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