Actuarial Intern

Job Description

Actuarial Intern | First Chicago Insurance Company

The Tone:
This is an internship at First Chicago Insurance Company, located in Chicago, IL. The company operates in the insurance sector, offering a variety of products including Non-Standard Auto, Commercial Auto, and General Liability. This role offers a college student a valuable opportunity to gain practical business experience in a hands-on environment. As an Actuarial Intern, you will be introduced to fundamental insurance terminology and concepts, while being exposed to a wide range of Product/Actuarial projects and techniques. Your contributions will be essential in supporting the Product & Actuarial Analysis department’s daily operations and strategic initiatives.

The TL;DR
• Role: Internship
• Type: Full-time (40 hours/week) during summer; part-time during school year
• Location: In-person Chicago, IL
• Pay: $20–$27 hourly
• Team: Product & Actuarial Analysis department
• Mission: To support the Product & Actuarial Analysis department by assisting with various projects related to insurance product development, regulatory filings, financial reporting, and data analysis.
• Tech Stack: Microsoft Word, Excel

What You’ll Actually Do
• Product Development: Assist with new product development initiatives, including conducting competitive rate comparisons and various other market studies.
• Regulatory Compliance: Create supporting exhibits and prepare filings for submission to departments of insurance to satisfy state regulatory requirements.
• Data Analysis: Complete data preparation tasks and contribute to reserve reviews for different lines of business.
• Financial Reporting: Create and update monthly and quarterly financial reports to support department operations.

The Must-Haves
• Background: This entry-level position is for a college student actively pursuing an Actuarial Science, Math/Statistics, Economics, Finance, or other related degree. Candidates must maintain a cumulative grade point average of 3.0 (out of 4.0) or better. The ability to work in the U.S. without sponsorship is required.
• Experience: No prior professional experience is explicitly required, as this internship is designed to provide true business experience to a college student. The role involves working hands-on within the Product & Actuarial Analysis department.
• Skills: Demonstrated excellent verbal and written communication skills are essential for interacting with the team and preparing reports. Strong organizational and problem-solving abilities are crucial for managing varied projects. Proficiency in Microsoft Word and Excel is also required for data handling and report generation.
• Bonus: Completion of actuarial exams from the Society of Actuaries (SOA) or Casualty Actuarial Society (CAS) is considered a strong plus but is not a mandatory requirement for this internship.