Actuarial

Name Katie
Education BS Actuarial Science, University of Illinois 2008
Department/Concise Job Description Actuarial Analyst
Years Spent at State Farm 3 years total at State Farm (2 as an intern)
Location Illinois
Career Path During my sophomore year of college, I interviewed and was hired as a summer intern.  My offer was extended to include a semester at the Research Center at the University of Illinois, while I was in school.  In 2007, I continued to work at the Research Center and also at Corporate in the summer.  Last year, I began full-time at Corporate.

When I first decided to study actuarial science in school, I thought I would work at State Farm.  My parents and grandparents have had State Farm insurance products for over 50 years, so I did not know any other insurance company. I believe the reason my family has been with State Farm is the same reason why I work here.  State Farm is a strong, dependable company that stands behind its policies and employees.  I never doubt the security of my job just as my family has never doubted State Farm’s ability to back its policies. 

I first came to State Farm as a summer intern in the Actuarial Department during my sophomore year in college. During my interview process, I asked all the interviewers if they could see themselves finishing their careers at State Farm.  Each replied, “Yes,” which is what I wanted to hear.  That first summer I enjoyed my department and the company so much that working anywhere else would have been a disappointment.  Thankfully, they liked me, too, so I am now here full-time!

Starting from my internship experience, I have always worked on real projects, that if I were not doing, a full-time analyst would have done.  One summer I completed a persistency study, which analyzes how many people are lapsing, or terminating, their policies.  The results from the study are used as assumptions department-wide, from pricing new policies to modeling our future experience.  I learned quickly that State Farm takes its interns and new full-time employees seriously and gives us legitimate work to do. 

As an actuarial analyst, I own asset/liability models that we run 3 times a year for both regulatory purposes and internal projections.  The models project our future solvency by product line.  The rest of the year, I am responsible for updating and improving my models.  I like that I rarely do the same task twice, so I am constantly learning. 

I am always working to improve my decision-making.  Working independently is great because I get to choose what order to work through my projects, but it can also be difficult to prioritize.  I try to make decisions on my own first and then discuss with my unit members and supervisor.

The best advice I would have for someone who may potentially be at State Farm is to get to know people outside of your department. State Farm is a big company, so you never know when those contacts will come in handy. Finally, I would say make sure you are enjoying what you are doing and with whom, and if not, there are a lot of other opportunities to explore within State Farm.