Actuarial Careers What Allstate Has To Offer

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Actuarial CareersWhat Allstate Has to Offer

TopicsWhat is a P&C actuary?Allstate at a glanceActuarial career developmentMeaningful work1

Professional Actuarial SocietiesIn the United States and Canada, there are two organizations thatconfer credentials on practicing actuaries:Society of Actuaries (SOA)- Life Insurance, Annuities, HealthInsurance, Pension Plans, etc- SOA founded in 1889- 22,000 membersCasualty Actuarial Society (CAS)- Property and Casualty Insurance:Auto, Homeowners, WorkersCompensation, and others- CAS founded in 1914- 5,400 membersSources: SOA Analysis of Membership, CAS Yearbook and Proceedings2

CAS membership by employment typeRetired6.2%Other10.6%Brokers and Agents* 2.0%Academic 0.4%Government 1.4%Property/LiabilityInsurance Companies44.2%Consultants16.6%Organizations servinginsurance business**4.7%ReinsuranceCompanies*11.2%Life and Accident/HealthInsurance Companies2.6%* Category created in 1989** Formerly Bureaus and AssociationsSource: CAS Yearbook and Proceedings3

What types of insurancedo casualty actuaries work in?Personal lines (Auto, Homeowners, Renters, Boats, Motorcycles, etc).Commercial lines (auto andproperty of small businesses)Worker’s compensationMedical malpracticeLloyds of LondonProfessional liabilityNatural and manmade disasters– Hurricanes– Earthquakes– Terrorism4

CAS exam structureCAS 1 SOA P – ProbabilityCAS 2 SOA FM – Financial MathematicsCAS 3L* SOA MLC – Life ContingenciesCAS 3F SOA MFE – Financial EconomicsCAS 4 SOA C – Actuarial ModelingCAS 5 – Basic Ratemaking and ReservingCAS 6 – Regulation and Financial ReportingOnline Course 1 – Risk Management and Insurance OperationsOnline Course 2 – Coverage Analysis, and Insurance Accounting, Law, & RegulationCourse on ProfessionalismVEE RequirementsCONGRATULATIONS! You are now an Associate of the Casualty Actuarial Society!CAS 7 – Advanced Techniques in Unpaid Claim Estimation, Insurance Company Valuation, andEnterprise Risk ManagementCAS 8 – Investments and Financial AnalysisCAS 9 – Advanced Ratemaking, Rate of Return, and Individual Risk Rating PlanCONGRATULATIONS! You are now a Fellow of the Casualty Actuarial Society!* This exam is not identical to SOA MLC5

Why take exams and obtain a designation?Vastly expanded career opportunitiesEnhanced networking opportunitiesIndustry committee involvementProvide expert testimonyContinuing education opportunitiesSign financial statementsProfessional developmentPersonal satisfactionSignificantly enhanced compensation6

CAS membership growthOpportunities for actuaries are constantly expanding,as demonstrated by the tremendous growth in CASmembership (over 5% annually).Source: CAS Yearbook and Proceedings7

Commitment to careerOnly 40-45% successfully pass each examStudy time commitment typically rangesfrom 150 to 300 hours per examGlobal competitionAverage time to complete – 5-8 yearsTemporary pain for long-term gain8

Degrees/majorsUndergraduate degree in Actuarial Science, Math, Statistics,EconomicsOther fields include Engineering, Risk Management, Finance, etc.Ideal course curriculum – VEE Credits (required for ACAS designation)– Corporate Finance– Economics– Applied Statistical MethodsThe actuarial profession is consistently ranked in the top 5 professionsbased on employment outlook, income, environment, physical demandsand stress.9

Knowledge/skillsStrong analytical and problem solving skillsSpecialized math knowledgeGeneral business knowledge(economics, finance, etc.)Strong communication andleadership skillsStrong computer skills (Excel,Access, databases)Basic understanding of insurance industry is a plus10

P&C vs. LifeSocial trends (legislative policies,lawsuits, judicial changes, customerlifestyles) affect P&C pricing moredirectly and rapidlyCatastrophe models are developed topredict the impact of future hurricanesand earthquakes on P&C insuranceAverage industry P&C salaries higherMortality tables in life insurancechange gradually over time; P&C isdynamicInvestment analysis in life insuranceplays a much more significant rolethan in P&C11

