Underwriting Trainee at Allstate Insurance Company

Richfield, Ohio, United States

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Not SpecifiedCompensation

Internship, Entry Level & New GradExperience Level

Full TimeJob Type

UnknownVisa

Insurance, Commercial TransportationIndustries

Requirements

Bachelor’s Degree in Business, Finance, Economics, Risk Management and Insurance, or a related field or equivalent experience
Typically participates in a formal training program for 6 months to a year
Performs work under close supervision and technical direction
Works on assignments of low to moderate technical and logistical complexity
Demonstrates basic analytical, risk assessment, and problem-solving abilities
Develops and maintains knowledge of company policies and industry laws and regulations
Strong interpersonal, communication, and negotiation skills
Develops strong analytical skills and the ability to use data to analyze situations, identify problems, and develop effective solutions

Responsibilities

Learns to evaluate and underwrite new and renewal business in accordance with Company underwriting guidelines and risk appetite
Learns to analyze risk information to make informed decisions on coverage, pricing, and terms
Participates in collaborating with actuaries, agents, brokers, and clients to obtain necessary information and clarify details
Assists with ordering additional reports and screens, such as motor vehicle reports, loss history reports, outside inspections, etc., to inform decisions
Learns how to document underwriting decisions in compliance with state and federal insurance regulations
Assists with evaluating existing policies for potential renewal or modification
Participates in communicating underwriting decisions clearly and effectively to internal teams, agents, and brokers
Develops knowledge of industry trends, regulatory changes, and market conditions
Develops effective business relationships with internal and external customers/coworkers in order to attract and retain profitable business
Learns to interpret, explain, and market products and services
Performs other duties as assigned

Skills

Underwriting

Risk Analysis

Insurance Pricing

Coverage Decisions

Actuarial Collaboration

Commercial Insurance

Transportation Insurance

Allstate Insurance Company

Provides a range of insurance products

About Allstate Insurance Company

Allstate provides a variety of insurance products, including auto, home, and life insurance, aimed at protecting individuals and families from financial risks. The company operates by selling insurance policies, which customers pay for through premiums. These premiums are then invested to generate returns for the company. Allstate distinguishes itself from competitors by offering a multi-channel distribution approach, allowing customers to purchase insurance through agents, online platforms, or partnerships with other financial services. The company's goal is to ensure customer satisfaction and reliability, as reflected in their slogan, "You're in Good Hands with Allstate," while also promoting diversity and engaging in corporate social responsibility initiatives.

Northbrook, IllinoisHeadquarters

1931Year Founded

IPOCompany Stage

Financial ServicesIndustries

10,001+Employees

Benefits

Flexible Work Hours

Risks

Natural disasters due to climate change lead to higher insurance claims, impacting profitability.

Insurtech companies increase competition, potentially affecting Allstate's market share.

Regulatory scrutiny over data privacy could lead to increased compliance costs for Allstate.

Differentiation

Allstate offers a diverse range of insurance products, including auto, home, and life.

The company uses a multi-channel distribution strategy to reach a broad audience.

Allstate is committed to inclusive diversity and corporate social responsibility initiatives.

Upsides

Increased adoption of telematics allows for personalized premiums and better risk assessment.

Climate change drives demand for new insurance products covering emerging risks.

Growing digital insurance platforms enable Allstate to reach younger, tech-savvy consumers.

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