Company: Allstate Insurance
Location: Northbrook, IL
SCOPE AND RESPONSIBILITY:
Rating Plan Development is responsible for aligning with and contributing to corporate growth and profitability objectives by identifying and developing pricing and claims opportunities which will enable Allstate to generate profitable market share growth.
This position as an Associate Predictive Modeler for Allstate Protection will work with a team of highly skilled and expert predictive modelers at one of the leading property and casualty insurance companies. The role is accountable for:
- Using best practices and traditional statistical/modeling and data mining techniques to develop rating and underwriting models, economic models, fraud models, and other models as necessary in the areas of Private Passenger Auto, Homeowners, and other lines of business;
- Applying established statistical concepts to assist in the development of price elasticity models for new and existing customers;
- Developing models to estimate the economic impact of operational decisions;
- Managing data and data requests to improve the accuracy of our data and decisions made from data analysis;
- Working on data and problems across departments to drive improved business results through designing, building, and partnering to implement models;
- Coordinating and managing projects using appropriate technical skills;
- Planning, implementing, and contributing to projects that are up to moderate complexity and are moderately scaled;
- Effectively understanding the business problems and requirements and communicating and sharing findings;
- Reviewing, evaluating, and making recommendations on appropriateness of statistical techniques
- Working to maintaining a friendly and collaborative work environment;
- Maximizing personal professional development to ensure continuation of a personal contribution to the team and Allstate.
The successful candidate will have 1 to 3 years of relevant experience including experience running modeling projects.
Knowledge and expertise should include:
- Functional pricing, statistical, rating plan design, and insurance regulation knowledge, with working knowledge of personal lines underwriting and product offerings, and/or claims;
- Proven ability to do the modeling work with strong skills in statistical software such as SAS, SPSS, Matlab, R, CART, etc.;
- Proven ability to manipulate and find patterns in large amounts of data; knowledge of SQL for data extraction (manipulation) is a plus;
- Proven knowledge of advanced technique such as GLM, GAM, Machine Learning algorithms, decision tress, etc.;
- Ability to analyze and interpret concepts of moderate complexity;
- Ability to develop rating plans, and/or claim (fraud) models;
- Ability to provide written and oral interpretation of highly specialized terms and data, and ability to present this data to others in their field of expertise;
- Ability to concentrate on a number of loosely defined situations of moderate complexity, which require application of creativity and originality, where guidance and counsel may be unavailable;
This position prefers a Master's or PhD in a quantitative field such as statistics, mathematics, finance, or economics or an actuarial designation (ACAS/FCAS) with a bachelor's degree in a quantitative field.