Insurance company vs. consultingBetter life/workbalanceMore realistic studyenvironmentComprehensivetraining program atAllstate!Team environmentStrong communicationskillsWhat are theconsiderations forchoosing to work atan insurancecompany over aconsultingcompany?Demanding deadlines;client service; longerhoursPotentially moredifficult studyenvironmentTypically less time fortraining opportunitiesTeam environmentStrong communicationskills12

P&C Actuarial ExampleSituation: You are an Allstate pricing analyst responsible for setting rates for NewYork automobile insurance. You receive a bulletin from the NY Department ofInsurance requesting information on how the effects of rising gas prices are reflectedin your company’s Auto rates.What do you consider?Consider an Allstate customer, Joe Smith, who fills up his tank of gas once a week. Afew months ago it cost him 50. Now when he fills up it costs him closer to 75. Howdoes Joe react?

P&C Actuarial ExampleJoe #1: Joe can choose to drive the same amount and simply absorb the increasedcost on his budget for fuel.What happens to Joe’s chance of getting in an accident?Joe #2: Joe can choose to drive less in order to use less fuel and reduce the potentialfor increased cost for fuel on his budget.What happens to Joe’s chance of getting in an accident?Joe #3: Joe can purchase a more fuel-efficient vehicle so that he can drive the sameamount and consume less gas so that his fuel budget remains constant.What happens to Joe’s chance of getting in an accident?

TopicsWhat is a P&C Actuary?Allstate at a glanceActuarial career developmentMeaningful work15

Allstate at a glance 33 billion in revenue in 2011*Northbrook, ILLargest publiclyheld personallines insurer inU.S.More than 70,000professionals made up ofemployees, agents, and staff16

Allstate’s Awards and RecognitionTop 100 in Global 2000 Companies– Forbes magazine (2006-07)America's Most Admired Companies– Fortune magazine, Allstate ranked no. 5 inProperty & Casualty Industry in 2007, 2009, 2010100 Best Companies for Working Mothers– Working Mother magazine, 21-year awardwinner and Hall of Fame inductee(1990, 1992-10, 2012)Top Company for Executive Women– National Association of FemaleExecutives (NAFE) (2000-01, 2005-12)17

Allstate’s Awards and RecognitionTop 50 Companies for Diversity– DiversityInc magazine,7-time award winner (2001-07)Top 25 Noteworthy Companies for Diversity-DiversityInc magazine (2008, 2010)50 Best Companies for Latinas to work– LATINA Style magazine, Award winner for 14thconsecutive year (1998-12)Top 10 Companies for African Americans to work– DiversityInc Magazine, 5-time award winner(2003-07)Top 10 in Chicago’s Largest Public Company– Crain’s magazine (2007-08)18

Social responsibility at AllstateInspiring Excellence, Embracing DiversityInnovating and Advocating for ConsumersProtecting the EnvironmentNamed one of America’s “100 Best Corporate Citizens”by CRO MagazineWorking at the Heart of Our Communities- The Allstate Foundation provided 17.8 million to organizations acrossthe country- 5.8 million raised by Giving Campaign in 2010- National leader in teen driving safety programs- Major funder of domestic violence preventionprograms- Numerous volunteer opportunitiesCommitment to strong principlesand the highest ethical standards19

TopicsWhat is a P&C actuary?Allstate at a glanceActuarial career developmentMeaningful work20

Best-in-class actuarial training programavailable to both interns and full-time hires!We provide over 40 “just-in-time” classroom-style training sessions todevelop your actuarial skills– General insurance knowledge– Fundamental actuarial theory How to determine the statewide indicated rate level need- Trends, loss development, catastrophes- Current rate level- Credibility- Expenses and profit How to develop appropriate rates for a given segment– Allstate actuarial methods and computer applications– How you fit in as an actuary at AllstateRegular team discussions with dedicated managers“The training program taught me so much about the actuarial profession. I went fromthinking I wanted to be an actuary to confidently knowing I wanted to be an actuary, and thatI had the foundation I needed.” - A.S. - 2010 Actuarial Intern21

Actuarial Internship ProgramA traditional Allstate Actuarial Internship is 12 weeksin length.Interns receive best-in-class training, and work on realprojects that affect Allstate’s bottom line.– In 2012, interns were each given an opportunity towork with full-time pricing managers and analystson 4-6 different projects.Interns learn and work as a team, and enjoy numerousteam outings throughout the summer.

