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Intern Presentation: Wade Gong

Intern Presentation: Wade Gong. Life Actuary: Product Management. Allstate: Life Actuarial. Actuarial. Non-Actuarial. Property & Casualty. Life. Life Actuarial: Product Development. Pricing and Product Management. Modeling (Cash Flow Testing). Life Actuarial.

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Intern Presentation: Wade Gong

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  1. Intern Presentation: Wade Gong Life Actuary: Product Management

  2. Allstate: Life Actuarial Actuarial Non-Actuarial Property & Casualty Life

  3. Life Actuarial: Product Development Pricing and Product Management Modeling (Cash Flow Testing) Life Actuarial Actuarial Valuations and Analysis Capital Management and Reinsurance Asset/Liability Management (ALM)

  4. Product Management: Projects • Market-facing analysis of a potential product change • Interactive visual tool for sales agents • Automatic sales reports • Attempt to create pre-screening model for applicant health risk

  5. Product Change Market Impact • Background: • New insurance product: TrueTerm • New sales strategy: • Decrease price => Decrease mortality/health risk • Decrease mortality => “Healthier” customer segments • “Healthier” customer segments => Tougher qualification process Sales Volume Pricing Revenue

  6. Interactive Tool • Background: • New insurance product: TrueTerm • Customized life insurance terms instead of traditional fixed term insurance • Customers unfamiliar with the new product may be unaware of flexibility involved with the tool • Interactive tool used by sales agents to show customers a “menu” of insurance policies now available

  7. Sales Report • Background: • Product team sends out weekly reports to other departments: Wholesale, distribution, underwriting, etc. • New product features => new report necessary • Manually updating reports now a tedious process

  8. High-risk applicant pre-screen • Background: • Insurance applicants are segmented into categories based on expected mortality • Before underwriting occurs, there is a simple pre-screen to place applicants in health categories • EX: Preferred Elite, Elite, Standard Smoker, etc. • When the pre-screen matches the actual determined health category, close % is very high • Pre-screen = underwritten group: ~90% close rate • Pre-screen ≠ underwritten group: ~65% close rate

  9. Take-aways • Always room for improvement in Excel, Access, R, etc. • Solid foundation important in interviews • Think big picture • Communication is important

  10. Questions?

  11. Thanks for coming!

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