Actuarial Summer 2019 Internship
MEMIC’s Summer Internship Program identifies college students who want real-world experience that will allow them to gain valuable knowledge and skills within his or her field of study. This opportunity can either be a paid internship or can be credited towards the student’s degree. The program will last 11 weeks and begin on June 3rd and end on August 16th. This opportunity will be full-time (37.5 hours per week).
The Actuarial Intern will produce industry loss ratios by state for policy year 2018 using data from National Council on Compensation Insurance (NCCI) and other rating bureaus. The intern will also assist the Actuary with loss reserve analyses by state.
- From the NCCI and other rating bureau websites, the intern will collect historical loss cost change data by state and claim frequency by state.
- From the U.S. Department of Labor website, the intern will compile historical state average weekly wages (SAWW) by state.
- Using this information, the intern will calculate on-level factors used to restate historical premium to the current rate level; calculate payroll trend factors used to restate historical premium to the current wage level; calculate frequency trend factors to restate historical losses to the current claim frequency level.
- In assisting Actuary with loss reserve analyses, the intern will select development factors for loss, ALAE, and ULAE for assigned state. The intern will also make initial selections of ultimate loss, ALAE, and ULAE by year.
- Must be pursuing a Bachelor’s degree in Math, Statistics, Actuarial Science, or other related field.
- Must have a minimum GPA of 3.0.
- Must have outstanding quantitative and analytical skills.
- Must have strong written and verbal communication skills.
- Must be highly proficient in Excel, programming skills are desirable.
- Must have the ability to work independently.