٠ Brian Nyland ٠ Louis Posick, ASA ٠ Ashley Payne University of Florida Presentation Presenters:
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Transcript of ٠ Brian Nyland ٠ Louis Posick, ASA ٠ Ashley Payne University of Florida Presentation Presenters:
٠ Louis Posick, ASA
٠ Ashley Payne
University of Florida PresentationPresenters:
University of Florida PresentationPresenters:
UF Presentation AgendaUF Presentation AgendaUF Presentation AgendaUF Presentation Agenda
• Introduction
• Get To Know Allstate Workplace Division
• Advantages Of Working At Allstate
• Actuarial Career At Allstate Workplace Division
• Transitioning Into The Actuarial Career
• Exam Overview
• Question and Answer
Get To Know Allstate Workplace Division Get To Know Allstate Workplace Division
• How Does Allstate Workplace Division Fit Into The Bigger Allstate Company?
• Supplemental Insurance through Payroll Deduction
• Types Of Products Available
Allstate Workplace Division ProductsAllstate Workplace Division Products
Types of Products Include
• Disability
• Accident
• Cancer
• Hospital Indemnity Medical Coverage
• Term Life
• UL
• Group Life and Accident & Health
Advantages of Working as an Actuary at Allstate Workplace
Division
Competitive Study Program
Current Plan As of March 2006
• Company Study Hours – Competitive hours based on exam hours
• Payment of Exam Fees, Study Materials & Preparation Seminars
• Competitive Salary Increases Upon Passing
Advantages of Working as an Actuary at Allstate Workplace
Division
Employees Are In Good Hands
• Generous Benefits
• Continued emphasis on employee satisfaction
• An environment that promotes a high level of integrity
Actuarial Career At Allstate Workplace Division
Actuarial Career At Allstate Workplace Division
Valuation
• How much money must the insurance company set aside (reserve) so that we can afford to pay claims when they occur?
• The answer depends on the required level of confidence (and who is asking)
• STAT (Statutory Reporting)• TAX• GAAP (General Accepted Accounting Principles)
Actuarial Career At Allstate Workplace Division
Actuarial Career At Allstate Workplace Division
Valuation
• Manage Company Reserves For Insurance Liabilities
• Perform Financial Modeling
• Analyze & Explain Company Monthly Income
• Recommend Product Profitability Improvements
Actuarial Career At Allstate Workplace Division
Actuarial Career At Allstate Workplace Division
Product Development
• Developing and Filing New Policies
• Maintenance of In-Force Policies
• Balance desires of agents with the needs of the policy holder while keeping the product profitable
• Creative Statistics
Transitioning Transitioning
Getting Experience In CollegeGetting Experience In College
Familiarity with Computers & ProgramsFamiliarity with Computers & Programs
General Tips for the Business WorldGeneral Tips for the Business World
Difference in Study TechniquesDifference in Study Techniques
Financial Incentives for Passing ExamsFinancial Incentives for Passing Exams
Path to ActuaryPath to Actuary
Preliminary Course Work
• Validation by Educational Experience (VEE)
– Applied Statistical Methods, Corporate Finance & Economics
• Four Exams
– Exam P: Probability
– Exam FM: Financial Mathematics
– Exam M: Actuarial Models
– Exam C: Construction & Evaluation of Actuarial Models
Path to ActuaryPath to Actuary
ASA Requirements
• Fundamentals of Actuarial Practice (FAP)
– Modules 1-5 and Exam 1
– Modules 6-8 and Final Assessment
• Associate Professionalism Course (APC)
Path to Actuary
FSA Requirements
• Two Track Specific Examinations
Exam DP Design & Pricing
Exam CSP Company/Sponsor Perspective
• “Several” Internet Based Modules
• “Capstone” Module (seminar?)
• Fellowship Admissions Course (FAC)
Question and Answer