Transcript here - University of Florida

University of Florida Presentation
Presenters:
٠ Brian Nyland
٠ Louis Posick, ASA
٠ Ashley Payne
UF 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
• How Does Allstate Workplace Division Fit Into
The Bigger Allstate Company?
• Supplemental Insurance through Payroll
Deduction
• Types Of Products Available
Allstate 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
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
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
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
Getting Experience In College
Familiarity with Computers & Programs
General Tips for the Business World
Difference in Study Techniques
Financial Incentives for Passing Exams
Path 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 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