Estimating Losses with Predictive Models: Analytics Careers at Travelers

Sunday, March 3, 2013 - 5:15pm - 6:05pm
Catherine (Katy) Micek (The Travelers Companies, Inc.)
The Travelers Companies is a property-casualty insurance company that offers a wide variety of insurance and surety products and risk management services to businesses, organizations, and individuals. A unique challenge in the insurance industry is that a company cannot know the cost of insuring a customer when the policy is sold. It is impossible to know which customers will experience a loss or how severe that loss will be. Since losses directly impact profit, insurance companies need to be able to predict expected losses for cohorts of insureds to determine the price they will charge. Historically, this has been done primarily through actuarial techniques. Recently, however, property-casualty insurance companies, such as Travelers, have embraced predictive modeling and advanced analytics as a strategic tool for competing in the marketplace. The current analytics community at Travelers is a large and diverse network of people holding Ph.D., master's, and bachelor's degrees in disciplines such as mathematics, statistics, physics, actuarial science, computer science, and business. Travelers is committed to growing their analytic community, particularly through the Actuarial and Analytics Leadership Development Program (AALDP), a five-year rotational program for new employees. This talk will provide information on the analytics career path and opportunities through the AALDP at Travelers.

Catherine (Katy) A. Micek is a senior consultant in analytics and research at Travelers. She holds a Ph.D. degree in applied mathematics from the University of Minnesota. In her Ph.D. thesis, Micek developed mathematical models for polymer gels used in artificial bone implants and drug-delivery devices. Prior to joining Travelers, she taught mathematics at Augsburg College and also worked as a visiting professor at Adventium Labs, a research and development lab focused on cyber security, system engineering, and automated reasoning problems.