starting at 6:30 p.m. Feel free to attend to learn
more about the career and Allstate
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