Allstate is the best place to start andgrow your actuarial career!Training:Career /AdvancementOpportunities:FlexibleMany differentcareer pathswithin thecompanyDetermined byindividualinterestsRapid development oftransferable skills that cantake you anywhereActuaries haveheld seniorleadership roles inour company:FinanceField OfficesResearchProductManagementVariety ofother rolesAllstate actuarieshave held keyleadership positionsin the profession:Exam ChairCAS Board ial Forum23

Exam support for full time employeesUp to 120 hours of work time allocated for exam preparationStudy material provided and exam fees paidSeminar attendanceOff-premises study time forqualifying candidatesStudy groups availableIndustry-leading rewardsfor exam success24

CAS Actuarial Exam Statistics – 2002-201225

TopicsWhat is an actuary?Allstate at a glanceCareer developmentMeaningful work26

Allstate is an industry leaderAllstate’s actuarial expertise is sought out by: Industry organizations- Allstate plays a leading role inindustry-specific issues Insurance regulators- 51 separate regulatory bodies State governments- opportunity to testify beforestate legislatures Federal government27

Real project workAnalyze past events to predict future eventsEvaluate costs and risks – is our anticipatedpremium enough to cover our anticipated losses?Evaluate a company’s overall financial conditionParticipate in decisions that shape companydirection and philosophyEvaluate and manage catastrophe exposure tocontrol riskInvestigate reinsurance options28

EnvironmentLife/work balance– Flexible work schedules– On-site fitness facilities– Intramural activities– Ability to stay connected remotelyDiverse workforce/employee networking groupsBusiness casual dress codeCollaborative team environmentRobust recognition programTeam outingsVolunteering and community serviceopportunitiesEasy access to Chicago29

Chicago Just 21 miles from Allstate

NetworkingMentor program– Each intern and new hire can be matched with a mentor– Mentor acts as a coach, guide, and a project resource– Mentee gains valuable information regarding actuarial career, actuarialwork at Allstate, and the social aspects of AllstateYoung Professionals Organization (YPO)– Engage in mentoring and coachingopportunities– Network with peers and leadership– Partner with leadership to assist inshaping Allstate for the futureAccess to actuarial and business leaders– Lunches– Approachability31

Compensation and benefitsCompetitive pay:Entry-Level Analysts up to 62,000 dependingupon exams passed and internships completedInterns receive approximately 75-80% ofentry-level salaryLong-term earning potential at top of the industryPay for performanceFor full time employees,salary increases for passingexamsSign-on bonusesCompetitive benefits:Full time – comprehensive benefits package(401k savings plan AND pension plan, medical,dental, vision, generous paid time off, etc)Intern– Paid transportation to and from internship fornon-local candidates (if Northbrook is over 30miles from permanent residence)– Housing stipend available fornon-local candidates32

Find Your Future at AllstateBest in class actuarial training programBest place to start and grow your actuarialcareer- 12-week intern program, including 40 trainingsessions, real project work, and team outings.Exam support and incentivesMeaningful workLife/work balanceYoung, diverse environmentMentoring/networkingCompetitive compensation and benefitsIndustry leading companySocial Responsibility33

Contact Us!For more information about Allstate, visit www.allstate.comTo apply online, visit www.allstate.jobs and search for Job NumberNOR00700.34

5 CAS exam structure CAS 1 SOA P – Probability CAS 2 SOA FM – Financial Mathematics CAS 3L* SOA MLC – Life Contingencies CAS 3F SOA MFE – Financial Economics CAS 4 SOA C – Actuarial Modeling CAS 5 – Basic Ratemaking and Reserving CAS 6

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