Actuarial & Risk Internship

Job Description

Here is the detailed, enriched job description for the Actuarial & Risk Internship:

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Actuarial & Risk Internship Overview

Do you have a genuine passion for numbers, patterns, and figuring out how things really work behind the scenes? If your answer is yes, then you’ll discover a natural fit within MEMIC’s dynamic Actuarial & Risk team. This internship offers a unique opportunity, placing you directly at the center of the models and analysis that are critical for MEMIC to understand risk, forecast the future, and make smart financial decisions. You won’t be observing from the sidelines; you’ll be actively working with real data, real models, and real actuaries who are genuinely invested in your professional development and eager to help you grow your skills.

Key Responsibilities and Learning Opportunities

From day one, you’ll dive into meaningful actuarial and risk management work, gaining hands-on experience that directly impacts business operations. Your responsibilities will include:

• Supporting Actuarial Analysis System (AAS) Updates: You will play a crucial role in maintaining the accuracy and functionality of our core actuarial systems by compiling and integrating expense provisions sourced from current actuarial workbooks. This ensures our financial models are up-to-date and reliable.
• Assisting with Own Risk Solvency Assessment (ORSA) Model Enhancements: This is a significant area of focus. You will contribute to strengthening MEMIC’s ORSA model, which is vital for understanding our capital adequacy and risk profile. This involves:
• Integrating economic and market data into our sophisticated risk models to provide a holistic view of potential impacts.
• Conducting ESG (Environmental, Social & Governance) research, exploring how these increasingly critical factors influence risk and long-term financial stability.
• Enhancing existing reporting capabilities to ensure clear and concise communication of risk insights.
• Collaborating on the design of new model functionality, contributing to the continuous improvement and innovation of our risk assessment tools.
• Performing Loss Reserve Analysis: You will conduct in-depth analysis of loss reserves across various assigned states. This core actuarial task involves estimating the financial resources MEMIC needs to set aside to cover future claim payments.
• Selecting Development Factors: You will be involved in the critical process of selecting appropriate development factors for loss, ALAE (Allocated Loss Adjustment Expense), and ULAE (Unallocated Loss Adjustment Expense). These factors are crucial for projecting how claims will mature over time.
• Making Initial Selections for Ultimate Loss and Expense Estimates: Your work will directly support financial projections by contributing to the initial estimations of ultimate losses and expenses, which are fundamental to MEMIC’s financial planning and profitability analysis.

What You’ll Bring to the Team

We are looking for an enthusiastic individual who possesses:

• Academic Pursuit: Currently pursuing an Associate’s degree or higher.
• Intellectual Drive: A natural curiosity, strong analytical thinking, and a genuine love for solving complex problems. You’re someone who enjoys the challenge of unraveling intricate puzzles.
• Data Affinity: Comfort working with various types of data and a proactive attitude towards learning new tools and technologies.
• Effective Communication: Strong communication skills are paramount. You understand that clearly explaining the implications of your numerical analysis is just as vital as the crunching itself, bridging the gap between technical work and business decisions.

Why This Internship Stands Out

This isn’t just an internship; it’s a launchpad for your career in actuarial science and risk management. You’ll gain invaluable experience because:

• Real-World Impact: You’ll work directly with real actuarial models that influence company decisions, seeing your contributions translate into tangible business strategy.
• Resume-Ready Skills: You’ll build a robust skillset, gaining resume-ready experience in risk modeling, data analysis, and financial forecasting – highly sought-after capabilities in the industry.
• Strategic Insight: You’ll witness firsthand how math becomes strategy, understanding the powerful connection between quantitative analysis and how actuaries help shape the future of an organization.
• Industry Exposure: You’ll gain valuable exposure to emerging trends like ESG (Environmental, Social & Governance) factors, critical market data analysis, and advanced risk frameworks that are actively shaping the insurance industry today.

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Commitment to Diversity & Inclusion

MEMIC is committed to a policy of nondiscrimination and equal opportunity for all employees and qualified applicants without regard to race, color, religious creed, national origin, ancestry, age, disability, genetics, gender identity, veteran’s status, sexual orientation, or any other characteristic protected by law. MEMIC is an equal opportunity employer encouraging diversity in the workplace.

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