We’re Allstate Actuaries! Explore the possibilities. Proprietary of Allstate Insurance Company....

We’reAllstateActuaries!

We’reAllstateActuaries!

Explore the possibilities.

Proprietary of Allstate Insurance Company. Copyright © 2003

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Something you may have never expectedSomething you may have never expectedSomething you may have never expectedSomething you may have never expected

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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


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


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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


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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


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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


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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


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CAS Associateship Requirements

Validation by Educational Experience

VEE – Applied Statistical Methods

VEE – Corporate Finance

VEE – Economics

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CAS Fellowship Exams

Exam Topic

8 Investments and Financial Analysis

9 Advanced Ratemaking, Rate of Return, and Individual Risk Rating Plans

Casualty Actuarial

Information


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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


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


* 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


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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


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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


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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


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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

We’re Allstate Actuaries! Explore the possibilities. Proprietary of Allstate Insurance Company....

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